Fotheringhame Wins Barclays Re-Employment Fight
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Fotheringhame Wins Barclays Re-Employment Fight – FX Week (subscription)
A UK tribunal ruled that Barclays will have to re-engage the former head of automated flow trading, who won his unfair dismissal claim in March this year. Since then, David Fotheringhame has been battling to get his job or a similar and equivalent position back with the bank.
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FXPA Files Comments with CFTC on De Minimis Threshold, NDFs, Swaps
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The Foreign Exchange Professionals Association (FXPA) has filed a comment letter with the CFTC in connection with its recent proposal to maintain the current $8 billion de minimis threshold for swap dealer registration.
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FXPA Files Comments with CFTC on De Minimis Threshold, NDFs, Swaps
Yesterday, the Foreign Exchange Professionals Association (FXPA) filed a comment letter with the CFTC in connection with its recent proposal to maintain the current $8 billion de minimis threshold for swap dealer registration.
In its comment letter, which is available here: https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=61753&SearchText= in addition to supporting the CFTC’s proposal to keep the de minimis threshold in swap dealing activity for swap dealer registration at $8 billion; the FXPA also confirmed its support for excepting non-deliverable forwards (NDFs), as well as exchange-traded swaps, whether on SEFs or DCMs, and cleared swaps, from calculations of firms’ swap dealing activity for purposes of the de minimis threshold.
“The FXPA appreciates the opportunity to comment on the CFTC’s recent proposal to maintain the de minimis threshold for swap dealer registration at $8 billion,” says FXPA President, John Shay. “We are also grateful to be able to draw upon the collective views of our broad membership of participants in the foreign exchange market to support regulatory changes that will further the goal of ensuring that our financial markets are fairly and properly regulated.”
Bank of England Turns to Fintech for Atomic Settlement
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Bank of England Turns to Fintech for Atomic Settlement – Profit & Loss
The Bank of England says it is looking to explore synchronisation of payments in its RTGS (Real Time Gross Settlement) service, including cross-border payments relating to international currency transactions.
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Former Fastmatch CEO Files Lawsuit Against Euronext
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Former Fastmatch CEO Files Lawsuit Against Euronext – Profit & Loss
Dmitri Galinov, founder and former CEO of FastMatch, has announced that he has filed a lawsuit in the US District Court for the Southern District of New York against FastMatch and Euronext US for the unlawful termination of his employment.
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Central Bankers Warn Again on Clearing House Contagion
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Central Bankers Warn Again on Clearing House Contagion – Financial News (subscription)
The financial system is still at risk from a high degree of concentration among clearing houses, the financial plumbers at the centre of the world’s banking network, according to global regulators.
- One Default Could Impact Entities Across Over 90% CCPs: Report – Global Investor (subscription)
- Analysis of Central Clearing Interdependencies – Bank for International Settlements
- Incentives to Centrally Clear OTC Derivatives – Financial Stabililty Board
- FSB and Standard-Setting Bodies Consult on Effects of Reforms on Incentives to Centrally Clear OTC Derivatives – Financial Stability Board
Investment Banks in 2Q18: FICC and Equities
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Investment Banks in 2Q18: FICC and Equities – Euromoney
The story of the quarter was of course Goldman Sachs, which has engineered a recovery from its terrible 2017 in FICC in some style. JP Morgan remains the biggest business, and, at the other end of the scale, some of the Europeans – HSBC, Deutsche, BNP Paribas – had a torrid time. FX movements hurt them, as did European conditions.
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Swaps End-Users Struggle for Clearing Access: Survey
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Swaps End-Users Struggle for Clearing Access: Survey – Risk.net (subscription)
Many derivatives end-users have issues with their clearing brokers that prevent or limit their access to central counterparties, a report by international standard-setters shows.
Global FX Committee Adds Pre-Hedging Example; Reports on Progress
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Global FX Committee Adds Pre-Hedging Example; Reports on Progress – Profit & Loss
The Global Foreign Exchange Committee (GFXC) has added a negative example for Principle 11 of the FX Global Code – which deals with pre-hedging – to the document’s Annex. The update has been released alongside the minutes from the GFXC’s recent meeting in South Africa, as well as a paper that reviews developments since the May 2017 launch of the FX Global Code and outlines the GFXC’s near-term priorities.
Greenwich Sees e-Trading Shift from FX
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Greenwich Sees e-Trading Shift from FX – Profit & Loss
A new report from research group Greenwich Associates says that the focus of e-trading efforts in financial markets is switching away from mature markets like FX and into high yield bonds and cash equities.