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.
Why a Deal for FXall Alone Seems Unlikely (opinion) – Profit & Loss
There are reports that Blackstone is pondering the sale of FXall once it completes its takeover of a majority stake in Thomson Reuters F&R. What I find interesting is how it is only the sale of FXall – Matching and the other channels are not mentioned.
Recorded on the sidelines of the Forex Network Chicago conference, Colin Lambert and Galen Stops bring in some guest commentators: Jim Cochrane, head of North America sales at BestX, Peter-john Byrnes, vice president, Networks and Infrastructure at Elysium Technology Group and Al Crane, director of sales at MarketFactory.
Britain has retained its position as the biggest hub for offshore trading of China’s renminbi currency, according to a report published on Wednesday, with transacted volumes reaching a record high in 2018.
The cost of buying and selling shares and other securities adds an extra 50% to the base fees charged by fund managers, according to a new study that claims to be one of the most detailed ever completed on the subject.
Britain faces a permanent debate over whether to copy or diverge from European Union financial rules after Brexit, a top UK lawmaker said on Wednesday in comments likely to prolong uncertainty for banks.
Sanctions violations accounted for 56% of all fines handed out by regulators around the world in the past 10 years, a new study shows. The US is by far the most financially punitive regulator.
The equivalence regime between the US and European Union is working well according to a senior regulator in the European Commission, although he could not say if the same regime will work after the UK leaves the trading bloc.
A federal judge said that virtual currencies meet the definition of a commodity and fall within the jurisdiction of the US derivatives regulator, allowing the agency to pursue fraud allegations against My Big Coin Pay.
Mizuho Bank has settled charges with the CFTC after one of its traders carried out spoofing in US Treasury and Eurodollar futures markets.
The cryptocurrency industry has a plea for Congress: Hurry up and regulate, please.
Circle, the Boston-based crypto finance company, has gone live with its stablecoin, which it calls the USD Coin, or USDC.
Roger Lim of Singapore-based NEO Global Capital highlights Asia’s potential in crypto, but points out the need for patience.
Bitmain Technologies has released its first public financial statements in a Hong Kong regulatory filing late Wednesday. The disclosure, which also confirmed Bitmain’s intention to pursue an initial public offering, follows months of speculation about the company’s listing plans.
A pair of former UBS bankers has raised £80m to set up a regulated “crypto investment bank” in Switzerland.
Four months ago, BitForex was just one of many obscure exchanges offering users the ability to trade cryptocurrencies like Bitcoin. Today, the Singapore-based platform is regularly reporting daily transactions that exceed $5 billion — nearly matching turnover on London’s 217-year-old stock exchange.
NEX Markets has taken a small but important step to embedding the FX Global Code further into its business by allowing liquidity providers and liquidity consumers who have registered their Statements of Commitment (SoC) to the FX Global Code to identify themselves.
SEB has announced that it is the first Scandinavian bank to offer FX algo trading to its clients through multibank portals Bloomberg and FXall.
US exchange group said it will appoint a new general counsel, head of regulation and corporate secretary
UK-based specialist Record Currency Management has engaged New Change FX, an independent provider of foreign exchange data and transaction cost analysis, in a bid to enhance its commitment to delivering minimum cost and maximum transparency to clients.
Christopher Fix, managing director for Asia at CME Group, says investors are shifting towards Asia, laying off risks and widening their portfolios.
TP ICAP will move its Tullett Prebon and ICAP Global Broking Business under one roof at 135 Bishopsgate, Broadgate.
The Federal Reserve said it would raise short-term interest rates by another quarter-percentage point, and central bank officials signalled they expected to lift them again later this year and through 2019 to keep a strong economy on an even keel.
- Federal Reserve Raises US Interest Rates Despite Trade War Concerns – Financial Times (subscription)
- Wall St, Treasuries Climb After Fed Raises Rates – Financial Times (subscription)
The British currency tumbled on Thursday on the back of broad dollar gains after a US rate hike, and as investors waited for more Brexit-related headlines in the absence of any fresh economic drivers.
The euro fell on Thursday on media reports that an Italian budget meeting was likely to be delayed, spooking traders concerned the ruling parties will push for a bigger deficit target in the euro zone’s third-largest economy.