JP Morgan Settles Currency Manipulation Lawsuit in US – Reuters
JP Morgan has become the first bank to settle a US antitrust lawsuit in which investors accused 12 major banks of rigging prices in the foreign exchange market. The largest US bank will pay about $100 million, a person familiar with the matter said. Lawyers for the bank and the investors said a settlement had been reached in a letter filed on Monday with the US District Court in Manhattan.
GFI Plans Shareholder Vote on CME Deal – Bloomberg Businessweek
GFI Group will hold a shareholder meeting on 27 January to vote on whether to sell the company to CME Group amid a competing proposal from BGC Partners. Regulators have approved the potential transaction with CME, GFI said.
EBS FX Volumes Down 15% from Nov – LeapRate
EBS’s FX volume in December fell 15% from the prior month to $105 billion, but was much higher than December 2013’s $71 billion. Overall, volume was down 12% in 2014 compared to 2013.
Average FX Trading Volume Rose by 3% at CME Group in December but Overall Down 9% in 2014 – ForexMagnates
CME Group’s FX volume averaged 957,000 contracts per day, up 3% from November 2014 and 26% from December 2013. The average daily notional value of FX contracts traded at the group’s venues in December was $107 billion. Total FX ADV in 2014 was 803,000 contracts, down 9% from 2013’s figure.
China Tells Banks to Check for Illegal Activity in the FX Market – Reuters
China’s foreign exchange regulator has ordered major state banks to check for possible illegal activity in the currency market, as it tries to clamp down on speculative money flows in and out of the country. Banks are being asked to examine cross-border deals involving derivatives and other currency products that may have violated its regulations.
EU Banks’ Exposure to Greece Below 5 Billion Euros – FX Week (subscription)
French and German banks are the most exposed to Greece potentially leaving the European Union, but the overall exposures of European banks are relatively small, with only about 5 billion euros of outstanding loans and “immaterial” government bond holdings, according to a research paper by JP Morgan.
ISDA Insight Survey: End Users Uncertain about New Margin Requirements
Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, with a large number unsure whether they will even have to comply with the rules, according to new survey published today by the International Swaps and Derivatives Association (ISDA).