Tracy McDermott has categorically stated that spot FX does not fall under FCA remit, having come to light after it emerged that some of the traders being investigated for FX rate rigging were not registered yet worked for major financial institutions A great many retail FX firms have invested vast resources in gaining the much-coveted…
Read moreUS criminal prosecutors have arrived in London to interview individuals away from domestic territory as government investment in the rate fixing case extends overseas The United States criminal justice system is well renowned for ensuring that potential wrongdoings are put right, even if the alleged perpetrators are overseas. Yesterday, forming the most recent development in…
Read moreEuropean financial regulators may consider the global FX giant fully immune from any penalties whatsoever as a result of assistance with inquries into the FX rigging probe The days when traditional banking practices in which customers paid for the service that they received on a per-transaction basis are a distant memory to most European corporate…
Read moreCanada's RBC Capital Markets sees Graeme King depart as co-head of FX spot trading. The revolving door continues to swing in the executive suites of major banks. Last week we reported on the departure of Anil Prasad, Citigroup Head of FX. Well the weekend has brought more changes, with Canada's largest bank RBC announcing that its co-head…
Read moreForeign exchange fixing revamp is imminent as regulators contemplate big changes Sources familiar with the recently launched investigation by German regulatory watchdog BaFin are claiming that the investigation has been put on the top priority list and Deutsche Bank’s London offices will be visited by an investigating team. Transparency in major banks’ business practices has…
Read moreBank of England officials could have known about practices surrounding the 4 pm London fix The 4pm London FX fixing scandal is taking a new direction from a document that UK’s central bank released yesterday responding to a Freedom of Information Request made by Reuters. Bank of England officials have met with senior FX dealers…
Read moreThe access to the resource is free and it can be used by brokers and clients to settle transaction disputes Californian forex technology company Integral Development has now officially launched its earlier unveiled product aiming to bring more transparency to the forex market. While we haven’t tried the service yet, it can be a very…
Read moreThe bank failed to keep some instant messages from Bloomberg Terminals, FX fix investigations related? On the second day of Christmas… FINRA settled with Barclays for systematically failing to keep proper records of emails and instant messages for 10 years. The company did not abide by securities laws that mandate companies to keep and protect…
Read moreRegulators turn their attention to traders' personal accounts Another week goes on and more troubling events for the big banks are reported by the media. While regulatory investigations of FX fix manipulations are ongoing, the USA Today reported yesterday that South Korean semiconductor company Simmtech has filed a class action lawsuit against seven major banks.…
Read moreIn the wake of forex rates manipulation investigations, senior management patience runs thin Following our report last week that several pairs were affected in the alleged currency rates manipulation of the 4 pm fix.Some new information was sourced in a report by Reuters titled "Banks consider ban on chat rooms after rigging probe" shed light on…
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