United Kingdom (UK)
BNY Mellon to become a systematic internaliser
The bank will become an SI under Mifid II, taking on post-trade reporting obligations for clients
Court grants ECU’s data application in HSBC case
Judge rules that HSBC should hand over data to ECU group after the manager's pre-action disclosure request
Matherne joins BNY Mellon as global head of FX forwards
Paul Matherne is the latest staffer to make the switch from Deutsche Bank to BNY Mellon
BoE hikes rates for first time in 10 years
Pound falls more than 1% against dollar and euro following long-awaited decision on interest rates
IBM to launch blockchain-based payment solution
Initially available in the Pacific region for KlickEx clients, IBM plans to expands the network across the globe in 2018
Fed fines HSBC $175m for unsafe FX practices
Bank ordered to improve practices
Euro appreciation to slow, says BMO Capital Markets
Canadian bank sees dips in EUR/USD as buying opportunities, given US dollar is in medium-term downtrend
London Stock Exchange Group boosts LCH stake
LCH’s activity has ballooned over the past 12 months, with its ForexClear platform clearing more than a trillion dollars’ worth of non-deliverable forward trades in August
James Taylor joins BNY Mellon
Taylor is a key hire for the bank whose markets business is undergoing an FX transformation
FreemarketFX appoints Crosswell to the board
Charlotte Crosswell becomes a non-executive director at the peer-to-peer currency exchange
BoE appoints Ramsden as deputy governor for markets and banking
He replaces Charlotte Hogg, who resigned in March
London FX trading at three-year high, despite Brexit
Turnover hits daily average of $2.44trn in April, 12% higher than in October 2016 and up 10% on a year ago – Bank of England
FCA warns on currency converter tools
UK watchdog follows up on investigation into payment institutions and their use of interbank rate in online tools
Cartel three out on bail after entering ‘not guilty’ pleas
Former senior currency traders released on combined $1.85 million bond and will return to court in November
ECB: bulk of euro trading will stay in London after Brexit
In its annual review of the single currency, the central bank says any shift from the UK to the EU will be gradual
Esma warns it may intervene to regulate CFDs and retail products
Two years since Esma set up a task force to supervise risky products such as CFDs, rolling spot FX and binary options
Saxo Capital Markets exits CFD lobbying group and sides with FCA
UK subsidiary breaks ranks with big spread-betting firms amid dispute over proposal for tougher rules on CFD products
UK clearing houses could be moved to European Union
European Commission proposal comes days before divorce negotiations are set to begin between UK and EU
Sterling to move higher against dollar, despite election result – CIBC
Despite the hung parliament in the UK, the pound is in a better position than the greenback
UK arrests Stuart Scott in HSBC FX front-running case
Ex-HSBC employee accused of wire fraud in case involving alleged front-running to make first court appearance on July 31
Central banks establish GFXC to monitor Global Code's progress
Public and private-sector partnership will include 16 central bank reps; Salmon as first chair and Puth as vice-chair
INTL FCStone launches cross-border payments intelligence portal
Global Payments Network aims to give clients actionable news and analysis from local markets
FCA publishes final Priips rules
“In calculating costs associated with FX, the arrival price must reflect a reasonable estimate of the consolidated price" – FCA
European Union dissatisfaction remains a risk for markets
Economists question whether France and the EU have surmounted their eurosceptic hurdles