Futures Exchanges Eye Shift to ‘Flash Boys’ Speed Bumps
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Futures Exchanges Eye Shift to ‘Flash Boys’ Speed Bumps – Financial Times (subscription)
After years of trying to cater to their quickest customers, the world’s biggest futures exchanges are now looking to slow them down.
Read MoreBrexit Helps New York Take Top Finance Spot from London
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Brexit Helps New York Take Top Finance Spot from London: Survey – Reuters
Fallout from Brexit has helped New York overtake London to become the world’s pre-eminent financial centre, a survey of financial executives by Duff & Phelps shows.
Read MoreBanks to Face Australian FX Class Action
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Banks to Face Australian FX Class Action – Profit & Loss
Australia has become the latest location for a class action lawsuit against a group of banks with a law firm filing a cartel class action in the Australian Federal Court claiming the banks “systematically manipulated foreign exchange rates to boost profits at the expense of Australian businesses and investors”.
Read MoreOutgoing GFXC Chair Potter Highlights Ongoing Work
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Outgoing GFXC Chair Potter Highlights Ongoing Work – Profit & Loss
Outgoing Global FX Committee chair Simon Potter remains optimistic about the impact of the FX Global Code and has signalled a busy work schedule for the Committee and its working groups over the coming year.
Read MoreEU and UK Regulators Clash Over Post-Brexit Market Supervision
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EU and UK Regulators Clash Over Post-Brexit Market Supervision – Financial Times (subscription)
European and British markets regulators clashed on how best to supervise financial markets after Brexit, throwing cold water on UK calls that a bespoke arrangement be designed once the UK leaves the European Union.
Read MoreSEC Confirms They Are Actively Seeking Mifid II Solutions
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SEC Confirms They Are Actively Seeking Mifid II Solutions – Integrity Research Associates
At an industry conference held last week, two SEC representatives acknowledged that the commission is actively looking for solutions to enable asset managers to pay for US broker research once the SEC’s temporary Mifid II oriented no-action letter lapses.
Read MoreRationalising Buy Side Adoption of the FX Global Code
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Rationalising Buy Side Adoption of the FX Global Code – Profit & Loss
The changing nature of foreign exchange markets, not least the day-to-day participation of the buy side, offers a good rationale for why buy side firms should sign a Statement of Commitment to the FX Global Code.
Read MoreLoose Lips and FX Tips: How Chats Cost Banks $1.2 Billion
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Loose Lips and FX Tips: How Chats Cost Banks $1.2 Billion – Bloomberg (subscription)
Talk may be cheap, but in currency traders’ chatrooms, at least, improper messages can be very expensive for their companies.
Read MoreEU Fines Five Banks $1.2 Billion for FX Rigging
Five Banks Fined $1.2 Billion for FX Rigging – CNBC
Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission.
Read MoreWant to Catch Misbehaviour? Watch the Electronic Chat
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Want to Catch Misbehaviour? Watch the Electronic Chat – Risk.net (subscription)
The monitoring of internal electronic messages has become among the most potent tools of first-line risk managers. “It is amazing how many people have arguments on chat – between sales and trading over who is responsible for a loss, for example, if they have to report it, say, within 24 hours,” said Andrew Brodie, global head of front office conduct surveillance at BNP Paribas.
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