SEC Confirms They Are Actively Seeking Mifid II Solutions
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SEC Confirms They Are Actively Seeking Mifid II Solutions – Integrity Research Associates
At an industry conference held last week, two SEC representatives acknowledged that the commission is actively looking for solutions to enable asset managers to pay for US broker research once the SEC’s temporary Mifid II oriented no-action letter lapses.
Read MoreRationalising Buy Side Adoption of the FX Global Code
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Rationalising Buy Side Adoption of the FX Global Code – Profit & Loss
The changing nature of foreign exchange markets, not least the day-to-day participation of the buy side, offers a good rationale for why buy side firms should sign a Statement of Commitment to the FX Global Code.
Read MoreLoose Lips and FX Tips: How Chats Cost Banks $1.2 Billion
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Loose Lips and FX Tips: How Chats Cost Banks $1.2 Billion – Bloomberg (subscription)
Talk may be cheap, but in currency traders’ chatrooms, at least, improper messages can be very expensive for their companies.
Read MoreEU Fines Five Banks $1.2 Billion for FX Rigging
Five Banks Fined $1.2 Billion for FX Rigging – CNBC
Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission.
Read MoreWant to Catch Misbehaviour? Watch the Electronic Chat
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Want to Catch Misbehaviour? Watch the Electronic Chat – Risk.net (subscription)
The monitoring of internal electronic messages has become among the most potent tools of first-line risk managers. “It is amazing how many people have arguments on chat – between sales and trading over who is responsible for a loss, for example, if they have to report it, say, within 24 hours,” said Andrew Brodie, global head of front office conduct surveillance at BNP Paribas.
Read MoreFrustration, Miscalculation: Inside the US-China Trade Impasse
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The latest breakdown shows the two countries still haven’t found a way to negotiate effectively.
Read MoreBanks Brace for Closure of EU Currency Manipulation Probe
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Banks Brace for Closure of EU Currency Manipulation Probe – Financial Times (subscription)
After six years of scrutiny, billions of dollars in fines and a flurry of criminal lawsuits, the world’s biggest currency-dealing banks are finally close to drawing a line under global regulatory investigations into the behaviour of their traders, as the EU prepares to announce the results of its probes.
Read MoreIn FX, Clients Are Looking More Like Regulators
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In FX, Clients Are Looking More Like Regulators – Euromoney
The absence of a regulatory imperative has not deterred FX traders from increasing their use of transaction cost analysis tools, in turn increasing the pressure on brokers at a time when margins are already thin.
Read MoreJP Morgan, Citi Said to Face EU Fines Over Currency Collusion
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JP Morgan, Citi Said to Face EU Fines Over Currency Collusion – Bloomberg (subscription)
Banks including JP Morgan and Citigroup are set to be fined imminently by the European Union over collusion on foreign exchange trading. The European Commission may announce fines as soon as this week as part of a settlement that sees the lenders get reduced penalties for agreeing not to challenge the findings.
Read MoreBarclays Migrates Equities to BARX
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Barclays Migrates Equities to BARX – Profit & Loss
Barclays has added equities to BARX and announced that it will now function as the bank’s cross-asset electronic trading platform.
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