Top Headlines

FXPA Elects Board of Directors, Officers; Announces Founding Council Members – Profit & Loss (free story)
The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has announced its 12-member board of directors and officers following elections on 10 February.

Euro Up But on Edge Before Crunch Meeting on Greece – Reuters
The euro edged up on Monday ahead of a meeting of euro zone finance ministers that investors hope will find common ground to support Greece beyond its current bailout programme and keep it inside the currency bloc.

Lawsky Includes Last Look in Currency Probe – Profit & Loss (free story)
New York State superintendent of financial services, Benjamin Lawsky, says that his department is investigating the practice of “last look” in FX as part of his currency probe.

Offshore Yuan Declines Most in Three Weeks on Outflow Concern –Bloomberg
China’s offshore yuan declined the most since 23 January, as the nation’s foreign-exchange regulator highlighted concerns over capital outflows.

Industry Bodies Respond to FEMR on Practice – Profit & Loss (free story)
A growing number of industry bodies are addressing last look practices in the FX market, with a new entry in ACI’s Model Code outlining correct principals around the activity in addition to the Fair and Effective Markets Review consultation also asking the market for its opinion.

Is Foreign Exchange News or Noise? – Financial Times (subscription)
Currency movements have been big news recently. The Chicago Board Options Exchange’s volatility index on the euro has more than doubled since last July. The Swiss National Bank’s decision to end the policy of shadowing the euro caused the franc to soar and wreaked havoc in dealing rooms across the world.

Could FXPB Fee Hikes Spell the End for Retail FX? – Profit & Loss (free story)
Reports that some FX prime brokers are increasing the fees that they charge for their services could spell the end for the retail FX business, according to some market participants.

Asset Managers Face Last-Minute Fee Puzzle on Benchmarks – FX Week(subscription)
Some sell-side firms have yet to inform clients of their plans for fees on benchmark execution.

South Korea, Japan to Let $10-Billion Currency Swap Pact Expire – Reuters
South Korea and Japan have agreed to let a $10-billion currency swap agreement expire this month after 14 years, amid diplomatic tension between the neighbours.

FXCM’s Niv Blames Banks for Extreme Swiss Move and Losses – FX Week(subscription)
The 15 January drop in EUR/CHF was a “global market function failure” as banks failed to provide prices, Niv says.

Regulatory News

US Regulators Increasingly Involved in the FX Market – Profit & Loss (free story)
Comments from US Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, highlight how FX markets are increasingly coming under the purview of his organisation.

HFT Strategies May Breach US Regulation Rule: CFTC Report – ForexMagnates
Greg Scopino a CFTC official has written an independent study on two approaches commonly used by HFT trading firms that could be improper. He reviews pinging and front running in light of regulations.

India Central Bank Eases Rules to Re-Enter Foreign Currency-Rupee Swaps –Reuters
The Reserve Bank of India allowed domestic investors to re-enter into a foreign currency-rupee swap deal if the underlying exposure of the original swap contract remained valid after the contract’s expiration.

ASIC Cancels Licence of Margin Foreign Exchange Provider
ASIC’s continued focus on margin foreign exchange businesses operating in Australia has led to the cancellation of the Australian financial services (AFS) licence of Enfinium.

Company News

Maasland Steps Down From Role at KCG – Profit & Loss (free story)
Albert Maasland, head of global execution services and platforms at KCG, and head of KCG Hotspot, has stepped down from the roles to become a non-executive director of KCG’s European business.

January: Best-Ever Month for Tokyo Exchange OTC FX Volumes, Reports FFAJ – LeapRate
The Financial Futures Association of Japan (FFAJ) has published statistics that show that Japan’s combined OTC FX industry has produced record monthly volume results, standing Japan’s domestic FX industry out as a continually strong and dominant component of the retail sector.

Market Savvy  

Macro Digest: Reasons to be Fearful, Here’s Three
Saxo Bank
Something is rotten in the state of Denmark, as Hamlet famously said, and despite the fact I’ve explained things hundreds of times in recent days, most people seem to be getting their Danish krone analysis wrong.

Press Releases

Etrali Trading Solutions Announces APAC Expansion Plans
Etrali Trading Solutions, a global compliance and unified communication services integrator for trading, has opened new offices in Sydney Australia, as a crucial part of its Asia-Pacific expansion.

Industry Events