FX Markets - 5 Aug 2019
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Articles in this issue
FX last look: how non-banks stack up
Research shows patchy disclosures plus differences from banks on pre-hedging and rejected orders
Collective UK action brought against FX cartel banks
Banks targeted are those that took part in the ‘banana split’ and ‘Essex Express’ cartels
UBS developing customisable client pricing engine
Swiss bank wants to give individual clients fully customised price without affecting system performance
Potamus looks to new asset classes, including currencies
HFT firm sees US equities platform grow in past year and views outsourced trading as another area for expansion
US regulators applying outdated laws to crypto, hearing told
Congress also urged to open up Fed payment system if it wants to reach the unbanked
Ripple attempts to pacify US regulators after libra hearings
Payments service provider says crypto assets would be complementary to dollar
Goldman Sachs and JP Morgan go live with CLSNow
Unlike CLS’s main settlement tool, CLSNow lets banks settle FX positions on the same day
China discloses FX portfolio for first time
Report shows ratio of US dollar-denominated assets declined to 58% in 2014, from 79% in 1995
Fed cuts rates and halts balance sheet reduction
Decision sees hawkish dissents from Kansas and Boston Fed presidents Esther George and Eric Rosengren
Baton hires Choussy as it eyes scale and client expansion
Choussy has been appointed president and chief operating officer
Citi taps Hoshino as head of FX in Japan
Bank moves to strengthen FX operations to serve corporate and institutional clients in region
Vitale promoted to global head of FX markets at BNY Mellon
He replaces Adam Vos, who has been promoted to head of BNY Mellon Markets
Toffolo joins Cobalt from EBS sales
Michael Toffolo started as an e-FX business analyst at Icap
BNPP launches hybrid NDF algos as electronic trading matures
Launch of BNP Paribas’s algos follows fast-growing demand for NDFs
Powell says Fed will decide on 24/7 RTGS system ‘soon’
Fed under pressure to act amid flurry of legislative activity around payments
City Index: yuan to hit seven within a month
China’s yuan has not seen such levels for more than a decade, but trade war with US induces flirtation