RBC Capital Markets Joins FXPA as Supporting Member
The Foreign Exchange Professionals Association (FXPA) is pleased to welcome RBC Capital Markets as a Supporting Member. A leading global investment bank and part of Royal Bank of Canada, RBC Capital Markets is recognized for its commitment to innovation, risk management, and delivering value to clients in the FX market and beyond.
“RBC Capital Markets’ deep expertise and global reach make it a significant addition to FXPA,” says FXPA Chair, Joseph Hoffman, CEO of Mesirow Currency Management at Mesirow Financial. “RBC’s involvement further enriches the collective knowledge and expertise within our organization. Their perspective will be invaluable as we address critical industry topics and engage with policymakers.”
Since its founding in 2014, FXPA has represented the interests of the institutional FX market, advancing its mission through education, research, and advocacy. The addition of RBC Capital Markets highlights FXPA’s commitment to bringing together a diverse range of industry participants to address evolving market challenges and opportunities.
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About FXPA
The Foreign Exchange Professionals Association (FXPA) is a Washington-based organization dedicated to advancing the interests of the institutional FX market. Through education, research, and advocacy, FXPA engages with policymakers and industry stakeholders to promote a sound, liquid, transparent, and competitive global currency market. Learn more at www.fxpa.org.
Media
Julie Ros
Strategic Advisor, FXPA
jros@fxpa.org
FXPA Publishes White Paper Promoting Fair & Orderly FX Derivative Markets
WASHINGTON, DC, September 12, 2024 – The Foreign Exchange Professionals Association (FXPA) has published a white paper entitled Regulated FX Derivatives Trading Venues: Promoting Fair and Orderly Markets. The paper is the outcome of several months’ work by FXPA’s Trading Platforms Working Group and explores the potential risks posed by the current, uneven playing field that exists between regulated and unregulated trading venues operating in over-the-counter FX derivatives markets.
The paper focuses on the varying structures of trading venues, the potential impacts on market integrity, and the benefits of regulatory oversight for these venues. “While unregulated FX derivatives trading venues may, in some cases, offer higher leverage, lower deposit requirements to trade, lower fees for customers and less onerous onboarding requirements, when compared to regulated FX derivatives trading venues, those benefits may come at the expense of reduced customer protections resulting from lack of comprehensive regulatory oversight,” the report states.
“The presence of unregulated FX derivatives trading venues also introduces the possibility of regulatory arbitrage for FX markets. These dynamics raise concerns about fairness and market integrity around the operation of unregulated FX derivatives trading venues. Market participants should be aware of the regulatory status (or lack thereof) and attendant protections and risks of the platforms on which they decide to trade. The presence or absence of regulatory oversight can impact a range of issues, including the role of affiliated market makers, permitted trading practices, market surveillance, and overall market integrity,” the paper further states.
With the publication of this paper, FXPA aims to provide regulators, policymakers, and market participants with helpful insights into the industry, and promote informed decision-making.
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Since 2014, the Foreign Exchange Professionals Association (FXPA) has been representing the collective interests of the institutional FX market to advance a sound, liquid, transparent, and competitive global currency market to policymakers and the marketplace through education, research, and advocacy.
FXPA Elects New Officers, Directors at Annual Meeting
The Foreign Exchange Professionals Association (FXPA) elected a new slate of Officers and Board Members at its annual meeting on February 14, 2023.
Effective immediately, Susan Dauber, Head of Legal & Regulatory, Euronext FX, and Chairperson of Euronext Markets Singapore, is Chair of FXPA; Chip Lowry, Senior Managing Director at State Street, is Vice Chair; Lauren Rosborough Watt, Investment Manager at CalPERS, is Secretary; and Paul Houston, Global Head of FX at CME Group, continues as Treasurer. The four officers form FXPA’s Executive Committee, which sets the agenda for the upcoming year.
Dauber succeeds Acting Chair, Chris Leonard-Appleton, Head of FX Risk & Regulation, LSEG, who remains on the Board, and Lowry succeeds Tod Van Name, Global Head of FX Electronic Trading, Bloomberg, who was serving as Acting Vice Chair. Rosborough Watt succeeds Jordan Barnett, MD at BNY Mellon.
