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Bank Malpractice and FEMR on the Agenda for Mansion House Speech

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Bank Malpractice and FEMR on the Agenda for Mansion House Speech – Profit & Loss (free story)
Malpractice within the banking system and outcome of the Fair and Effective Markets Review (FEMR) are likely to be the key themes in the Mansion House speech delivered on Wednesday, according to one market source with knowledge of the matter.

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How Regulators Can Keep Bankers Honest

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How Regulators Can Keep Bankers Honest – Wall Street Journal (subscription)
Banks have shelled out more than $10 billion in fines for trying to rig the foreign-exchange markets, including fines of $5.6 billion handed down by US authorities last month in a deal that saw five banks plead guilty to criminal offenses. Yet so far, no individual has been charged with a crime, while the share prices of the banks even rose on the day the fines were announced. Results of a UK review are due next week and could lead to recommendations to more easily punish bank employees.

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Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

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Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols – Profit & Loss (free story)
Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms.

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Citigroup Takes FX Crown, But Rules of Engagement Change

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Citigroup Takes FX Crown, But Rules of Engagement Change – Wall Street Journal (subscription)
Once a year, all eyes in the $5.3 trillion a day foreign exchange industry are set on only one set of data: the market share rankings published by Euromoney Institutional Investor. And in 2015 the winner is… Citigroup. But for the first time in the 37 years the survey has been published, the rules of engagement have changed.

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Moscow Exchange Joins FXPA

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Moscow Exchange Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of the Moscow Exchange (MOEX) as a Full Member of the FX trade association. “The Moscow Exchange is extremely honoured to have joined the Foreign Exchange Professionals Association. The FX industry is going through profound changes at present and we believe through the single voice and leadership of the FXPA we can build a better, more stable and more transparent market structure that will benefit all participants in the market,” says Igor Marich, Managing Director, FX & Money Markets at Moscow Exchange. The addition of MOEX brings to 22 the number of institutional members now part of FXPA, following the recent additions of EBS-BrokerTec and State Street Global Markets. To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.wpengine.com, become an institutional member, and sign up for our newsletter, FXPA globalFXsource.

Global Regulators to Meet in London, Fix Rules After Rigging Scandals – Reuters
Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.
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