Banks Accused of Overcharging Small Customers for Forex Services
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Banks Accused of Overcharging Small Customers for Forex Services – Financial Times (subscription)
Banks across Europe earn hundreds of millions of euros a year from overcharging small corporate customers for foreign exchange services, according to a new paper from the European Central Bank.
Read MoreECB Pushes Euro in Move Against Dollar’s Dominance
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ECB Pushes Euro in Move Against Dollar’s Dominance – Financial Times (subscription)
The European Central Bank has joined Brussels in a push to promote the euro internationally as it attempts to counter the US-led retreat from globalisation and free markets.
Read MoreWall Street Sound Trading Slowdown Alarm
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Wall Street Sound Trading Slowdown Alarm – Bloomberg TV
Wall Street executives continue to sound the warning bell over a trading slowdown. Morgan Stanley CEO James Gorman says that he would be “very surprised” if the investment bank beats its first-quarter results after a tough start in June.
Read MoreFX Survey 2019: JP Morgan Retains its Lead; Deutsche Bank is Back in Business
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FX
Survey 2019: JP Morgan Retains its Lead; Deutsche Bank is Back in Business – Euromoney
This year, Deutsche Bank’s FX business is back at number two, confirming
the faith the bank’s beleaguered senior management has expressed in it as an
area of core strength. Admittedly, its share was not enough to unseat JP Morgan,
which, for the second year running has won the survey, but the gap from JPM to
runner up is now only 1.4%.
Primary Venues See FX Uptick in May
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Primary Venues See FX Uptick in May – Profit & Loss
Data from three primary FX venues has confirmed earlier releases from platforms indicating that while spot FX activity rebounded in May from a poor April, it remains lower around 20-25% lower year-on-year.
Read MoreSwiss Regulator Fines Banks for Fixing Forex Trading
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Swiss Regulator Fines Banks for Fixing Forex Trading – Reuters
Five banks have been fined a total of 90 million Swiss francs for colluding to rig the multi-trillion dollar foreign exchange market, Switzerland’s competition authority said on Thursday.
Read MoreFSB Report Sounds Warning on Fragmentation
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FSB Report Sounds Warning on Fragmentation – Profit & Loss
A report issued this week by the Financial Stability Board warns that differences between regional and national regulation is heightening the risk of market fragmentation, thus making it harder for global regulators to monitor markets and for global market participants to operate efficiently across borders. The report states, “Differences in rule-making could lead to cross-border regulatory arbitrage.”
Read MoreBanks Advance Tokenised Settlement Project with Fnality Launch
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Banks Advance Tokenised Settlement Project with Fnality Launch – Profit & Loss
A group of banks have become the founding shareholders of Fnality International as they advance their efforts to create a Utility Settlement Coin (USC). As part of the founding, the firm has completed an associated ‘Series A’ equity round of £50m.
Read MoreEx-HSBC Exec Says $3.5B Forex Deal Was No Fraud
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Ex-HSBC Exec Says $3.5B Forex Deal Was No Fraud – Law360 (subscription)
An attorney for former HSBC currency exchange executive Mark Johnson on Friday asked the Second Circuit to overturn his conviction for defrauding Cairn Energy in a $3.5 billion currency deal, saying it wrongly criminalizes an arms-length transaction between two sophisticated parties.
- Court Considers ‘Wild West’ Practices in HSBC Frontrunning Case – FX Week (subscription)
- There is No Question of a “Return to the Wild West” in FX Markets (opinion) – Profit & Loss