“It is an honor to be elected as Chair of the FXPA and to have this opportunity to continue Chris’ fine work and leadership,” says Dauber. “With recent volatility driven by global tensions, inflationary pressures and shifts in monetary policy, the FX market will undoubtedly remain top of mind. It would appear FX volumes are set to continue to grow in 2023 with an increasing interest in the APAC region and we look forward to continuing to expand the FXPA’s membership and outlook. I look forward to working with all members as we represent the collective voice of the FX market.”
In other news, Alex Blackmur, Director of FX, Corporate Finance and Strategic Investments at Microsoft, will lead a new Buy Side Working Group for FXPA. FXPA has recently increased its buy side Advisory Membership with the additions of Mesirow and Insight Investment.
FXPA also elected a slate of candidates to the Board, which is now comprised of: Martin Knudsen, Senior Product Manager, FX Electronic Trading, Bloomberg; Rosborough Watt of CalPERS; Mike Margolis, Assistant General Counsel, Cboe; Houston of CME; Dauber of Euronext US; Leonard-Appleton of LSEG; Blackmur of Microsoft; Christopher Matsko, Head of FX Trading Services, Portware; KC Lam, Head of FX and Rates, Singapore Exchange (SGX); and State Street’s Lowry.
The FXPA is a unique industry body that represents a diverse cross-section of the FX market to advance its mission to collectively represent the interests of professional FX industry participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy. Since 2014, the FXPA has established itself as a respected industry thought-leader and resource for global policymakers.
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The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange market participants. The group engages with key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market. See more at www.fxpa.org
Bats Global Markets, Inc. Announces Pricing of Its Initial Public Offering
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Bats Global Markets, Inc. Announces Pricing of Its Initial Public Offering
Bats Global Markets, Inc. (“Bats”), a leading global operator of exchanges and services for financial markets, today announced the pricing of its initial public offering at a price to the public of $19.00 per share. The size of the offering has been increased from the initially announced 11,200,000 shares of common stock to 13,300,000 shares of common stock.
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CME Group to Close New York Trading Floor at Year-End
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CME Group to Close New York Trading Floor at Year-End
As declining open outcry options volume on CME Group’s New York trading floor now represents just 0.3 percent of the company’s overall energy and metals trading volumes, CME Group will close its New York trading floor at year-end, subject to CFTC review.
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Exchange Operator Bats Global’s IPO Said to Be Oversubscribed
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Exchange Operator Bats Global’s IPO Said to Be Oversubscribed – Bloomberg
Exchange operator Bats Global Markets Inc.’s initial public offering is oversubscribed, three days before the sale is due to price, according to people familiar with the matter.
ESMA Publishes Responses to the Discussion Paper Benchmarks Regulation
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ESMA Publishes Responses to the Discussion Paper Benchmarks Regulation
The European Securities and Markets Authority (ESMA) has published the responses received to the Discussion Paper Benchmarks Regulation.
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China Foreign Exchange Reserves Rise for First Time in Five Months
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China Foreign Exchange Reserves Rise for First Time in Five Months – Bloomberg
China’s foreign-exchange reserves unexpectedly increased in March after capital outflow pressure eased as the nation’s currency steadied.
FXPA Chair Lowry, Vice Chair Sigelbaum Speaking at Forex Network London
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FXPA Chair Lowry, Vice Chair Sigelbaum Speaking at Forex Network London
Chip Lowry, chairman, and Jill Sigelbaum, vice chair, of the Foreign Exchange Professionals Association (FXPA) will be speaking at Profit & Loss Forex Network London next Thursday, April 14. Lowry will discuss the FX trade association’s mission and activities to date, as well as take a look at a number of developing and ongoing trends in the market during a one-on-one interview with David Clark, chairman of the Wholesale Markets Brokers’ Association (WMBA).
Lagarde Says IMF Greek Deal Far Off as Talks Roiled by Leaks
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Lagarde Says IMF Greek Deal Far Off as Talks Roiled by Leaks – Bloomberg
International Monetary Fund Managing Director Christine Lagarde rebuffed Greek government calls to replace top officials overseeing the country’s bailout and said the IMF is “a good distance away” from an agreement that would allow for additional loans to Europe’s most indebted state. Read More