Regulation
European Commission backs FX forwards margin exemption
Need for change is “undisputed”, official says, but short-term relief expected to come via forbearance
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
Market participants start testing Mifid II systems
But they do not feel fully ready for the sweeping changes taking effect on January 3
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
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
Cürex launches pre-trade time-stamping
The new capability will allow Cürex’s customers to prove their compliance with Mifid II
FCA: Mifid II enforcement will be proportional
While enforcement may not be immediate, participants need to show they have taken sufficient steps to meet requirements
Last look consultation closes, outcome uncertain
Responses to GFXC’s consultation on last look will be published before the body meets on November 14
Employees get deposition stay in FX antitrust case
Depositions and interviews with bank staff in benchmark rigging case delayed until December 8
Integral’s OCX to operate as MTF
Market participants using OCX will be able to comply with Mifid II, including banks under the systematic internaliser regime
R3 unveils DLT regulatory reporting prototype
Technology provider works with Financial Conduct Authority and RBS to build continuous regulatory reporting solution
Post-trade transparency is the next focus – Chris Salmon
After September 21, the closing date of the last-look review, post-trade transparency may require further guidance
Mark Johnson's trial to start on September 25
Jury selection to begin in alleged front-running case; judge postpones original date by a week at status conference hearing
Singapore to play leading role in GCC adherence, Loh says
Speaking at FX Week Asia, Jacqueline Loh stressed the importance of adherence to the FX Global Code of Conduct