Legal risk
GFMA’s disruption template paused due to Isda definition clash
Close-out framework put on hold as Isda reviews 1998 FX derivatives rule book
XTX lawyers urge court to deny Currenex’s dismissal motion
Plaintiffs accuse platform of trying to split case across jurisdictions, which could lead to inconsistent decisions
FX class action case to go ahead on opt-in basis
Firms will have to sign up to US-style class action against six banks accused of FX manipulation in UK
Platforms on edge as industry eyes progress of Currenex case
Lawsuit’s passage through US courts could determine whether copy-cat filings follow
Currenex case may herald focus on e-FX’s ‘Wild West’ days
FX sources say “uncomfortable secrets” could emerge as attention turns to platform relationships
Currenex class action faces hurdles, say legal experts
Case against Goldman, State Street, HC Tech and the ECN could raise questions around statutes of limitations and damages calculations
Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
Industry bodies mull reform of disruption fallbacks
Following Argentine peso debacle, GFXC and others seek alternatives to fallback protocol
How Shell integrated FX algos into its corporate treasury mix
Interview: oil giant puts up to 50% of spot flows through algos, explains FX head Michael Dawson
Indonesia eyes netting changes to enable derivatives CCP
Central bank says legal amendments will pave way for locally cleared NDFs and interest rate swaps
Lawyers divided on Johnson’s Supreme Court prospects
Ambiguity in wire fraud statutes may see court accept ex-HSBC trader’s appeal – but it’s a long shot, say attorneys
Johnson seeks US Supreme Court hearing
Ex-HSBC trader would not have been convicted in civil case, petition argues
More NDF changes could follow Argentine chaos
LatAm contracts may be tweaked to avoid repeat of contentious peso freeze
Rival FX class claimants urge court to resolve dispute early
Judge says he won’t favour haste over quality and will consider claimants’ funding arrangements as well as the merits of competing cases
Top 10 stories of 2019: a retrospective
FXPB pricing disputes, debate over last look and court cases were keenly followed stories
Chatroom dealings can benefit trading – Aiyer case expert witness
Academic finds 162 examples of traders matching each other in rand chatroom, generating savings of several thousand dollars per trade
ECU and HSBC clash over data
ECU wants the bank to hand over data relating to three stop-loss orders, executed in 2006, in a pre-action disclosure application
In the public interest?
British Virgin Islands-based foreign exchange brokerage InterForex received a permanent injunction from the CFTC last month for soliciting business from US clients as an unregistered dealer. But the injunction was not in the public interest of preventing…
SocGen’s ex-FX trading head calls for apology over unfair dismissal
Didier Meyer, who along with Eric Leandri was cleared of allegations of unauthorised trading earlier this week, is disappointed by SG’s failure to apologise for unfair dismissal
Understand your contract of employment
Banks typically write confidentiality clauses into employment contracts, as well as restrictive clauses preventing former employees from approaching clients and staff. But do these clauses stand up in court? By Andrew Young
Focus on: Remuneration
The UK Financial Services Authority implemented its revised Remuneration Code at the start of this year, putting new rules in place around salaries, bonuses and retention payments. Joel Clark talks to Andrew Young, a solicitor in the employment practice…