Category Archives: globalFXsource

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Daily FX Volumes Fall Back to $4.64 Trillion in April: CLS – Reuters
Average daily volumes in the global foreign exchange market fell back below $5 trillion a day in April, data from FX settlement bank CLS shows.

• FX Instructions and Notional Value Fall in April on CLS – Profit & Loss (free story)

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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.

• Forex’s ‘Last Look’ Practice Gets Curbed – Wall Street Journal (subscription)
• Thomson Reuters to Champion Higher Industry Standards for FX Trading (press release)
• Hotspot Introduces Market-Leading Standards for Liquidity Providers (press release)

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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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EBS-BrokerTec Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of EBS-BrokerTec onto the Founders’ Council. “EBS has been a trusted partner to the global FX community for over 20 years, and it’s our pleasure to be a Founders Council member of FXPA. The group’s goal of ‘advancing a sound, liquid, transparent and competitive global currency market’ is achievable and we support them in these efforts,” says Gil Mandelzis, CEO of EBS-BrokerTec. The addition of EBS-BrokerTec brings to 21 the number of institutional members now part of FXPA.
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, sign up for our newsletter, FXPA globalFXsource.

Banks Caught in FX Probe Braced for Legal Barrage –Financial Times (subscription)
Lawyers are rubbing their hands in anticipation of the barrage of civil lawsuits that they expect after the $5.6 billion settlements by six banks for allegedly defrauding their clients by manipulating foreign exchange markets.

• Foreign exchange: A Can of Worms – Euromoney
• Giant $5.6 Billion Bank Fines Pave Way for Clients to Sue – Financial News (subscription)
• Cost of a bad hire? $892 Million for JP Morgan – Wall Street Journal (subscription)

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SEC a Stumbling Block in Banks’ FX Guilty Pleas: Sources – Reuters
Banks want assurances from US regulators that they will not be barred from certain businesses before agreeing to plead guilty to criminal charges over the manipulation of foreign exchange rates, causing a delay in multi-billion dollar settlements, people familiar with the matter said.
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