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Moscow Exchange Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of the Moscow Exchange (MOEX) as a Full Member of the FX trade association. “The Moscow Exchange is extremely honoured to have joined the Foreign Exchange Professionals Association. The FX industry is going through profound changes at present and we believe through the single voice and leadership of the FXPA we can build a better, more stable and more transparent market structure that will benefit all participants in the market,” says Igor Marich, Managing Director, FX & Money Markets at Moscow Exchange. The addition of MOEX brings to 22 the number of institutional members now part of FXPA, following the recent additions of EBS-BrokerTec and State Street Global Markets. To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.wpengine.com, become an institutional member, and sign up for our newsletter, FXPA globalFXsource.
Global Regulators to Meet in London, Fix Rules After Rigging Scandals – Reuters
Global regulators meet in London next month to try to tighten their grip on markets after banks were fined billions of dollars for manipulating interest rates and currencies, Britain’s top financial supervisor said.
MP Calls for New Report on BoE Handling of FX Scandal – Reuters
An MP has called for a new look into the Bank of England’s role in a foreign exchange scandal, saying the original investigation it commissioned was too narrow in focus.
UK Market Review to Push for Tougher Sentences – Financial Times (subscription)
A review by UK policy makers is to conclude that the ban on equity-market manipulation should be extended to other areas of trading such as foreign exchange, highlighting regulators’ increasing willingness to confront wrongdoing in the City.
The FX Fines: What Next for the Banks? – Profit & Loss (subscription)
With the fines announced last week bringing the total amount paid by the banks in relation to the recent FX investigations to over $10 billion, both these institutions and the regulators are facing questions about how they will prevent history repeating itself.
Good Times Fade Away: Compliance Holds Sway in FX Trading – Financial Times (subscription)
After $10 billion in fines for misconduct, multiple releases of humiliating staff transcripts and scores of ruined careers, the currencies trading industry has decided it is time to grow up.
What Does the Future Hold for FX Clearing? – The Trade
Many had been expecting the move to make enforce the mandatory clearing of non-deliverable forwards to be a fait accompli for 2015. Far from it. The announcement from the European Securities and Markets Authority (ESMA) also puts into doubt the Commodity Futures Trading Commission’s likelihood of implementing central clearing in the US, at a time when FX markets have seen huge volatility and volumes.
G7 Finance Ministers to Discuss Recent FX Moves – Reuters
Finance ministers and central bankers from the Group of Seven industrialised nations will discuss recent foreign exchange movements when they meet in Germany this week.
Dealers Under Strain as Corporate Use of Derivatives Increases – Profit & Loss (free story)
Corporates’ use of derivatives has increased by half since before the global financial crisis, with the annual interest rate derivatives trading volume of a typical big corporate user growing to $3 billion in 2014 from $2 billion in 2006, according to research by Greenwich Associates. |