Exec Says $3.5B Forex Deal Was No Fraud – Law360
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.
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
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.
to Face Australian FX Class Action – Profit
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”.
GFXC Chair Potter Highlights Ongoing Work – Profit
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.
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
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.
Buy Side Adoption of the FX Global Code – Profit
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.
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.
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