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.
FXPB business is in the throes of profound changes – and CCPs could benefit.
With uncertainty, posturing, tactics and the prospect of eleventh-hour deals still swirling around the trade talks, foreign exchange trading in Asia will look to the yen as a barometer of market nerves and how far investors will price in a trade war.
In this week’s episode, the podcasters talk about why, when volumes are low and people are bemoaning the lack of volatility, are CTAs suddenly doing so well. They also discuss automation and the future of the FX swaps market.
Mifid II is contributing to the slow death of European investment banking, and regulators must act. The directive, brought into force in early 2018, demands the completely unnecessary unbundling of the cost of research from trading fees.
The far-reaching regulatory change designed to give European financial market users free choice of where to clear their trades, which faced lengthy delays and possible extinction, is now likely to apply from the middle of next year.
Unanimous decision reaffirms importance of English law provisions in derivatives contracts, say lawyers.
The CFTC chairman said the Systemic Review Council’s criticism of CCP resolution was “ill-informed”
Based on recent BCBS/IOSCO guidance, ISDA estimates that regulatory IM preparation can be deferred for upwards of 70-80% of Phase 5 counterparty relationships.
Bitcoin was hovering above $7,000 on Monday after climbing to a nine-month high over the weekend.
While digital currency prices endure what enthusiasts call a ‘crypto winter,’ the problem appears to be far more acute when it comes to institutional appetites.
About 150 cryptocurrency hedge funds, which together manage assets of $1bn, survived the volatility in the bitcoin market that saw the price of the most popular digital coin plummet by 72 per cent.
As bitcoin’s price collapsed from its lofty peak of $19,783 in December 2017 to a low of $3,122 a year later, as ether retracted 94 percent peak-to-tough, and as countless ERC-20 tokens that were issued in the prior two years plunged to near worthlessness, the crypto community came under a barrage of criticism.
Arjun Jayaram, CEO of Baton Systems, talks about how distributed ledger technology is already helping the FX market, why the hype cycle around this technology is coming to an end and who he expects to win the “blockchain wars”.
London-based business consultant Darryl Hooker has become the founder and chief executive officer of Harperdan Consulting. The company offers foreign exchange consulting services, with areas of speciality including emerging markets, disruptive sales, and marketing strategies and education around the FX Global Code of Conduct.
The striking calm in foreign exchange markets in recent months has led some US multinational companies to scale back on guarding against currency gyrations, potentially leaving them vulnerable if volatility rebounds from near five-year lows.
The launch of MarketAxess’s Live Markets will speed automated execution for large, benchmark issues, but smaller deals remain a challenge.
Sterling was little changed on Monday after a newspaper report suggested the British parliament might still reach a cross-party deal on Brexit, though doubts about such an agreement kept the currency from gaining.
China’s yuan was set for its worst daily fall in nine months on Monday as trade negotiations between the U.S. and China ended after President Donald Trump raised tariffs on Chinese goods.
Emerging market assets were bearing the brunt of impact of the trade dispute between China and the US on Monday, as concern about the implications of the clash on global growth deepened. Turkey’s lira was the standout faller.