Judge Tosses Axiom Last Look Class Action Against Deutsche
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Judge Tosses Axiom Last Look Class Action Against Deutsche – Profit & Loss
A New York judge has thrown out a class action lawsuit led by Axiom Investment Advisors against Deutsche Bank, which claimed the bank abused the practice of last look in its foreign exchange trading.
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Second Johnson Amicus Brief Highlights “Intrinsic” Pre-Hedging Role
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Second Johnson Amicus Brief Highlights “Intrinsic” Pre-Hedging Role – Profit & Loss
A second Amicus Brief filed in the Mark Johnson appeal stresses the risks associated with providing FX services to clients around the Fix and argues that pre-hedging is intrinsic to handling orders at the mechanism.
EU Brexit Plan for Swaps Draws Fresh Warning from US Regulator
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EU Brexit Plan for Swaps Draws Fresh Warning from US Regulator – Bloomberg
The US’s top derivatives regulator is ratcheting up pressure on the European Union to scrap its plan to tighten oversight of foreign clearinghouses, telling senior officials from the bloc that the proposal could damage financial markets and stunt economic growth.
FBI Investigating American Express Foreign Exchange Pricing
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FBI Investigating American Express Foreign Exchange Pricing – Wall Street Journal (subscription)
The Federal Bureau of Investigation has launched a probe into pricing practices within American Express’s foreign exchange unit. The investigation is in its early stages and is focused on whether the foreign exchange international payments department misrepresented pricing to clients in order to win their business. The Office of the Comptroller of the Currency is also looking into the matter.
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CFTC Head Plans Swaps Rules Rethink
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CFTC Head Plans Swaps Rules Rethink – Financial Times (subscription)
The top US derivatives market regulator has revealed plans to soften some of its rules for regulating swaps, saying the Obama-era standards had sometimes over-reached their jurisdiction and were increasingly out of step with the rest of the world.
NEX Markets Report Sees Improved FX Market Behaviour
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NEX Markets Report Sees Improved FX Market Behaviour – Profit & Loss
NEX Markets has released a new report, which it says demonstrates greater transparency and improved behaviour in the FX market since the FX Global Code came into effect in May 2017.
UBS to Start Currency Pricing, Trading Engine in Singapore
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UBS to Start Currency Pricing, Trading Engine in Singapore – Bloomberg
UBS Group will introduce a new electronic currency pricing and trading engine in Singapore next year in a bid to boost liquidity in Asia’s largest foreign exchange center.
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Trump to Back $200 Billion China Tariffs as Early as Next Week
Trump to Back $200 Billion China Tariffs as Early as Next Week – Bloomberg
President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to six people familiar with the matter.
Macron Tells EU Leaders to Make a Deal with Britain
Macron Tells EU Leaders to Make a Deal with Britain – The Times (subscription)
President Macron is preparing to throw Theresa May a lifeline by pushing other EU leaders to agree a close relationship with Britain after Brexit as part of his vision for a united Europe.
UK and EU Drop October Deadline for Brexit Deal
UK and EU Drop October Deadline for Brexit Deal – Business Times
The UK and the European Union still say in public they want a Brexit deal wrapped up in the next seven weeks. Behind the scenes, though, senior officials on both sides admit this is unlikely.