Category Archives: globalFXsource

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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

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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.

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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.

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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”.

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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.

• Debelle Named as GFXC Chair – Profit & Loss

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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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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.

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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.

• EU Fines Five Banks for FX Manipulation – Profit & Loss

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. 

• Citigroup Hit Hardest as EU Fines Banks $1.2 Billion in FX Probe – Bloomberg (subscription)