Market Makers Need to Review Last Look Practices

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Top Headlines

Market Makers Need to Review Last Look Practices – FXPA Webinar FX market makers need to review their existing practices around “last look” in order to protect themselves from regulatory investigations, according to legal experts that participated in a webinar on the “Implications of the Recent Last Look Settlements on Your Business”, hosted by the Foreign Exchange Professionals Association (FXPA) yesterday.  

Banks Unyielding in Contract Talks on Clearing – Risk As mandatory clearing of over-the-counter derivatives approaches, European buy-side firms are locked in contract negotiations that threaten to drastically alter their relationship with bank clearing members.

Nasdaq: Pioneering Trade Means 2016 Will be The Year of Blockchain – Risk This year will see widespread deployment of blockchain-based trading technology, with the first third-party share placement on December 30, 2015 set to be followed by many more in the months ahead, according to Fredrik Voss, head of blockchain strategy at Nasdaq.

China Allows 6 More Foreign Institutions, Including RBI, into Interbank FX Market – Reuters China has allowed a second batch of foreign institutions to enter China’s interbank foreign exchange market, the country’s central bank said on Tuesday.

FX Platforms Bridge Buy Side, Sell Side – MarketsMedia With more than two-thirds of foreign exchange trades now executed electronically, the relationship between trade handlers and the trade originators who are their customers isn’t what it used to be.

 

 

Regulatory News

ISDA to Expand Board of Directors and Update Strategy Statement – Profit & Loss The International Swaps and Derivatives Association has announced that its Board of Directors has voted to increase the size of the ISDA Board from 26 to 30.

Fresh Delay for EU Rules on CCP Spillover Losses – Risk European rules on how to share out catastrophic losses at a clearing house have been postponed again, Risk.net has learned.

China Takes First Step to Centralize Control Over Financial Regulators – Reuters China’s cabinet is taking a key first step toward tighter control of its financial regulatory apparatus, a source told Reuters, after repeated regulatory missteps have dented confidence as the world’s second-largest economy struggles.

 

 

Company News

Debt and Darwin: UBS’s New Bond Boss Looks to Evolve – E Financial News When UBS embarked on its Accelerate restructuring plan three years ago, says Amir Hoveyda, its new head of debt capital markets and client solutions, competitors and clients alike thought its future in investment banking was dim.

JPM Looks to Pull The Plug on Bloomberg Terminals – New York Post Jamie Dimon may be pulling the plug on Bloomberg terminals, unless he can get a deal.

BGC Partners and GFI Group Complete Merger – Profit & Loss BGC Partners’ merger with GFI Group has been completed.

Goldman Sachs Sees Governments Coming to ECB Rescue on Stimulus – Bloomberg Mario Draghi may soon find that when it comes to supporting the euro area, the European Central Bank is no longer acting alone.

CLS Volume, Value Data Little Changed in December – Profit & Loss Monthly CLS settlement and aggregation service data for December shows little change against the previous month; however, the combined data shows year-on-year declines.

Bloomberg Acquires Social Media Risk Management Firm –  Profit & Loss Bloomberg has acquired the intellectual property, patents and engineering assets of Netbox Blue, a provider of social media risk management and compliance solutions, to enhance its enterprise compliance platform, Bloomberg Vault.

FD Buys QuantumKDB – Profit & Loss Software and consulting services provider FD announces the acquisition of QuantumKDB (UK) Ltd.  According to FD, the acquisition will support the growth of its Kx business through complementary consultancy services.

 

 

Market Savvy  

Offshore Yuan Borrowing Rate Comes Back to Earth – Wall Street Journal (subscription) Hibor rate falls to 8.3% from a record high of 66.8% Tuesday.

Central Bankers Rattle Currency Sabers to Keep FX Rates Weak – Bloomberg Central bankers around the world may be sharing the same New Year’s resolution: a weaker currency.

Stocks Rise on China Trade Data – Wall Street Journal (subscription) Global stocks gained Wednesday as fears about the Chinese economy appeared to retreat and oil prices moved off recent lows.

 

 

Press Releases

Moex December Volumes Mostly Up – Profit & Loss Moscow Exchange (Moex) reports increases in trading volume in derivatives and FX for the month of December against both November and December 2014.

CMC Markets Announces Plan to Float – CMC Markets The online FX, CFD and Spread betting company announces plans to list on the London Stock Exchange in February.

 

 

Industry Events