Banks May Need to Cull Their Trading Desks Further

Top Headlines 

Banks May Need to Cull Their Trading Desks Further – The New York Times

Bankers should watch their backs. There are fewer of them trading fixed income, currencies and commodities than there were four years ago. But cost-cutting is failing to keep pace with the declines in the revenue that banks make from this business, and that spells a new wave of job cuts on dealing floors. 
Read More

Banks’ Guilty Pleas Fair Game in Forex Traders’ October Trial

Top Headlines 

Banks’ Guilty Pleas Fair Game in Forex Traders’ October Trial – Law360 (subscription)

Federal prosecutors set to try three former currency traders for fixing exchange rates received a New York federal judge’s blessing Monday to tell jurors that the men’s former employers – including Barclays, JPMorgan and Citicorp – have themselves pled guilty to such price-fixing.
Read More

NEX Group Subsidiary Agrees $50m Settlement over ISDAFIX Manipulation

Top Headlines 

NEX Group Subsidiary Agrees $50m Settlement over ISDAFIX Manipulation – Profit & Loss

Intercapital Capital Markets, a NEX Group subsidiary formerly known as ICAP Capital Markets, has agreed a $50 million settlement with the US Commodity Futures Trading Commission in relation to allegations that some of its brokers aided and abetted attempts by several of its bank clients to manipulate the ISDAFIX benchmark. 
Read More

Barclays Faces Fresh Whistleblowing Concerns: ‘I Would Not Trust the Process’

Top Headlines

Barclays Faces Fresh Whistleblowing Concerns: ‘I Would Not Trust the Process’- Financial News (subscription)

Several staff at the bank said they have struggled to get senior executives to take their whistleblowing claims seriously. Their concerns ranged from suspected compliance failures and rule breaches to inappropriate behaviour enacted by senior management.
Read More