News/Foreign Exchange
FXCM hit by two class action complaints
At least 14 law firms start investigating FXCM; CFTC order provides backbone for lawsuits
Effex used last look tactics to cheat FXCM clients, NFA states
NFA names Effex Capital as FXCM's preferential market-maker, which used 'hold timer' and 'previous quote' practices
Law firm starts recruiting clients for case against FXCM
Securities law firm calls for shareholders and those with information to get in touch
FXCM’s US story ends: no-dealing desk claims false
FXCM, Niv and Ahdout banned from CFTC registration, and also by the NFA, effectively closing the broker in the US
Digital Vega launches execution and workflow solution
FX options specialist promises to bring significant efficiencies for execution desks through Intelligence Execution engine
Debelle wants to hear concerns about the GCC
Debelle and Puth encourage market participants to express any worries about the Global Code of Conduct before it is published
FX volumes generally up in October and Singapore shines
Semi-annual central bank surveys of FX markets show growth overall in four out of five centres
MS and Citi agree to pay $6m in FX fines to SEC
The two firms allegedly failed to make adequate disclosures, leading to significant losses for investors
Code of conduct unlikely to standardise execution policies
Customers face more responsibility for understanding dealing terms and more measures may be needed, sources say
Bonuses set to disappoint as headwinds persist
Those who still get bonuses can expect non-cash payments with clawbacks
Ficc revenues rise for US banks in 2016
However, fourth-quarter earnings fall for most
Non-banks to get dark pool for inventory exchange
Competition could heat up for banks, but may cue tighter prices
FX central tape to launch end of Q2, but without banks
Participants to move ahead without banks amid rising demand from end-users for transparency and cost analysis
BIS finds sterling crash was due to 'confluence of factors'
October 7 sterling flash crash in 2016 down to illiquid conditions, less experienced traders and loss of public data from venues
FX platforms finish 2016 on a flat note versus the year before
Despite spikes in June and November, over-the-counter FX trading was subdued
OCC fines Usher and Ramchandani $5m each in ‘Cartel' probe
Former traders indicted by the DoJ for the same offences
Linker swaps Thomson Reuters for 360T
As well as expanding 360T's existing business and products, he will drive the launch and adoption of its Clob and ECN initiative
US indicts three in FX probe
Justice Department says the accused UK-based traders face a maximum of 10 years in prison and $1 million in fines
FX weighs on banks' trading revenues in Q3 2016
OCC report finds a fall in FX and interest rates lowered banks' trading revenues, but they still performed better than in 2015
FastMatch tweaks fees to discourage use of last look
Platform continues push to eliminate last look trading and plans to introduce a dark pool where clients can exchange inventory
USD/CNY volatility rise expected after currency basket revamp
Emerging market currencies now make up a higher proportion of the basket used to calculate the renminbi index
Analytics, best execution and clearing to drive trends in 2017
Evaluation of liquidity is moving away from bank vs non-bank as clients gain more tools to assess execution behaviour
Divergence to drive dollar in 2017
Fiscal expansion and monetary policy tightening are likely to drive up the dollar in 2017
China launches direct trading between renminbi and seven other currencies
The currency pairs will be allowed to trade within a 5% band on any given trading day