Thomson Reuters Joins FXPA
The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Thomson Reuters as a Full Member. “As a leading independent provider of FX transaction venues, Thomson Reuters actively supports cross-industry initiatives such as FXPA to ensure a sound, liquid, transparent and competitive FX market. Now more than ever, transparency and fairness are values that need to be upheld by everyone in the FX industry. Working closely with the FXPA group, Thomson Reuters will continue its work to help the industry raise standards across all areas of the market,” says Phil Weisberg, global head of FX, Thomson Reuters. The addition of Thomson Reuters brings to 23 the number of institutional members now part of FXPA. 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.
Regulators Should Scale Back Rules to Improve Liquidity Conditions – Profit & Loss (subscription)
Too many people view the last year or so as being an outlier when it comes to market volatility, when in reality it can just as easily be argued that it was actually the previous seven years that were the problem. The growing issue of sporadic liquidity, which is concerning some in authority, is a direct reflection of regulation imposed by their peers – and in some cases by their own organisations.
Extradition Hearing of Flash Crash Trader Sarao to Go Ahead on Friday – City AM
The British trader accused of triggering a so-called “flash crash” in US financial markets will have his extradition hearing on Friday. Navinder Singh Sarao, accused by the US Justice Department of causing the Dow Jones index to lose $800 billion in a matter of minutes, faces extradition on charges that carry a maximum sentence of 380 years.
Response to Banker Recklessness Needs Work: Lawyers – Operational Risk & Regulation (subscription)
The Serious Fraud Office will aim higher in the wake of the Tom Hayes conviction, but new laws could be difficult to enforce, senior London lawyers say.
Investors Slow to Adopt Libor Alternatives – Financial News (subscription)
Multimillion-dollar fines, a raft of lawsuits, a criminal conviction and the widespread belief that the benchmark is no longer fit for purpose might have prompted institutional investors to abandon the London inter-bank offered rate as their contractual reference point of choice. But seven years on from when a Wall Street Journal report first questioned the integrity of Libor, pension funds and other investors are proving remarkably slow in adopting alternatives.
Fund Managers Mull Trades in Choppy FX Markets – Euromoney
Volatility is back with a bang as traders seek to make sense of an uncertain global macroeconomic outlook. Fund managers lay out trading strategies drawing from CHF and CNY lessons, and one fears Japan and China are now in similar situations to Switzerland.
CFTC’s Giancarlo to Address P&L Forex Network Chicago on Thursday
J. Christopher Giancarlo, Commissioner at the US Commodity Futures Trading Commission, will be making the keynote address at the 13th Profit & Loss Forex Network Chicago conference on 24 September.