Risk management
FX class action could run into billions – UK class representative
Given London’s share of the FX market, the damages sought could be greater than those received in the US
Carney warns Germany and France of Brexit derivatives cliff edge
Bank of England governor says it is in “interest” of EU countries to ensure full viability of financial contacts ahead of Brexit
Standard Chartered fares best in mixed Q2 European Ficc results
Client activity remains muted as low volatility and geopolitical uncertainties weigh on sentiment
How the top 50 liquidity providers tackle last look
Uneven disclosure practices are making life difficult for agency algos and ECN trading
Six big FX market-makers call for end to last look
Citadel Securities, Jump and Virtu among those repudiating controversial practice
UBS developing customisable client pricing engine
Swiss bank wants to give individual clients fully customised price without affecting system performance
FX last look: how non-banks stack up
Research shows patchy disclosures plus differences from banks on pre-hedging and rejected orders
Collective UK action brought against FX cartel banks
Banks targeted are those that took part in the ‘banana split’ and ‘Essex Express’ cartels
UBS: last look is sticking around, but conversation evolving
Bank says transparent and open discussion can produce “mutual benefits going both ways”
JP Morgan tells HFTs: you’re ‘all finding homes’
But credit intermediation space has inefficiencies that more kill switches would address, conference hears
Citi shockwaves prompt rush for new PBs
BNP Paribas, Deutsche Bank, HSBC, JP Morgan and NatWest said to be onboarding Citi’s former clients
BoE drops Libor for hedging UK FX reserves
Central bank adopts Sonia in Treasury swap programme, consults on restrictions for Libor collateral
Keeping the robots honest
Human overseers are in short supply in an arena where losses can be crippling within minutes
Citi culls HFTs from FXPB client list
HC Technologies, Jump Trading and Virtu Financial among those told to find new prime broker
FXPB fee jump unlikely, say dealers
HSBC and NatWest say client charges unlikely to rise significantly despite new margin costs
CloudMargin taps TriOptima’s Connolly for CEO
Stuart Connolly, who served as TriOptima group CEO since 2017, will take over from Steve Husk
FXPBs over-allocating credit to algo and high-speed trading
Thinly capitalised trading firms are an accident waiting to happen while dealings on multiple venues make credit limits hard to set, claim market participants
HSBC looks to AI to unearth data patterns around commercial activity
As DLT initiative brings forth more data, the bank is looking to improve services for corporate clients
Want to catch misbehaviour? Watch the electronic chat
“It’s amazing how many people have arguments on chat” – BNP surveillance executive
European Commission fines five banks €1.07 billion for FX rigging
Cartel members co-ordinated trading strategies and exchanged client information
Not random and not a forest: black-box ML turns white
UBS tackles problem of optimal order placement in FX smart order router with machine learning
Industry pushes back on Citi’s FXPB cost claims
Rivals question apex brokerage’s calls for executing brokers to make up mispricing shortfalls caused by incoming rules
Record boosts presence in North America
Specialist currency manager bolsters on-the-ground presence as it eyes market opportunities in region
Currency losses at North American corporates rise to nearly $21 billion
Currency gyrations from geopolitical events continue to create headwinds for some businesses