Banks’ Guilty Pleas Fair Game in Forex Traders’ October Trial
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Banks’ Guilty Pleas Fair Game in Forex Traders’ October Trial – Law360 (subscription)
Federal prosecutors set to try three former currency traders for fixing exchange rates received a New York federal judge’s blessing Monday to tell jurors that the men’s former employers – including Barclays, JPMorgan and Citicorp – have themselves pled guilty to such price-fixing.
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A Question of Faith: Asset Managers and the Fix
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A Question of Faith: Asset Managers and the Fix – Profit & Loss
Benchmark fixes have been immersed in controversy for the past five years, but anecdotal evidence sees no shift in asset manager attitudes to them. Will these firms ever desert the Fix?
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FX: Limitations Leave Smaller Multi-Dealer Platforms Facing Uncertain Future
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FX: Limitations Leave Smaller Multi-Dealer Platforms Facing Uncertain Future – Euromoney
As few as eight significant multi-dealer platforms could remain standing after further rounds of consolidation sweep the sector, predicts a new report.
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Bank of America to Pay $30 Million ‘Manipulation’ Penalty: CFTC
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Bank of America to Pay $30 Million ‘Manipulation’ Penalty: CFTC – Reuters
US regulators ordered Bank of America on Wednesday to pay a $30 million civil penalty for what it called attempted manipulation of the swaps and derivatives benchmark.
NEX Group Subsidiary Agrees $50m Settlement over ISDAFIX Manipulation
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NEX Group Subsidiary Agrees $50m Settlement over ISDAFIX Manipulation – Profit & Loss
Intercapital Capital Markets, a NEX Group subsidiary formerly known as ICAP Capital Markets, has agreed a $50 million settlement with the US Commodity Futures Trading Commission in relation to allegations that some of its brokers aided and abetted attempts by several of its bank clients to manipulate the ISDAFIX benchmark.
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Puth to Step Down as CEO of CLS
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Puth to Step Down as CEO of CLS – Profit & Loss
David Puth is stepping down as the CEO of CLS after leading the company since 2012. Chairman Kenneth Harvey will act as interim CEO until a successor is named.
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Barclays Faces Fresh Whistleblowing Concerns: ‘I Would Not Trust the Process’
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Several staff at the bank said they have struggled to get senior executives to take their whistleblowing claims seriously. Their concerns ranged from suspected compliance failures and rule breaches to inappropriate behaviour enacted by senior management.
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UK Antitrust Regulators Launch Inquiry into CME-NEX Deal
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UK Antitrust Regulators Launch Inquiry into CME-NEX Deal – Financial News
UK antitrust regulators have kicked off an inquiry into whether they should approve exchange giant CME Group’s £3.9bn purchase of Michael Spencer’s NEX Group.
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The Buy Side and the Global Code: Patience Required
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The Buy Side and the Global Code: Patience Required – Profit & Loss
Talk to senior members of the Global FX Committee and one can discern a sense of exasperation when they are asked (probably for the tenth time that day) about the lack of buy side adoption of the FX Global Code.
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Getting to Grips with FX Exposures
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Getting to Grips with FX Exposures – Profit & Loss
For many corporate treasurers, deciding what products to use in order to hedge their FX exposures is the easy part of the job. The hard part is working out exactly what their FX exposures are.
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