Sterling edged down as end-of-quarter portfolio rebalancing by investors outweighed encouraging economic data, but the currency is still set for its best quarter against the dollar in almost three years. Read More
CME Group, the world’s largest futures exchange, has agreed to buy Michael Spencer’s Nex Group for £3.9bn in a deal that heralds a shake-up in the world’s bond and foreign exchange markets.
The euro consolidated gains after hitting a six-week high in the previous session as investors waited for fresh catalysts to push the single currency higher. Read More
A trio of former British currency traders pushed a US judge to throw out charges they conspired to fix the foreign-exchange market, arguing that they can’t be guilty of violating US antitrust laws because the banks for which they worked weren’t always in direct competition. Read More
The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board members at its annual meeting on March 6, and re-elected Chip Lowry, Senior Managing Director at State Street Global Markets, as Chairman, and Sean Tully, Senior Managing Director at CME Group, as Treasurer. Read More
The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board members at its annual meeting on March 6, and re-elected Chip Lowry, Senior Managing Director at State Street Global Markets, as Chairman, and Sean Tully, Senior Managing Director at CME Group, as Treasurer.
Members new to the Board include Lisa Shemie, Chief Legal Officer, Cboe FX and Cboe SEF; Jill Sigelbaum, head of FXall, Thomson Reuters; and Christopher Matsko, Head of FX Trading Services, Portware. Members re-elected to the Board include: Jason Vitale, COO FX & Head of Client Execution, BNY Mellon Global Markets; Jonathon O’Donnell, Investment Manager, CalPERS; Tahreem Kampton, Senior Director, Microsoft; Tod Van Name, Global Head of FX Electronic Trading, Bloomberg; Stephen Komon, Senior Portfolio Manager, Colorado PERA; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); and Chip Lowry, Senior Managing Director, State Street Global Markets.
The new appointments join existing Board members Jessica Sohl, President, HC Technologies; David Goone, Chief Strategy Officer, Intercontinental Exchange (ICE); Edgar Ramon, Global Head of FX, INTL FCStone; and Joseph Molluso, CFO, Virtu Financial.
During the annual meeting, FXPA’s new Chair of the Policy Committee, Cboe’s Shemie, outlined five working groups that FXPA is forming focused around: the FX Global Code; Cryptocurrencies; MiFID II and Cross-Border Regulation; SEF Trading; and Clearing and Margin.
“We will be focusing our collective energy on solving issues that are critical for our members, and on the smooth functioning of the FX market more broadly,” says Shemie. “The role of the Policy Committee is to create an effective forum for discussion, education and advocacy and to have a meaningful role in the continued development of global currency trading market structure. We are very excited to get to work.”
Launched in September 2014, FXPA is a Washington, DC-based organization that represents the collective interests of a full array of professional foreign exchange industry participants. The group was developed to engage key regulators, policymakers, the news media and general public through education, research and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market.
The yen strengthened to a near 17-month high and bonds gained in the wake of the Trump administration’s plans to impose tariffs on up to $60bn in annual imports from China in a bid to trim its trade deficit with the country.
- Japan, Swiss FX Emerge Winners This Week as Trade War Fears Escalate – Reuters
- Dollar Rises Amid Concerns of Global Trade War – Wall Street Journal (subscription)
US prosecutors say former HSBC Holdings currency trader Mark Johnson deserves a decade or more in prison based on his fraud conviction for front-running a $3.5 billion client order and lying on the witness stand at his trial. Read More
Bitcoin is rallying after the Group of 20 nations steered clear of calling for a coordinated clampdown on the cryptocurrency market.
- Many G20 Members Saw Need for Crypto-Asset Regulation: Japan Official – Reuters
- Cryptocurrencies Need Monitoring, Not Banning: Italy’s Visco – Reuters
Sterling surged as Britain and the European Union agreed to a 21-month post-Brexit transition period and a potential solution to avoid a “hard border” for Northern Ireland.