EU States Agree Position for Final Deal to Regulate Market Benchmarks

globalFXsource0

Top Headlines

EU States Agree Position for Final Deal to Regulate Market Benchmarks –Reuters
EU states agreed a common position on Friday to regulate market benchmarks, opening the door to negotiations on a final agreement with lawmakers on new rules to avoid more damaging market rigging scandals.

US is Seeking Billions From Global Banks in Currency Manipulation Settlement – Bloomberg
The US Justice Department is seeking about $1 billion each from global banks being investigated for manipulation of currency markets, according to two people familiar with the talks.

Lessons From This Year’s FIA Boca – Profit & Loss (subscription)
Profit & Loss delivers its top five takeaways from this year’s FIA Boca conference. Yes, it’s nearly all regulatory…

Friendless Euro Sinks to Fresh Depths, Dollar Firms – Reuters
The euro sank to a fresh 12-year low early on Monday after a recent bounce was met with fresh selling interest in a sign that investors were still very bearish on the common currency.

As UK Election Nears, Investors Brace for Sterling Volatility – Wall Street Journal (subscription)
Investors have increased their bets that the UK’s general election in May will lead to a bumpy ride for the country’s currency.

No, We’re Not in a Currency War – BloombergView
Anyone paying attention to the financial media could easily get the impression that the world is hell-bent on stealing the US economic recovery. Central banks from Frankfurt to Beijing, the story goes, are pushing down their currencies’ exchange rates against the dollar – and against one another – in a craven effort to make their exports cheaper.

Are FCMs Set for a Comeback? – Profit & Loss (free story)
After years of consolidation and profits being squeezed, could changing market conditions provide a boost for the FCM industry?

Strong Dollar Prompts Rise in Currency Hedging – Financial News(subscription)
Whether they can be called smart beta or not, currency-hedged exchange-traded funds are attracting the attention of investors and have doubled in number against a backdrop of a fluctuating US dollar in the past year.

FXCM, Gain See Turnover Drop – Profit & Loss (free story)
FXCM and Gain Capital have mirrored results from other institutional trading platforms last week by reporting a month-on-month drop in activity in February.

Icap and CME Team-Up for Data Analytics Tools – Profit & Loss (free story)
Icap and CME Group have partnered with Beast Apps Group to produce a new data analytics tool which compares OTC and exchange traded products.

Regulatory News

FCA’s FX Probe a “Rushed Job” – Profit & Loss (free story)
The Financial Conduct Authority’s investigations into manipulation of the foreign exchange markets has come under criticism from the legal profession, with a number of lawyers calling the UK watchdog’s probe a “rushed job”.

FCA Responds to IG Clients Fighting Swiss Franc Losses – Reuters
Dozens of clients of trading platform IG Index have complained to Britain’s Financial Conduct Authority about how the company handled the Swiss franc’s surge on 15 January, the regulator and a clients’ group said on Friday.

New Rules for UK Bankers to Include Annual Health Check – Reuters
New rules for vetting and making bankers directly accountable for their actions will include an annual health check by their employer, Britain’s financial regulator said on Monday.

Dodd-Frank Reforms Face New Assault – Financial Times (subscription)
The Obama administration is braced for a fresh assault on reforms implemented in the wake of the financial crisis as lawmakers ratchet up a search for changes acceptable to banks and politicians of both parties.

Company News

BATS Closes Hotspot Deal – Profit & Loss (free story)
BATS Global Markets has officially closed its acquisition of Hotspot FX. The deal was first announced on 28 January, and received Hart-Scott-Rodino clearance from the US Department of Justice on 18 February.

LMAX Exchange Launches Prime of Prime Service
LMAX Exchange, an FCA regulated MTF for global FX, has launched LMAX Prime, a prime of prime service to provide retail brokers, hedge funds and asset managers with credit intermediation and bespoke liquidity arrangements with access to multiple venues.

UBS Belatedly Revises Profit After Settling FX Lawsuit – Profit & Loss (free story)
UBS has revised its net profit for 2014 after agreeing to pay $135 million to settle a US antitrust lawsuit in which investors have accused banks of collusion and unjust enrichment in the foreign exchange market.

FXCM Aims for FastMatch, Lucid Stake Sale to Repay Loan – Bloomberg
FXCM, the currency brokerage nearly ruined in January by the Swiss franc’s surge, is seeking to sell its stakes in three trading businesses as it grapples with repaying an emergency loan.

IG Moves Swiss Client Account From UBS to IG Bank – Profit & Loss (free story)
IG Markets has moved its Swiss client bank account, or the account where clients deposit cash from UBS to IG Bank SA.

Leverate CEO Ran Strauss Stepping Down – LeapRate
Ran Strauss, co-founder and CEO of leading forex platform provider Leverate, has formally indicated his intention to step down from his CEO role in the coming weeks. A formal search for a new CEO – likely to come from outside Leverate and possibly from outside the FX industry – is now underway.

Market Savvy  

Aussie Shorts Reach Record as Bears Join BlackRock Seeing Slide
Bloomberg
Investors are the most bearish on record about the Australian dollar as BlackRock Inc., the world’s largest money manager, expects the currency to plunge to levels well below what the Reserve Bank prefers.

Press Releases

Hausfeld Announces $135 Million Settlement With UBS in FX Antitrust Litigation
Hausfeld, a global claimants’ law firm dedicated to handling complex litigation, announced that the plaintiffs in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (SDNY) have reached a settlement with UBS AG, UBS Group AG, and UBS Securities.

Crédit Agricole CIB Chooses DealHub for FX Post-Trade STP Connectivity
DealHub’s FX post-trade connectivity platform has been deployed at Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB).

FxPro MT5 Now Live
FxPro has launched FxPro MetaTrader5. Due to go live on Monday 16 March, the platform from MetaQuotes will allow traders to take advantage of FxPro’s trading conditions and fair trading practices on yet another leading trading platform.

Industry Events