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ACI to File Amicus Brief for Mark Johnson Appeal – FX Week (subscription)
The ACI Financial Markets Association (ACIFMA) is planning to file an amicus brief, supporting the appeal of former HSBC executive Mark Johnson, who was convicted of wire fraud relating to a $3.5 billion foreign exchange order in October 2017.
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The Shift from Anonymous Venues to Disclosed Channels – Profit & Loss (subscription)
There are those in the FX world who believe that the narrative in certain circles of a return to bilateral, relationship-based trading was a group of liquidity providers talking their book and hoping to push the market away from what could sometimes be costly anonymous trading venues. Looking at the numbers in last week’s FX committee turnover surveys, specifically the spot e-trading statistics from the UK and US, I think it is fair to say that the cynicism is wrong, or the narrative is working, or both.
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Oversight Row Could Block EU Firms from US Clearing: Giancarlo – Risk.net (subscription)
If European lawmakers will not defer to the US’s supervision over its own central counterparties, they will only have themselves to blame when EU firms are cut off from vital markets. That was the message from the chair of the Commodity Futures Trading Commission during an appearance before the House Committee on Agriculture on Wednesday.
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Newer Firms Muscle in on Banks’ Forex Territory – Reuters
Newer financial trading firms are expanding the volume of foreign exchange they trade in a market traditionally dominated by the big banks, industry data and rankings show.
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Boom Time for FX Volumes as New Peak Hit – Profit & Loss
The latest round of FX turnover data from six of the world’s FX Committees shows volume at its highest level since they started recording results in 2005. The new high mark was powered by new peaks in activity in the UK, Singapore, Japan and Canada.
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OSC Queries Thomson Reuters Over Currency Trading Platform – The Globe and Mail (subscription)
The Ontario Securities Commission says Thomson Reuters has failed to provide enough information to prove that a major foreign exchange platform used by Canadian banks complies with provincial trading regulations. Early last week, the OSC warned Thomson Reuters the firm could be forced to revoke Canadian banks’ access to its Multilateral Trading Facility.
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Why Are So Many Traders Winning Unfair Dismissal Cases? – Profit & Loss (subscription)
People are fond of “looking at the bigger picture” but when it comes to the legal profession and FICC markets, frankly the bigger picture confuses me. How else can we explain how a number of traders are facing jail time for their role in the Libor scandal, Mark Johnson is facing the same – subject to appeal – in the FX space; and yet so many traders are winning their unfair dismissal cases?
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FCA: ‘Cliff Edge’ Brexit Endangers £26 Trillion in Derivatives Contracts – Citywire
A ‘cliff edge’ Brexit would put £26 trillion in derivatives contracts at risk, according to Financial Conduct Authority executive director of international Nausicaa Delfas.
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Former RBC FX Trader in Rare Win for a City Whistleblower – Financial Times (subscription)
Royal Bank of Canada unfairly dismissed a former currencies trader who had called on the bank to tighten up what he called “box-ticking” compliance procedures, a London employment tribunal has ruled in a rare victory for a City whistleblower.
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FX Traders Pivot to Tactical Bets as Old-School Strategies Flop – Bloomberg
Currency traders are switching up their playbooks as some of the most time-tested strategies are fizzling in the $5.1-trillion-a-day market. Momentum, carry and value bets have delivered lacklustre returns in foreign exchange this year, prompting some money managers to shelve them in favour of event-driven and niche positions.
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