Six banks are facing a class action lawsuit over alleged abusive practices involving the use of last look in their e-FX businesses.
It’s hard to escape the feeling that what started as a genuine attempt to protect from latency costing LPs millions of dollars has, through natural evolution, become a ticking time bomb for yet more legal cases and, possibly, pay outs.
The dollar headed for a weekly decline before data forecast to show that the US annual inflation rate slowed for a fourth month in June.
Sterling rose against the dollar, investors still weighing the likelihood of an interest rate rise from the Bank of England after labour market data this week offset some worries over Britain’s exit from the European Union.
Japan’s yen weakened past ¥113.5 per dollar, walking back some of its previous weekly gains and making it the worst-performing major currency in Asia trade.
Beijing keen to keep currency steady ahead of this autumn’s 19th Congress.
Most Asian currencies drifted, while the US dollar steadied, with investor focus turning to US inflation due later in the day for clues on the pace of interest rate rises in the world’s largest economy.
Regulators should prevent investment firms from setting up shop in one jurisdiction to avoid stricter controls in their home state, the European Union’s markets watchdog said, as centers such as Dublin, Frankfurt and Paris vie for business.
Rule change would add a capital ‘surcharge’ for the biggest US banks.
US regulators ask banks to assess cross-dependencies of models – prompting some to employ network theory.
AIMA’s MiFID2 Best Execution Guide, which is only available to AIMA members, outlines the MiFID2 obligation to achieve the best possible results when executing transactions.
Market data, and analytics technology provider Vela Trading Technologies, has signed a definitive agreement to acquire Object Trading, a provider of a direct market access (DMA) platform, pre-trade risk controls, and analytics applications.
Despite the progress of other projects applying blockchain technology to FX, Cobalt’s CEO remains confident that his post-trade processing network can reach critical mass.
Even as critics of high-frequency firms have argued their speed and technology give them an unfair advantage, the traders are facing diminishing returns.
Mexico’s peso currency firmed after the central bank governor said interest rate hikes could be paused for some time, but he knocked down market speculation that there would be rate cuts before mid-2018.
Emerging stocks were on track for their best week since March and currencies looked to chalk up solid weekly gains, sailing the slipstream of cautious tones from the US Federal Reserve and a tepid dollar.
The forint hit a one-month high against the euro as Central European units continued to firm, still buoyed by Fed comments that were less hawkish than expected, and a healthy outlook for the region’s current accounts.