Top Headlines

FXPA Continues Signing New Members, Accepting Nominations for Board of Directors and Officers Before February 10 Elections
Elections for the next Board of Directors, as well as Officers: Chair, Vice-Chair, Treasurer and Secretary, will take place at an All Members meeting in New York on Feb 10 at 4pm (ET). The Board will consist of 12 members representing a diverse cross-section of the FX marketplace. For membership information or to submit nominations, please contact Julie Ros at

KCG Announces Sale of Hotspot to Bats Global Markets (press release)
KCG Holdings has entered into a definitive agreement to sell KCG’s spot FX trading venue, KCG Hotspot, to Bats Global Markets. The transaction is expected to be completed in the second quarter of 2015.

Currency Trading Hits New Highs in UK and US: FX Committee Surveys – Profit & Loss (subscription)
Foreign exchange trading activity in the UK and US rose to record levels in October, reports from the nations’ central bank FX committees show, on the back of increased volatility that was largely triggered by a divergence in monetary policies.

In Singapore, Central Bank Eases Currency Policy – New York Times
Singapore’s central bank eased its monetary policy on Wednesday, becoming the latest central bank to use policy tools to help shore up growth against a backdrop of global economic turbulence.

JP Morgan Said to Reap $300 Million Gain Amid Swiss Turmoil – Bloomberg
JP Morgan foreign exchange traders reaped a gain of as much as $300 million after the Swiss central bank roiled markets by abolishing its cap on the franc.

China’s Yuan Breaks into the World’s Top Five as Payment Currency: Swift – Reuters
China’s yuan broke into the top five as a world payment currency in November, overtaking the Canadian dollar and the Australian dollar, global transaction services organisation Swift said on Wednesday.

New FX Trading Standard Sees Slow Adoption – Euromoney (subscription)
Despite its extension to FX last year, market participants acknowledge it is likely to be some time before they feel the full impact of the liquidity-enhancing trading enablement standardization initiative (TESI).

CTA, Global Macro Strategies to Benefit from ECB’s Quantitative Easing – Pensions and Investments
Hedge fund managers in aggregate suffered little damage in the previous two weeks from the removal of the euro cap on the Swiss franc by the Swiss National Bank, and some strategies “stand to win” from the European Central Bank’s monetary expansion program, Lyxor Asset Management research shows.

Dollar Rises Against Yen Ahead of FOMC – MarketWatch
The dollar was higher against the yen in Asian trade Wednesday, as investors await the results of the Federal Reserve’s policy meeting later in the day, as well as a series of US economic data.

IMF Set for Lively Debate This Year on Adding Yuan to SDR Basket – Reuters
China is expected to make another push for the inclusion of the yuan in the International Monetary Fund’s in-house currency basket in a review later this year – and this time round its G20 partners may be willing to listen.

Retail Foreign Exchange Ripe for Consolidation Post-Swiss Shock – Euromoney (subscription)
The retail FX market is ripe for further consolidation as brokers that successfully navigated the volatility of the Swiss franc cap prepare to swoop on strugglers that took a hit.

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

EU Says Near Deal with Washington on Derivatives Rules – Reuters
The European Union and the United States are poised to accept each other’s rules on financial derivatives trading in a bid to prevent a global market that supports economic growth from fragmenting, a senior EU official said on Tuesday.

Overseas Forex Trades Laid FXCM Low – Wall Street Journal (subscription)
Retail foreign exchange broker FXCM was nearly felled by outsize bets made by foreign customers who aren’t subject to US regulations, according to people familiar with regulators’ review of the firm.

US Trade Official Says Treasury Taking Lead on Currency Manipulation – Reuters
The US Treasury is taking the lead on addressing currency manipulation, US Trade Representative Michael Froman said on Tuesday.

Eurozone Makes Fresh Push for Finance Tax – Financial Times (subscription)
The 11 eurozone countries backing a European financial transaction tax attempted to revive the flagging initiative on Tuesday as they reiterated their goal to introduce a common levy by 2016.

Mifid II to Cause Shake-Out in Hedge Fund Derivatives Trading –
The revised Markets in Financial Instruments Directive, which will move more derivatives to trading venues, will increase the cost of business for hedge funds, observers say. The European Securities and Markets Authority has published final technical advice for MiFID II, due to take effect in January 2017.

Iosco Publishes Final Report on Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives
The International Organization of Securities Commissions today published its final report which sets out nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets.



Company News

GFI Chairman Offers Lower Share Price Supporting CME Takeover – Financial Times (subscription)
The executive chairman, founder and main shareholder of interdealer broker GFI Group has made a last-ditch effort to muster support for a takeover by CME Group by disclosing that he and his ex-wife will take a reduced price for their shares.

FXCM’s Revised Terms of Leucadia Agreement, Client Funds Down 25% – Forex Magnates
According to a regulatory filing made by FXCM with the US Securities and Exchange Commission, the company has revised some key terms of its loan agreement with Leucadia.

Forex broker Liquid Markets Stops Operations Due to “Black Thursday” Losses – LeapRate
After close communication with the FCA, it was determined the only step forward for FX provider Liquid Markets is to cease carrying on any business that involves the carrying on of any regulated activities.

Credit Agricole Appoints Head of G10 FX Trading – FX Week (subscription)
Douglas Jordan, a senior vice president in emerging markets and foreign exchange trading at Jefferies, has left the bank to join Credit Agricole as managing director, and head of G10 FX trading and precious metals.



Market Savvy  

Greece Lightening
Olivier Desbarres
The ink has barely dried on the ECB’s shock-and-awe QE program that the market’s attention has already shifted back to Greece. The election over the weekend of a new government, led by Prime Minister Tsipras, has reignited the seemingly annual debate about whether/when Greece will default on its debt and leave the eurozone.



Press Releases

JPX and SGX Launch JPX-SGX Co-Location Direct Service
The JPX-SGX Co-Location Direct service will offer straight-through international network connectivity between JPX and SGX co-location data centres.  Global customers will be experience greater cost efficiencies and low latency market access to both trading venues via the service.



Industry Events