Regulation
FSB finds fault with derivatives trade reporting
Despite large volumes of trades being reported, some authorities have restricted access to data, which is often low quality; some jurisdictions are experimenting with new analysis
JP Morgan and UBS compress FX books via start-up
NYC-based LMRKTS first broke cover two years ago; the third bank participant is unknown
Puth: FX must repair its reputation
The BIS global code of conduct needs to be strong enough to close the gaps, but members need to find a consensus
CFTC's Giancarlo blames dwindling liquidity on bank regulators
Insolvency risk has been transformed into liquidity risk, says the commissioner
Market abuse law could be extended to cover FX in South Africa
Its review of FX practices finds no evidence of manipulation though
FCA introduces new whistleblowing rules as clean-up continues
Regulators, looking for additional ways to clean up the scandal-prone financial industry, are forcing banks to make it easier for employees to report wrongdoing in all parts of the business
Former RBS trader claims dismissal was premeditated
Ian Drysdale, fired in 2014 for gross misconduct, told an employment tribunal that the bank had "dishonestly contrived" his dismissal
Customers consider suing banks in FX manipulation
Customers who took large positions are beginning to wonder if they lost out during the rigging and are exploring the potential for redress. The legal woes for financial institutions are far from over
Icap becomes a strategic investor in Abide Financial
The partnership will help the post-trade services provider to scale the business at a faster rate
Renminbi volatility set to continue
Panellists at the 11th FX Week Asia conference in Singapore discuss the implications of China's exchange rate moves
Former Citi trader names names in court
Perry Stimpson, dismissed in 2014 for serious breach of contract, told an employment tribunal that improper conduct was widespread within Citi's foreign exchange activities
Draghi stresses 'willingness to act' as ECB cuts inflation forecasts
The governing council holds policy as European Central Bank staff cut their inflation targets over the forecast horizon; Mario Draghi stresses quantitative easing could run beyond September 2016 if necessary
Four ex-traders sue Citi
Traders dismissed as part of the global investigation into FX have filed an unfair dismissal claim
Bloomberg receives MTF authorisation from FCA
The Bloomberg MTF will provide execution of interest rate and default swaps
Global FX volumes climb off record highs
But still manage to grow year-on-year in April
European currency-hedged funds set for inflows
But UK counterparts will continue to struggle to attract new money
Capital outflows prompt drop in China's reserves
Holdings fall $110 billion in Q1 as domestic investors look abroad and the PBoC defends the exchange rate; analysts say ECB quantitative easing is probably the real villain
Sefs face uncertain future amid regulatory delays
Basel III could be the next trigger, but costs are mounting
EU revisions to uncleared margin rules address industry fears
European regulators roll back contentious elements of EU uncleared margin rules, including the treatment of cash collateral and third-country corporates
Panel speakers clash on last look viability
Panellists speaking at the FXIC conference in New York disagreed on current electronic trading practices in foreign exchange
Market participants cheer FEMR recommendations
Dealers, customers and platforms all welcomed the outcome of the long-awaited review
Spot FX to come under statutory rules – FEMR
The UK's Fair and Effective Markets Review recommends wide-ranging changes to certain FX business practices
FEMR will ban stop losses being offered for free
Review also set to ban use of last look without intention to trade
Renminbi is at fair value, the IMF says
The Fund declares China's currency fairly valued months ahead of SDR basket review, having previously thought it was out of step with economic fundamentals