Top FX Banks Brace for Disruption Wave – Euromoney
Demand for single-dealer platforms continues to drive adoption of platform-as-a-service (PaaS) in the FX space, allowing smaller players to compete with the top-tier firms in pre- and post-trade services.
How to Fix the Broken MAT Process – aka: What I Learned at the CFTC Roundtable – TabbForum
While there have been many issues with the introduction of SEFs, the process largely has been a success. But one conceptual problem persists.
ISDA: Compression in Interest Rate Derivatives Growing – Profit & Loss
A new research note from the International Swaps and Derivatives Association (ISDA) says that compression activity in interest rate derivative markets has increased “significantly” over the past year driven by new regulations and developments in clearing technology.
Rabo Libor Trader Banned by FCA – Profit & Loss
The UK’s Financial Conduct Authority has formally banned Lee Stewart, a former trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank (Rabobank) from the UK financial services industry for “lacking honesty and integrity” following a criminal conviction for fraud in the US.
Credit Suisse Pulls Out of FXPB – FX Week (subscription)
Swiss Dealer the latest to exit prime brokerage business.
SNB’s Record $52 Billion Loss Gives Critics More Ammunition – Bloomberg
The Swiss National Bank suffered a record loss for the first half of the year and warned a customary government payout was in jeopardy, giving politicians keen to raise their profile in an election year more fodder for criticism.
One in Four Fund Managers Expect Competition from New Entrants in Next Five Years – HedgeWeek
One in four (25 per cent) senior asset management executives believe it’s “highly likely” they will face direct competition from a non-traditional new entrant such as a technology or non-financial services company within the next five years.
Parker Index Falls in June – Profit & Loss
Currency managers had a tough June according to the Parker FX Index, which fell 1.52% on the month, with just five of the 30 funds to report results showing a positive return.
Fed Concern Drives Emerging Stocks, Currencies to Monthly Losses –Bloomberg
Emerging-market currencies headed for the steepest monthly loss this year amid concern that an increase in U.S. interest rates will drive capital toward dollar assets. Stocks pared the biggest monthly drop since 2012.
US, Euro Clearing Deal by October – FOW (subscription)
Terry Duffy, executive chairman of CME Group, expects European and US regulators to settle their long running clearing equivalence row by October,