Royal Bank of Canada and TD Bank have succeeded their bid to settle a regulatory action brought by the Ontario Securities Commission (OSC) over compliance failures in their FX businesses by paying a combined CAD 24.45 million. The OSC approved the agreements on Friday, noting that the failures allowed RBC and TD FX traders to […]
Having dragged Colin Lambert and Galen Stops kicking and screaming off the beach, the podcast is back and they are into the swing of things early, discussing the changing attitudes of fund managers to FX. Looking at this week’s NAB survey of Superannuation Funds FX attitudes, Lambert highlights the paradox of funds investing more in […]
I’m still catching up from a short break followed by a business trip so this is brief. I would encourage anyone who believes that the chat room issues we continue to deal with as an industry were not cultural to read the charges against RBC and TD Bank by the Ontario Securities Commission. The documents […]
The Ontario Securities Commission is to hold a hearing at which it will be decided whether to accept settlement offers from the Royal Bank of Canada and TD Bank over the banks’ alleged insufficient controls over and failure to adequately supervise their FX businesses. The hearing will be heard tomorrow (August 30) in Toronto and […]
Profit & Loss understands that Citi has seen the exit of two of its macro sales team. Huihui Hu is understood to have left her role in macro sales at the bank in Singapore. Sources say Hu is joining Royal Bank of Canada in Hong Kong in a senior sales role, although this could not be […]
BNY Mellon has made changes to its Markets Group following the departure of Michelle Neal, CEO of that group, who has joined RBC.Based in New York, Neal will start her new position as head of RBC’s US FICC business in June and will report into Jonathan Hunter, global head of FICC at the bank.“In this role, Michelle will be responsible for providing strategic leadership to our US FICC business in partnership with our global product, sales and regional heads. She will have oversight for all strategic and execution-related aspects of the business, including ensuring that we continue to expand RBC’s footprint and client franchise, that we manage our performance and risks effectively and that we continue to build and retain a team of top talent to strengthen our U.S. franchise.
Brazil’s Tribunal of the Administrative Council for Economic Defense (CADE) has approved three Cease and Desist Agreements to settle a cartel probe in the foreign exchange market, involving the Brazilian real and offshore currencies.
The agreements were signed between CADE and the Royal Bank of Canada and Morgan Stanley Bank, as well as Pablo Frisanco de Oliveira, a former Deutsche Bank trader in local markets. A total of BRL 42.9 million ($13 million) will be collected for the Fund for the Defense of Diffuse Rights, as a pecuniary contribution, CADE says.
There is probably more value in me writing about my holiday than the industry given how I did not, for one second, bother to look at what was going on! Luckily for you, dear readers, you will not have to suffer my eulogy to the Amalfi Coast, rather I want to discuss something that happened just before I went on my break, yet another unfair dismissal case – this one with the added spice of a plaintiff claiming whistle blower status.
Five banks have filed to settle a class action lawsuit brought against them over FX benchmark manipulation claims.
According to papers filed in New York, the settlement agreements resulted from “arm’s-length negotiations between highly experienced counsel and fall within the range of possible approval”.
Morgan Stanley has agreed to pay $50 million; Societe Generale $18 million; Standard Chartered Bank $17.2 million; Royal Bank of Canada $15.5 million; and Bank of Tokyo-Mitsubishi UFJ $10.2 million. All five banks continue to deny wrongdoing.
In a result that was not seen by pollsters or markets, Donald Trump has, according to US networks, won the US presidential election.
As results came in through the night and the swing to Trump became apparent, equity index futures were crushed, Japan’s Nikkei Index at one stage being 1000 points down, and the US dollar was hit hard as part of a “risk off” trade.
USD/MXN, the bellwether pair for the election, dropped to 18.1650 in trading soon after polls closed as exit polls predicted a Clinton victory, however as Trump crept up in the polls the pair jumped higher, ultimately hitting a high 20.77 – a fall for the peso of 14.3%. The fall in the peso prompted Mexican authorities to call an emergency meeting to discuss their response to the financial fall out from the election.