Former Fastmatch CEO Files Lawsuit Against Euronext
Top Headlines
Former Fastmatch CEO Files Lawsuit Against Euronext – Profit & Loss
Dmitri Galinov, founder and former CEO of FastMatch, has announced that he has filed a lawsuit in the US District Court for the Southern District of New York against FastMatch and Euronext US for the unlawful termination of his employment.
Read More
Central Bankers Warn Again on Clearing House Contagion
Top Headlines
Central Bankers Warn Again on Clearing House Contagion – Financial News (subscription)
The financial system is still at risk from a high degree of concentration among clearing houses, the financial plumbers at the centre of the world’s banking network, according to global regulators.
- One Default Could Impact Entities Across Over 90% CCPs: Report – Global Investor (subscription)
- Analysis of Central Clearing Interdependencies – Bank for International Settlements
- Incentives to Centrally Clear OTC Derivatives – Financial Stabililty Board
- FSB and Standard-Setting Bodies Consult on Effects of Reforms on Incentives to Centrally Clear OTC Derivatives – Financial Stability Board
Investment Banks in 2Q18: FICC and Equities
Top Headlines
Investment Banks in 2Q18: FICC and Equities – Euromoney
The story of the quarter was of course Goldman Sachs, which has engineered a recovery from its terrible 2017 in FICC in some style. JP Morgan remains the biggest business, and, at the other end of the scale, some of the Europeans – HSBC, Deutsche, BNP Paribas – had a torrid time. FX movements hurt them, as did European conditions.
Read More
Swaps End-Users Struggle for Clearing Access: Survey
Top Headlines
Swaps End-Users Struggle for Clearing Access: Survey – Risk.net (subscription)
Many derivatives end-users have issues with their clearing brokers that prevent or limit their access to central counterparties, a report by international standard-setters shows.
Global FX Committee Adds Pre-Hedging Example; Reports on Progress
Top Headlines
Global FX Committee Adds Pre-Hedging Example; Reports on Progress – Profit & Loss
The Global Foreign Exchange Committee (GFXC) has added a negative example for Principle 11 of the FX Global Code – which deals with pre-hedging – to the document’s Annex. The update has been released alongside the minutes from the GFXC’s recent meeting in South Africa, as well as a paper that reviews developments since the May 2017 launch of the FX Global Code and outlines the GFXC’s near-term priorities.
Greenwich Sees e-Trading Shift from FX
Top Headlines
Greenwich Sees e-Trading Shift from FX – Profit & Loss
A new report from research group Greenwich Associates says that the focus of e-trading efforts in financial markets is switching away from mature markets like FX and into high yield bonds and cash equities.
FX Trading Volumes Flat in July vs Last Year: NEX Group
Top Headlines
FX Trading Volumes Flat in July vs Last Year: NEX Group – Reuters
Average daily trading volumes of currencies in July remained broadly flat compared to the previous year, NEX Group said on Friday, despite an uptick in tensions over global trade that rattled forex markets.
Read More
Industry Bodies Must Step Up to Fight FX Industry’s Corner
Top Headlines
Industry Bodies Must Step Up to Fight FX Industry’s Corner – Profit & Loss (subscription)
In this column on June 7 2018 I wrote that the time had come for someone to show industry leadership when it comes to arguing the foreign exchange industry’s corner specifically around pre-hedging and Mark Johnson’s pending appeal. This week it has been revealed that ACI – The Financial Markets Association is to draft a response to Mark Johnson’s defence team’s call for Amicus Briefs – independent expert submissions – to support his appeal. I understand that other Briefs are also being written for submission; however, they are not from associations. I cannot stress enough how important it is for the associations that represent so many of their members contribute to this case.
Read More
Credit Suisse Charged With Rigging Foreign Exchange Rates
Top Headlines
Credit Suisse Charged With Rigging Foreign Exchange Rates – Reuters
Credit Suisse has been charged by European Union antitrust regulators with rigging foreign exchange rates, the Swiss bank said on Tuesday, a sign that the five-year-long EU investigation may reach a conclusion in the coming months.
ACI to File Amicus Brief for Mark Johnson Appeal
Top Headlines
ACI to File Amicus Brief for Mark Johnson Appeal – FX Week (subscription)
The ACI Financial Markets Association (ACIFMA) is planning to file an amicus brief, supporting the appeal of former HSBC executive Mark Johnson, who was convicted of wire fraud relating to a $3.5 billion foreign exchange order in October 2017.
Read More