UK Antitrust Regulators Launch Inquiry into CME-NEX Deal
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UK Antitrust Regulators Launch Inquiry into CME-NEX Deal – Financial News
UK antitrust regulators have kicked off an inquiry into whether they should approve exchange giant CME Group’s £3.9bn purchase of Michael Spencer’s NEX Group.
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The Buy Side and the Global Code: Patience Required
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The Buy Side and the Global Code: Patience Required – Profit & Loss
Talk to senior members of the Global FX Committee and one can discern a sense of exasperation when they are asked (probably for the tenth time that day) about the lack of buy side adoption of the FX Global Code.
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Getting to Grips with FX Exposures
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Getting to Grips with FX Exposures – Profit & Loss
For many corporate treasurers, deciding what products to use in order to hedge their FX exposures is the easy part of the job. The hard part is working out exactly what their FX exposures are.
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Judge Tosses Axiom Last Look Class Action Against Deutsche
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Judge Tosses Axiom Last Look Class Action Against Deutsche – Profit & Loss
A New York judge has thrown out a class action lawsuit led by Axiom Investment Advisors against Deutsche Bank, which claimed the bank abused the practice of last look in its foreign exchange trading.
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Second Johnson Amicus Brief Highlights “Intrinsic” Pre-Hedging Role
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Second Johnson Amicus Brief Highlights “Intrinsic” Pre-Hedging Role – Profit & Loss
A second Amicus Brief filed in the Mark Johnson appeal stresses the risks associated with providing FX services to clients around the Fix and argues that pre-hedging is intrinsic to handling orders at the mechanism.
EU Brexit Plan for Swaps Draws Fresh Warning from US Regulator
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EU Brexit Plan for Swaps Draws Fresh Warning from US Regulator – Bloomberg
The US’s top derivatives regulator is ratcheting up pressure on the European Union to scrap its plan to tighten oversight of foreign clearinghouses, telling senior officials from the bloc that the proposal could damage financial markets and stunt economic growth.
FBI Investigating American Express Foreign Exchange Pricing
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FBI Investigating American Express Foreign Exchange Pricing – Wall Street Journal (subscription)
The Federal Bureau of Investigation has launched a probe into pricing practices within American Express’s foreign exchange unit. The investigation is in its early stages and is focused on whether the foreign exchange international payments department misrepresented pricing to clients in order to win their business. The Office of the Comptroller of the Currency is also looking into the matter.
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CFTC Head Plans Swaps Rules Rethink
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CFTC Head Plans Swaps Rules Rethink – Financial Times (subscription)
The top US derivatives market regulator has revealed plans to soften some of its rules for regulating swaps, saying the Obama-era standards had sometimes over-reached their jurisdiction and were increasingly out of step with the rest of the world.
NEX Markets Report Sees Improved FX Market Behaviour
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NEX Markets Report Sees Improved FX Market Behaviour – Profit & Loss
NEX Markets has released a new report, which it says demonstrates greater transparency and improved behaviour in the FX market since the FX Global Code came into effect in May 2017.
UBS to Start Currency Pricing, Trading Engine in Singapore
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UBS to Start Currency Pricing, Trading Engine in Singapore – Bloomberg
UBS Group will introduce a new electronic currency pricing and trading engine in Singapore next year in a bid to boost liquidity in Asia’s largest foreign exchange center.
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