FXPA Responds to FEMR’s Final Report
The Foreign Exchange Professionals Association (FXPA) supports the Final Report published by the Fair and Effective Markets Review (FEMR) today, which sets out 21 recommendations to help restore trust in the wholesale Fixed Income, Currency and Commodity (FICC) markets.
FX Industry Responds Positively to Calls for Increased Accountability – Profit & Loss (free story)
The theme of accountability for both individuals and firms in financial services that was prevalent in both Mark Carney’s Mansion House speech and the final version of the Fair and Effective Markets Review (FEMR), has elicited a positive response from FX market participants.
BoE’s Carney: The “Age of Irresponsibility” is Over – Profit & Loss (free story)
In a speech to a City audience of bankers and merchants at the Mansion House in London, Mark Carney, governor of the Bank of England, drove home the message that the “age of irresponsibility” in finance is over.
FEMR Inconclusive on the Future of “Last Look”; Advocates for “Time Stamps”- Profit & Loss (free story)
The Fair and Effective Markets Review (FEMR) has concluded there should be clearer standards regarding the use of “last look” in the FX market, but did not definitively state whether the practice should be banned. FEMR also voiced support for the use of ‘time stamps’ on client orders.
Deutsche’s Grip on Asia FX Market May Slip on Jain’s Exit – Reuters
The exit of Deutsche Bank co-chief executive Anshu Jain may see the lender surrender its strong position in Asia’s fast growing foreign exchange and fixed income markets, with incoming CEO John Cryan expected to cut some of the capital-intensive businesses Jain oversaw.
Corporates Continue to Shun FX Algo Trading – Euromoney
While hedge funds increase their use of algorithms, corporates continue to execute only modest volumes.