Richard Boardman has joined RBC in London as a managing director, head of financial institutions. He will report to Jason Goss, co-head of European FICC sales. In this new role, Boardman will focus on broadening RBC’s financial institution sector presence from a solutions perspective, initially, with a heavy focus on the insurance client segment, the […]
RBC Capital Markets has hired Charles Atkinson, who will be joining as head of its Institutional Client Management (ICM) group in EMEA. In this role, Atkinson will be based in London and will report to Sian Hurrell, global head of FX and head of FICC Europe, and Michelle Neal, head of US FICC and head […]
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.