FCA Chose Not to Chase Some Firms in FX Probe – Wall Street Journal (subscription)
The Financial Conduct Authority chose not to pursue all institutions involved in the foreign exchange rigging scandal, believing that targeting the worst cases would be enough to send a message of deterrence to all.
Regulators Spending Less but Charging More – Wall Street Journal(subscription)
UK and US regulators levied significant fines last year on global banks for manipulating the London Interbank Offered Rate and foreign exchange markets, increasing the amount garnered, according to a report by Kinetic Partners. Meanwhile, agencies spent less on enforcement. “There is an emerging trend among certain regulators to focus on complex, high-profile cases and leverage massive penalties,” according to the report.
Eurozone Officials Discuss Holding Emergency Summit on Greece – Financial Times (subscription)
Eurozone officials are discussing holding an emergency summit on Sunday for leaders to tackle the crisis in Greece amid mounting fears a deal to break an ongoing impasse between Athens and its bailout creditors will not be reached at a high-stakes finance ministers meeting on Thursday.
Taiwan Futures Exchange Submits Draft Plan for USD/CNT Contract – Reuters
Taiwan Futures Exchange proposes to use yuan foreign exchange rates in Hong Kong (CNH) and Taiwan (CNT) to settle US dollar/yuan currency futures contracts, according to draft rules for the products seen by Reuters.
Video: Riskier Times as Futures Brokers Vanish – Financial Times(subscription)
The number of futures industry middlemen, the commission merchants, has halved in the past decade. Walt Lukken, chief executive of the FIA, explains to FT Trading Room editor Philip Stafford why this is a concern for markets and trading.