Four Further Banks Dragged into Fix Lawsuit: Accusations Widened

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Top Headlines

Four Further Banks Dragged into Fix Lawsuit: Accusations Widened  – Profit & Loss

The law firm undertaking a Class Action suit against several major FX banks has filed a second, broader Class Action that widens the range of currency pairs involved, the venues on which the alleged manipulation took place and the number of banks involved.

ANZ Sacks Rates Trader after Conduct Breach – Sydney Morning Herald

ANZ Banking Group has terminated the employment of one of the seven traders it stood down as part of a regulatory investigation into interest rate manipulation.

Thomson Reuters Integrates FXall Trading Into Eikon – Profit & Loss

Thomson Reuters has announced the addition of FX trading capabilities for corporate treasurers on its flagship financial markets desktop, Eikon.

FX: The Store That Closes When its Most Busy – Financial News

To see that dynamic in action, rewind to January 15 this year, when the Swiss National Bank abandoned its attempt to hold down its currency.

Regulatory News

Dealers Fear Mix-and-Match Margining for Cross Border Swaps –  Risk.net (subscription)

National conflicts in margin rules can only be fixed via mutual recognition.

ESMA Creates MiFID Advisory Committee – FOW (subscription)

The European Securities Markets Authority has created a new committee dedicated to develop and provide technical advice for the European Commission, with a particular focus on investor protection and preparing for MiFID rules.

US Court Issues $76m Penalty for FX Ponzi Scheme – Profit & Loss

A US judge in North Carolina has issued $76 million in civil monetary penalties against two individuals involved in an illegal FX fraud scheme.

Company News

360T to Add CLOB, Futures after Deutsche Boerse Deal – Profit & Loss

360T has told clients it is adding central limit order book (CLOB) and futures trading functionality to its platform following the completion of its purchase by Deutsche Boerse

Former FX Head Sues UBS Over Dismissal – Profit & Loss

Roger Boelher, former FX chief dealer at UBS in the US, is suing the bank for $34.5 million claiming that it negatively altered his performance reviews after he was named in documents linked to the chat room scandal.

CME’s FX Q2 Volumes Decline, Up on 2014 – Profit & Loss

CME Group’s second quarter results show that FX volumes were down 5.4% from the previous quarter but still significantly higher year-on-year.

Hotspot Volumes Lowest Since 2012, FastMatch Also Down  – Profit & Loss

Average daily volume on two FX ECNs dropped back in July as activity was dampened by uncertainty over Greece, creating conditions one head of a trading platform provider describes as “pretty awful”.

Market Savvy  

Osborne and Carney Would be Wise to Talk Pound Down – eFinancial News (subscription)

In all the chatter about reducing defecits, the one that really matters is the UK’s external balance – and it is at a record high.

Asian Currencies set to Plumb New Lows Amid Slowing China Demand  – South China Morning Post

Slowing China demand could see countries assume weaker currencies to gain export advantages in a difficult global trading environment.

Dollar Bulls Take a Breather, Focus on US Factory Data  – Reuters

The dollar recovered slightly against the yen on Monday, after suffering a setback late last week when subdued U.S. wage growth clouded the outlook over when U.S. interest rates were likely to rise.

Press Releases

CLS settlement service for cleared FX products

CLS, the leading provider of settlement services for the global foreign exchange (FX) market, today announced that it is working with LCH.Clearnet, a leading global multi-asset clearing house, to develop a service to facilitate the settlement of cleared foreign exchange products.