Profit & Loss understands that David Fotheringhame, former head of automated flow trading at Barclays, has won his claim for unfair dismissal against the bank.
US prosecutors in the frontrunning case against former HSBC currency executive Mark Johnson have opposed a $3.1 million loss amount calculated in a pre-sentencing investigation report, claiming it fails to capture the total profit gained by the bank through the fraudulent scheme.
The dollar edged higher against a basket of rivals after posting four consecutive weeks of gains as financial markets braced for the first rate hike of the year from the US Federal Reserve.
- Dollar Enjoys Longest Weekly Winning Streak in Five Months – Financial Times (subscription)
- Dollar Rises with Short-Term Yield Surge – Wall Street Journal (subscription)
The world’s largest money manager is convinced sterling’s next big move is just around the corner as Brexit negotiations come to a head, but which way it will swing hinges entirely on the end result.
Recent data on leveraged currency bets – a key hedge fund strategy – show net wagers are in favor of yen strength for the first time since last spring.
The Bank of England has warned that regulators and politicians in the UK and EU are not doing enough to prevent “material risks” hanging over the £26tn derivatives market after Brexit, even if a transition deal is agreed.
The rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to Group of 20 finance leaders.
- Bank of England Says No Current Risk to UK From Cryptocurrencies – Wall Street Journal (subscription)
- Central Banks Are Right to Consider the Merits of Digital Cash – Financial Times (subscription)
Certain liability-driven investment funds are avoiding entering into interest rate swaps linked to sterling Libor and are instead adopting the new risk-free rate in the UK, the sterling overnight index average (Sonia), according to bankers and asset managers.
A combined CME (or ICE) and NEX would also have some serious financial clout and an excellent footprint across the globe, which could be interesting for those rival groups that have already done their deals.
High-frequency trading has created a foreign exchange market in which the banks and institutional traders are now no longer the primary providers of liquidity.
The Commodity Futures Trading Commission (CFTC) has accused the European Commission (EC) of attempting to renege on a previously agreed framework for cross-border CCP recognition, with the EC refuting this characterisation.
China elevated a key confidante of President Xi Jinping to one of the top positions in government as Beijing cracks down on riskier financing and a debt build-up that may pose systemic risks to the world’s second-largest economy.
Jay Powell will hold his first press conference as chair of the US central bank.
The Federal Reserve Bank of New York is considering a “handful” of candidates for what is seen as the second most influential job at the US central bank, its directors said, as political pressure mounts to choose someone who breaks with past precedent.
CFTC chairman Christopher Giancarlo discussed the agreement in a behind-closed-doors meeting with industry participants on March 13.
Barney Frank, former congressman from Massachusetts, says the bill to rewrite the Dodd-Frank post-crisis banking regulations is not a rollback.
Profit & Loss understands that Darryl Hooker, global head of metals and spot and head of FX EMEA at NEX Markets is leaving the firm.
Two and a half years on from acquiring Molten Markets, EBS is beginning to claim some tangible traction amongst the asset management community.
Crown Agents Bank has appointed David Bee in the newly created role as head of global markets. He will also join the bank’s executive committee.
The tool has many benefits for traders and users of CME Group.
Blockchain developer Ripple Labs lost its shot at a home-court advantage in a dispute with rival R3 Holdco over ownership of cryptocurrency XRP that was once worth more than $16 billion.
South Korea may disclose details of actions taken by currency authorities to smooth foreign exchange market volatilities, two government officials told Reuters.
Foreign exchange markets appear convinced that a global trade war is unlikely to break out anytime soon, although with long bets on some currencies at record highs, investors fear complacency may be setting in.
The ruble was the worst emerging-market currency last week after the Turkish lira.