Top Headlines

FX Market Manipulation Case Allowed to Proceed in US Courts – Profit & Loss(subscription)
A US judge says that investors may pursue their antitrust litigation against 12 major banks alleging that they manipulated the foreign exchange market.

Oversight Failure in FX is Changing How Banks View Risk – Profit & Loss(subscription)
The failure of banks to effectively monitor human communications around FX trading is having far-reaching consequences for the industry, according to market experts.

FXCM to “Forgive” Most Clients for Negative Balances on Swiss Franc Move –Reuters
Retail currency broker FXCM said it would “forgive” about 90% of its clients for negative balances in certain jurisdictions as a result of the Swiss National Bank’s decision to remove the cap on the Swiss franc.

Renminbi Not Immune From Emerging Market Outflows – Financial Times(subscription)
After nearly a decade in which robust trade surpluses underpinned reliable appreciation of China’s currency, the renminbi is under pressure from a bout of capital outflow and the knock-on effects of falls in the euro, yen and emerging-market currencies.

Saxo Expecting Legal Challenges to Re-Pricing of Trades – Profit & Loss(subscription)
Retail broker Saxo Bank is anticipating legal disputes following its decision to retroactively re-price FX trades that occurred during the Swiss franc’s volatile swing on 15 January.

LCH.Clearnet Sees FX Option Clearing in 2015 – FOW (subscription)
London-based central counterparty to launch EU client clearing in Q2.

Peru Central Bank Further Tightens Limits on Currency Derivatives – Reuters
Peru’s central bank put a new limit on currency derivative operations in a bid to curb volatility and foreign speculation in the local spot market as the nuevo sol (PEN) slips to new lows.

FXPA News: Join by 1 Feb to Qualify for Time-Limited Membership Category
The special founding member category of the Foreign Exchange Professionals Association (FXPA) will close on 1 February. Join today to be part of the first wave of founding members that enjoy the distinct benefits that this class offers. FXPA recently crossed the critical threshold of 15 members, triggering elections for the first permanent Board of Directors and Officers. FXPA’s Board will include 50% representation by Founding Members that join prior to the 1 February deadline.

Regulatory News

CFTC Commissioner Giancarlo Releases Swaps Trading Rules White Paper
US Commodity Futures Trading Commission (CFTC) Commissioner Christopher Giancarlo has released a whitepaper titled “Pro-Reform Reconsideration of the CFTC Swaps Trading Rules: Return to Dodd-Frank.”

Basel Committee Issues Revised Pillar 3 Requirements
The revised requirements will take effect from end-2016. They supersede the existing Pillar 3 disclosure requirements first issued as part of the Basel II framework in 2004 and the Basel 2.5 revisions and enhancements introduced in 2009.

Company News

Alpari UK Confidential Information Memorandum Details – LeapRate
Confidential information memorandum on Alpari UK prepared as a marketing document by KPMG to help attract a buyer for some or all of the insolvent forex broker.

Raiffeisen Hit by Ruble and Swiss Franc – Financial Times (subscription)
Raiffeisen Bank International is to slash its assets by 20%, as Austria’s third-biggest lender struggles with the twin pressures of the Ukraine crisis and the dramatic appreciation of the Swiss franc.

GMEX Hits Snag in Platform Launch – FOW (subscription)
A derivatives platform by Global Markets Exchange Group is facing possible delay in rollout because additional approval might be needed from shareholder Eurex Clearing, whose supervisory board doesn’t meet until late April.

Dukascopy Europe Launches CFD Trading on Demo and Live Accounts –LeapRate
Dukascopy’s EU subsidiary now offers CFD trading using the same range of platforms as its FX instruments.

Market Savvy  

Fed Outlook and Greece Worries Hit Stocks, Dollar Up
Stocks fell in Europe and Asia and the dollar strengthened on Thursday after the Federal Reserve took an upbeat view of the world’s largest economy and signalled it was on track to raise interest rates this year.

Press Releases

ISDA OTC Derivatives Market Analysis: Industry Meeting Clearing and Compression Goals
Two key policy goals of increased clearing and portfolio compression are being met by the derivatives industry, with a recent surge in compression volumes contributing to a decline in publicly reported interest rate derivatives notional outstanding figures, according to a new research paper published by the International Swaps and Derivatives Association.

Calypso Platform to Support BCBS/Iosco Requirements for Margin on Non-Cleared Derivatives
Calypso Technology, a capital markets software firm, will be releasing a new solution for calculating the initial margin required on non-cleared derivatives trades.

Inaugural UK-Singapore Financial Dialogue Held in Singapore
Discussions covered a broad range of issues encompassing the global economy, financial regulatory reforms and financial market development – including offshore renminbi (RMB), financial technology and payments, infrastructure financing, Islamic Finance, insurance and asset management.

Industry Events