Citigroup and Morgan Stanley each agreed to pay more than $2.96 million to settle charges they misled investors about a foreign exchange trading program they were selling, the US Securities and Exchange Commission said.
- Morgan Stanley, Citigroup Settle Misleading Claims Charges in Forex Trading Program – Wall Street Journal (subscription)
Sterling steadied against major currencies, pausing after a rollercoaster ride a day earlier that followed a Supreme Court ruling that Britain’s government must go through parliament before starting talks to quit the EU.
The dollar held gains early, with a rebound in Treasury yields helping the greenback pull away from recent lows plumbed against the yen and euro amid concerns about US President Donald Trump’s protectionist stance.
Data from the world’s FX committees reinforces the sense that April was a minor outlier in FX turnover, with all but one centre reporting a slowdown in activity from April 2016 to October 2016.
Data from the UK’s FX Joint Standing Committee (JSC) shows that while overall volumes dropped, e-ratios in spot and across the broader market both rose from April.
Chris Salmon, executive director, markets, at the Bank of England (BoE), said in a speech that, while he has confidence in the ability of the FX market to process identifiable risks, he expects to see more surprise flash moves in this asset class.
A stronger oil price and possibility of an easing in US sanctions has helped the rouble.
The Chinese authorities face a range of challenges as they seek to protect the economy in the face of downward RMB pressure.
Taiwan is proving a surprising investment winner under Donald Trump.
There is little doubt that as an industry foreign exchange is a more optimistic place than it was just 12 months ago – and hopefully the majority of themes in this year’s Crystal Ball reflect a more upbeat message.
Without grasping the subtlety of this concept, it’s hard to understand financial regulation.
UK banks risk losing their privileges to do business in the European Union, unless the government in London agrees to abide by financial regulation decided in Brussels even after Britain leaves the bloc, the head of the group of euro-area finance ministers said.
President Donald Trump should label China a currency manipulator if he truly wants to protect jobs in the United States, US Senate minority leader Chuck Schumer said at a press conference held by congressional Democrats.
EBA and Esma call for clarity on capital relief for exposures to clearing members.
European Securities and Markets Authority chair Steven Maijoor has said the European Union should redesign its clearing equivalence regime to address issues in the EU and abroad.
The recently appointed CEO acknowledged that he’d heard loud and clear the complaints brokerage industry executives had with their principal regulator.
IS Prime Risk Services, an affiliate of IS Prime, has acquired the assets of Think Liquidity, a provider of risk management focused technology and services – the price of the deal was not disclosed.
George Harrington has joined Eris Exchange, which offers cash-settled swap futures as an alternative to traditional OTC swaps.
The Aussie dollar was the big mover among the G10 group of major developed world currencies, hit by lower than expected inflation numbers in a market stalled by doubt over the rally in its US counterpart.
Turkey’s lira has clawed back its losses after a surprise decision from the country’s central bank not to take decisive action to protect the currency sent the exchange rate tumbling.
The Canadian dollar hit its strongest close in a week against its US counterpart as US President Donald Trump signed an executive order putting the Keystone XL pipeline back in play.