Regulation
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
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance
Mifid II – The final sprint to FX compliance
This webinar explores the race to Mifid II compliance, in particular how flexible cloud-based FX solutions can carry firms to the January 3rd finish line
Banks reportedly preparing to settle EU FX probe
Barclays, Citigroup, HSBC, JP Morgan, RBS, UBS and two other institutions set to pay out billions of euros, according to Financial Times
FCA to publicly recognise selected codes of conduct
Regulator launches consultation on its proposals to supervise SM&CR rules and says public recognition will encourage adherence
DFS hits Credit Suisse with $135m fine
Department of Financial Services issues consent order, listing FX misconduct and abuses that potentially affected customers for years
Thomson Reuters commits to FX Global Code
The venue joins a number of early adopters in pledging to support better behaviour in the currency market
China FX reserves rise for ninth consecutive month
PBoC figures show $700 million increase, bringing total reserves stockpile to 12-month high
Market participants start testing Mifid II systems
But they do not feel fully ready for the sweeping changes taking effect on January 3
Trump nominates Jay Powell as Fed chairman
Powell has voted in line with Yellen’s agenda and is not expected to shift away from current policy
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
US Treasury declines to brand China a currency manipulator
In its second report on FX policies since Donald Trump took office, the US Treasury only criticises China, despite campaign promise
Renminbi payments lag Canadian dollar
China's currency loses fifth place as overall share shrinks again – Swift
China’s party congress hints at new PBoC chief
Contest narrows to Guo Shuqing and Jiang Chaoliang
FCA fines Merrill Lynch £34.5m for Emir reporting failures
First penalty issued by FCA for breaching Emir reporting requirements
Guilty verdict returned in Johnson case
Jury finds Mark Johnson guilty of conspiracy and eight counts of wire fraud
EU and US regulators agree on margin equivalence
As the regulators take a common approach, Mifid II-regulated venues look set to be exempt from Sef registration requirements
China FX reserves rise for eighth month running as yuan fortifies
PBoC figures show $17bn increase, bringing total stockpile of reserves to 11-month high
Nex lowers Optimisation margins for first half of the year
Operating profit margins for the Nex Optimisation business division in the six months to September 30 are set to be 20% rather than 29% as previously forecast
XTX to become equities SI under Mifid II
The non-bank market-maker will opt into the regime for European equities, regardless of its share of the OTC market
Fed fines HSBC $175m for unsafe FX practices
Bank ordered to improve practices
Deutsche settles FX rigging case for $190m
Credit Suisse now the only holdout defendant in the case that involves 16 major banks
ACI joins voices calling for changes to Principle 17
ACI finds “no firm evidence or specific situations” where there is any likely benefit to clients from trading in the last look window
FMSB warns of Ficc market vulnerabilities
In its annual report, the body representing the global Ficc market, highlighted areas of concern still needing attention