News1

Join FXPA by Feb 1 to Qualify for Time-Limited Membership Category

The special founding member category of the Foreign Exchange Professionals Association (FXPA) will close on February 1. Join today to be part of the first wave of founding members that enjoy the distinct benefits that this class offers.
FXPA recently crossed the critical threshold of 15 members, triggering elections for the first permanent Board of Directors and Officers. FXPA’s Board will include 50% representation by Founding Members that join prior to the February 1 deadline. Read More

globalFXsource0

European Banks Face $52 Billion in Litigation Costs: Morgan Stanley – Reuters

Top Headlines

European Banks Face $52 Billion in Litigation Costs: Morgan Stanley – Reuters
Royal Bank of Scotland and Barclays may have to pay some of the biggest bills from an estimated $52 billion in fines and other litigation costs facing Europe’s banks in the next two years, Morgan Stanley analysts said. European banks have paid out about $104 billion so far and the $52 billion they still have to pay, much of it related to foreign exchange trading, could restrain how much they pay in dividends.

Read More
News0

FXPA – A new force for advancing the interests of the FX Industry – By Adam Cooper, Chair, FXPA

The FX market stands at a critical juncture as technological innovation, new competitive forces, and an evolving market structure and regulatory framework redefine the FX landscape. While financial market regulatory reforms introduced in the wake of the financial crisis generally did not encompass the FX market, new requirements have and will be applied to certain FX activities.
More recently, investigations and settlements related to the alleged manipulation of benchmark FX rates have heightened public scrutiny of the FX marketplace. Against this collective backdrop, the Foreign Exchange Professionals Association (FXPA) was formed by a diverse group of FX market participants to provide a unique contribution to the public dialogue.
Read More

globalFXsource0

EU Lawmakers Eye Compromise for US on Benchmarks – Reuters

Top Headlines

EU Lawmakers Eye Compromise for US on Benchmarks – Reuters

European Union lawmakers look set to ease the international impact of rules to stop market benchmarks being rigged, addressing US concerns that global investors could lose out. The bloc is approving a law to directly regulate benchmarks such as those based on currencies and interest rates that banks have been fined billions of dollars for attempting to manipulate.
Read More
globalFXsource0

JP Morgan Settles Currency Manipulation Lawsuit in US

Top Headlines

JP Morgan Settles Currency Manipulation Lawsuit in US – Reuters
JP Morgan has become the first bank to settle a US antitrust lawsuit in which investors accused 12 major banks of rigging prices in the foreign exchange market. The largest US bank will pay about $100 million, a person familiar with the matter said. Lawyers for the bank and the investors said a settlement had been reached in a letter filed on Monday with the US District Court in Manhattan.

Read More
globalFXsource0

Exclusive: FXBG’s Debelle and Fisher Discuss the Details of the WM Fix Reforms

Top Headlines

Euro Falls to Nine-Year Low Amid Greece Woes – Financial Times(subscription)
The euro briefly sunk to a nine-year low against the dollar on Monday on the back of a disputed report that Germany was prepared to allow Greece to quit the currency bloc and more hints the European Central Bank is preparing to buy government bonds.

A New Fix Era – Profit & Loss (subscription)
As WM strives to alter its fixing methodology in line with the recommendations of the FSB’s FX Benchmark Group, in a Squawkbox exclusive, FXBG co-chairs Guy Debelle and Paul Fisher answer Colin Lambert’s questions over the recommendations.

Read More