Category Archives: regulation

EuroMoney 2018 FX Survey…Go XTX!

EuroMoney 2018 FX survey results released this week show JPMorgan are for the first time #1 in FX, but the real story is the absolutely astonishing performance from XTX Markets, now ranked #3 in global FX. XTX Markets are the … Continue reading

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Global FX code ‘Last-Look’ (Principal 17) updated.

As mentioned previously, The Global Foreign Exchange Committee (GFXC), has updated their guidance around ‘trading in the last-look window’ – Principal 17 of the Global Code of Conduct, as a result of market feedback. The previous version of the code included the … Continue reading

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Credit Suisse fined $135m for FX abuse

The New York State Department of Financial Services (DFS), has fined Credit Suisse $135m for ‘Unsafe, Unsound and Improper Conduct’. The transcript of the order makes for depressing reading, when we see the extent of the improper conduct and abuse of … Continue reading

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GFXC to change Principal 17 (Trading in last-look window) after market feedback

In last week’s post, we looked at the feedback received from the market by the Global Foreign Exchange Committee (GFXC) to Principal 17 of the FX Global Code of Conduct, which discusses ‘trading in the last-look window’. In light of … Continue reading

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RIP….Last-look? Depends who you ask

Back in 2015, just before the publication of the Fair and Effective Markets Review (FEMR) report, that led to the FX Global Code of Conduct, I wrote that it was time to Say goodbye to last look. A few months … Continue reading

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How the network effect is solving challenges in bond liquidity

The fixed income landscape is very fragmented, at last count there were around 137 fixed income venues (according to John Greenan’s blog post). Reduced balance sheets due to Basel III, and lower leverage ratios have resulted in sell-side firms losing their … Continue reading

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Market-Making under MiFID II SI regime, no more Matched Principal Trading

What’s going to happen to market-makers that operate a mix of ‘principal’ and ‘risk-less matched principal’ after new Systematic Internaliser (SI) regime comes into effect next year under MiFID II? Systematic Internalisers (SIs) must operate as a bi-lateral principal based business. … Continue reading

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FinTech, innovation in Cap Markets – research by Opimas

An interesting research report caught my eye this week, although it was published in Aug by Opimas entitled FinTech Spending and Innovation in Capital Markets. The report splits FinTech players into three categories: Capital markets players are indeed bullish on the … Continue reading

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Outlook for Wholesale Banks & Asset Managers – Oliver Wyman research

Another excellent research report from Oliver Wyman called Wholesale Banks & Asset Managers, subtitled The World Turned Upside Down Oliver Wyman see a reversal of fortunes for Wholesale Banks and Asset Managers. The effects of Quantitative Easing (QE) and bank regulation drove a more than $100BN divergence in revenues since 2011, … Continue reading

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FX Global Code of Conduct

It’s finally been released, the 76 page FX Global Code of Conduct, developed by the Bank of International Settlements (BIS), in conjunction market participants and working groups, to provide a common set of guidelines to promote the integrity and effective functioning … Continue reading

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Mandatory Swaps Trading on SEFs increases liquidity and lowers costs – BofE reseach!

Some interesting findings from a paper from the Bank of England, which looked at the impact of mandatory trading on swap execution facilities (SEF), for interest rate swaps (IRS) as required under Dodd Frank Act. The paper looked at transactional data … Continue reading

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Say goodbye to ‘last-look’ in FX?

It’s about time, that the practice in FX of liquidity providers having a ‘last look’ before accepting a trade – a legacy from the old days of phone quoting, when the dealer took one ‘last look’ at pricing before accepting a trade … Continue reading

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