Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

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Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols – Profit & Loss (free story)
Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms.

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Citigroup Takes FX Crown, But Rules of Engagement Change

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Citigroup Takes FX Crown, But Rules of Engagement Change – Wall Street Journal (subscription)
Once a year, all eyes in the $5.3 trillion a day foreign exchange industry are set on only one set of data: the market share rankings published by Euromoney Institutional Investor. And in 2015 the winner is… Citigroup. But for the first time in the 37 years the survey has been published, the rules of engagement have changed.

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Moscow Exchange Joins FXPA

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Moscow Exchange Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of the Moscow Exchange (MOEX) as a Full Member of the FX trade association. “The Moscow Exchange is extremely honoured to have joined the Foreign Exchange Professionals Association. The FX industry is going through profound changes at present and we believe through the single voice and leadership of the FXPA we can build a better, more stable and more transparent market structure that will benefit all participants in the market,” says Igor Marich, Managing Director, FX & Money Markets at Moscow Exchange. The addition of MOEX brings to 22 the number of institutional members now part of FXPA, following the recent additions of EBS-BrokerTec and State Street Global Markets. To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.org, become an institutional member, and sign up for our newsletter, FXPA globalFXsource.

Global Regulators to Meet in London, Fix Rules After Rigging Scandals – Reuters
Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.
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Moscow Exchange Joins FXPA

WASHINGTON, DC, May 26, 2015 – The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of the Moscow Exchange (MOEX) as Full Members of the FX trade association.
“The Moscow Exchange is extremely honoured to have joined the Foreign Exchange Professionals Association. The FX industry is going through profound changes at present and we believe through the single voice and leadership of the FXPA we can build a better, more stable and more transparent market structure that will benefit all participants in the market. The Moscow Exchange brings more than 20 years of experience to the table in running centrally cleared FX cash and swap order books that typically trade over $25bln a day and we feel that joining FXPA is the best way we can share that knowledge with other market participants and regulators,” says Igor Marich, Managing Director, FX & Money Markets at Moscow Exchange.
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EBS-BrokerTec Joins FXPA

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EBS-BrokerTec Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of EBS-BrokerTec onto the Founders’ Council. “EBS has been a trusted partner to the global FX community for over 20 years, and it’s our pleasure to be a Founders Council member of FXPA. The group’s goal of ‘advancing a sound, liquid, transparent and competitive global currency market’ is achievable and we support them in these efforts,” says Gil Mandelzis, CEO of EBS-BrokerTec. The addition of EBS-BrokerTec brings to 21 the number of institutional members now part of FXPA.
To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.org, become an institutional member, sign up for our newsletter, FXPA globalFXsource.

Banks Caught in FX Probe Braced for Legal Barrage –Financial Times (subscription)
Lawyers are rubbing their hands in anticipation of the barrage of civil lawsuits that they expect after the $5.6 billion settlements by six banks for allegedly defrauding their clients by manipulating foreign exchange markets.

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EBS-BrokerTec Joins FXPA

WASHINGTON, DC, May 21, 2015 – The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of EBS-BrokerTec onto the Founders’ Council.
“EBS has been a trusted partner to the global FX community for over 20 years, and it’s our pleasure to be a Founders Council member of FXPA. The group’s goal of ‘advancing a sound, liquid, transparent and competitive global currency market’ is achievable and we support them in these efforts,” says Gil Mandelzis, CEO of EBS-BrokerTec.
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Major Banks Hit With Over $5.8 Billion in FX Probe Fines

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Major Banks Hit With Over $5.8 Billion in FX Probe Fines – Profit & Loss (free story)
Six major banks have been required to pay over $5.8 billion in fines with five pleading guilty to FX market abuse, authorities announced today (20 May).

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UBS Granted Immunity; Settles US FX, Libor Cases

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UBS Granted Immunity; Settles US FX, Libor Cases – Profit & Loss (free story)
UBS has been granted “conditional immunity” after it entered into resolutions with the US Department of Justice (DoJ), the Board of Governors of the Federal Reserve System and the Connecticut Department of Banking in their investigations of the global foreign exchange markets.

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