Trading
New model army
With a global code of conduct for FX due in May 2017, industry participants are pushing hard to come together to avoid hard and fast regulation. By Mikael Latreille
Best Bank Awards: Barclays triumphs in five categories
Barclays retains the top spot in currency options, being voted the best bank for FX by banks, FX in London, and for both GBP/USD and EUR/GBP
Best Broker for Currency Options: Tullett Prebon
While regulatory concerns were its major preoccupation this year, Tullett Prebon remains bullish on FX options
Best Bank for Canadian Dollar: BMO Capital Markets
Proving itself a leader in its home currency, BMO Capital Markets now has its sights set on the renminbi
Best Bank for Scandinavian Currencies: SEB
SEB scoops the prize for trading Scandinavian foreign exchange
Best Bank for Asia, EM Asia and EM Emea: HSBC
HSBC continues to dominate emerging Asian and Emea currencies, and it is also voted best bank for FX in Asia-Pacific
Best Bank for South African Rand: Standard Chartered
Standard Chartered wins the award for the rand as it builds its African ambitions
Farewell to self-regulation, goodbye self-policing
With a global code of conduct for FX due in May 2017, participants are only too keen to see the back of an unregulated market
A window of opportunity
With opinion split on whether last look is the defender or villain of the piece, FX participants are campaigning to raise standards and boost transparency, but some say the timeframe for action is diminishing. By Alessandro Aimone
XTX Markets provides liquidity on TraderTools
The move comes within weeks of the firm going live on 360T
Regulators fine Barclays $150m over last look
Barclays has been ordered to remove an unnamed global head of electronic trading for FX
Lagarde supports RMB inclusion in SDR basket
IMF managing director endorses the renminbi's inclusion in the special drawing rights basket after a staff report deems it 'freely usable'; executive board decision expected on November 30
GreySpark Partners opens New York office
Following openings in Edinburgh, Sidney and Hong Kong, the financial consultancy expands to the US
EM platform R5FX goes live with Indian rupee
The rupee becomes the fourth emerging market currency to launch on the trading platform
Saxo scores with four on-target calls
"I'm very convinced the Fed will move in December," says the Danish bank's head FX strategist
Worries mount over year-end liquidity conditions
With only six trading days between the Fed's last rate meeting and the holiday period, market participants are being warned to prepare for a rocky year end
USD/CNH enters top-five traded pairs on ParFX
The offshore renminbi experiences exceptionally strong growth in September
Saxo rolls out trading platform to white-label clients
SaxoTraderGO is now available for institutional clients, after its launch in May
FirstRand joins CLS
The South African bank joins the currency settlement utility, raising its membership to 64
CFTC's Massad commits to aggressive enforcement
Over the past two fiscal years, more than $4.6 billion in penalties have been imposed in 15 actions against banks and brokers to address benchmark misconduct
Tullett Prebon bets on OTC broking with Icap buy
Icap sells its global hybrid broking business to rival Tullett Prebon amid difficult market conditions
Abide Financial applies to become trade repository
The transaction-reporting firm may become the third-largest repository by volume; it also launches an accelerated Mifid II/Mifir compliance programme from January 2017
China launches direct trading between RMB/CHF
Swiss franc becomes the seventh currency to trade directly against the renminbi; HSBC gains approval to become a market-maker in the pair when it launches
TPP countries strike ‘unprecedented' deal against currency manipulation
The 12 member states of the Pacific free-trade deal sign a declaration vowing comprehensive disclosure of FX data; members will have to abide by rules against competitive devaluation