Markets News 

DOJ wants to be able to refer to bank guilty pleas in case against FX Cartel

“The bank guilty pleas in question are the guilty pleas in FX market manipulation actions targeting the parent companies of the banks where the defendants worked” reports financefeeds.com. Among those facts is the bank’s guilty plea, admitting that the defendant’s conduct was criminal.This strategy opens the door to Government rebuttal evidence, including the bank guilty pleas.The Government opposes, inter alia, the defendants’ motion to exclude any reference to bank guilty pleas; motion to exclude evidence and argument concerning “spoofing”; and the defendants’ motion to exclude evidence of alleged non-compliance with…

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Brokers News 

Leverage in retail FX: The banks pulled it down a year ago, so what’s new?

“FX hedge funds are investment firms that manage capital on behalf of high net worth individuals and institutional investors” reports financefeeds.com. FX hedge funds trade frequently in financial markets and are therefore important for secondary market liquidity and price discovery.Hedge funds obtain financial leverage from their prime brokers in the form of securities lending, margin loans, repo and derivatives agreements.For example, in the summer of 2017, Deutsche Bank’s prime finance division began plans to reduce its leverage exposure by a quarter, roughly €50 billion (£43 billion).They can invest using complex strategies…

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Markets News 

FX chief of Central Bank of Iran arrested as sanctions loom

“Thus, it can be deduced that brokerage should certainly look toward riding the wave of enthusiasm from willing investors in emerging markets, but to avoid the basket cases at all costs” reports financefeeds.com. One of the beneficial aspects of the method by which FX trading is conducted is that due to its electronic, cross-border nature, new and emerging markets can be easily sought.Mr Araghchi, a nephew of deputy foreign minister Abbas Araghchi, was reportedly fired by the new governor of the central bank on Saturday, apparently over his handling of…

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News 

Greenwich Associates Report: Plateau in Institutional FX Electronic Trading

“Electronic FX trading may have reached its peak for the moment, but other asset classes increased their electronic trading volumes more substantially” reports financemagnates.com. Greenwich Associates’ report suggests that, at least for now, electronic trading in the FX markets has nearly reached its peak.This Thursday Greenwich Associates, a consulting firm, released a report detailing changes in the degree to which electronic trading is used by institutional investors.Greenwich Associates’ most recent survey on electronic trading was carried out in 2015.Most notable among the report’s findings was a plateauing of electronic trading…

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News 

YoY Growth, QoQ Slump: Cboe FX Releases its Trading Volume for Q2 of 2018

“Institutional foreign exchange (FX) platform operator Cboe FX released its trading volumes for the second quarter of 2018 this Wednesday” reports financemagnates.com. Indeed, Cboe FX reported its average daily trading volume for the second quarter of this year as $38.41 billion.Cboe FX reported that its total trading volume for the most recent quarter was approximately $2.50 trillion.Unlike other firms, Cboe FX does not provide a thorough report of trading activities. In fact, Cboe FX had one more trading day in Q2 of this year than in Q1. Source: financemagnates.com Share This:

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Markets News 

Treasurers Rise To The Challenge Of FX Management

“The report concluded that treasurers lack the technologies they need to heighten that visibility and obtain real-time insight into FX risk exposures” reports pymnts.com. While the current global markets are labeled as particularly risky, FX volatility has always been a challenge for finance executives.In Ramos’ view, treasurers are beginning to take the lead in FX risk mitigation, and it appears education has become a critical component of that effort.Exacerbating treasurers’ struggle to get a handle on FX fluctuations is a lack of transparency: 43 percent of the professionals Deloitte surveyed…

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News 

BNP Paribas profit beats forecasts despite FX hit

“BNP Paribas SA’s (BNP.FR) second-quarter net profit and revenue beat expectations, supported by strong gains at its international financial-services division which offset weaker results at its investment-banking operations” writes Pietro Lombardi for marketwatch.com. Fixed-income, currencies and commodities revenue plunged 17%, while equity revenue rose 12%.The bank’s performance in the quarter was “solid,” Chief Executive Jean-Laurent Bonnafe said in a statement.BNP’s net profit for the period was 2.39 billion euros ($2.80 billion) compared with EUR2.40 billion a year earlier, France’s largest listed bank by assets said Wednesday. Source: marketwatch.com Share This:

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Markets News 

EU Regulators Charge Credit Suisse with Rigging FX Markets

“The charges against Credit Suisse are part of a larger foreign exchange investigation by EU antitrust regulators” reports financemagnates.com. Credit Suisse Group AG announced on Tuesday that it has been charged by European Union antitrust regulators with manipulating forex rates.Only last month, a Swiss court ordered Credit Suisse to hand over currency data to the country’s competition regulator. Source: financemagnates.com Share This:

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News 

Fresnillo profit drops 25% on FX hit, silver slide

“Last week Fresnillo shares dropped after reporting softer-than-anticipated silver production for the second quarter, and lowered its full-year silver production guidance to a range of 64.5 million to 67.5 million ounces” writes Oliver Griffin for marketwatch.com. Fresnillo PLC (FRES.LN) said Tuesday that net profit in the first half of the year fell 25%, citing a negative foreign-exchange rates and lower silver prices, among other reasons. Gold production guidance for the year was also reiterated in a range between 900,000 to 930,000 ounces, which it raised during its second-quarter production results…

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News 

CFTC seeks imposition of civil monetary penalty of $1.1m on Global FX Club

“The CFTC seeks Permanent Injunction against WTGG, restitution of $371,250, as well as a civil monetary penalty of $1,113,750” reports financefeeds.com. The company did not use all of pool participants’ funds to engage in Forex trading and instead misappropriated pool participants’ funds for unauthorized personal and business expenses. Wright shall pay restitution in the amount of $400,000, plus post-judgment interest, as well as a civil monetary penalty of $100,000.The Commission moves the Court to grant final judgment by default against WTCG, order permanent injunctive relief, and impose a restitution obligation…

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