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
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.
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