News 

South Korea Fines Four Global Banks for FX Rigging

“In total, the regulator has imposed 693 million won (around $616,000) in fine on the four banks” writes Arnab Shome for financemagnates.com. The South Korean agencies had initiated local investigations against the major financial bodies amid the infamous global financial scandal by big banks known as “the cartel”.The four banks had conspired seven times with five companies from March 2010 to February 2012 to sell currency contracts. Source: financemagnates.com

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Markets News 

Separating Yourself From the Pack in a Mature FX Industry

“My experience mainly comes from the banking sector, having worked in the Liquidity & Market Risk Management department of major banks” reports financemagnates.com. In a nutshell, INFLYX is a liquidity, risk management and white label solutions provider connected to Tier 1 liquidity.INFLYX’s main liquidity offering comes with a dedication and commitment of detailed reporting and client-oriented services.Apart from liquidity, INFLYX takes pride in its tailored-made risk management solutions and its ability to manage and handle clients’ dealing desks.A few days ago, Finance Magnates interviewed Marios Antoniou, the Executive Director and…

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Brokers GBP News 

British Regulator Warns Against MarketGbp FX Broker

“British investors have been warned not to take out any financial services with MarketGbp after the Financial Conduct Authority (FCA) on Wednesday said it had faked its authorization” writes Aziz Abdel-qader for financemagnates.com. Today’s announcement is the latest in the FCA’s series of warnings about unauthorized firms posing as legitimate, approved businesses to con UK consumers into making payments for investment services.Their executives will also need to consider whether the financial promotions they approve are fair and clear, and don’t constitute misleading information. Source: financemagnates.com

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News Platforms 

HSBC Says It’s Settled $250 Billion in Trades With Distributed Ledger Tech

“HSBC, one of the largest banks in the world, announced Monday it had settled more than $250 billion in transactions using distributed ledger technology (DLT)” reports coindesk.com. The bank said in a press release that it settled 3 million foreign exchange (FX) transactions and made a further 150,000 payments using its HSBC FX Everywhere platform.The bank did not specify if FX Everywhere was developed completely in-house or built on an open-source protocol.The DLT platform makes these internal flows more efficient, he said, adding: HSBC has hinted at its work with…

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News 

China’s SAFE says FX reserves expected to remain overall stable in 2019

“No mention on the gold reserves it seems” reports forexlive.com. As noted earlier in the report , the standout item is that China’s gold reserves actually increased for the first time since October 2016.However, the increase revealed is just a measly 0.33 million fine troy ounces. China has been known to hold off from revealing their gold reserves for prolonged periods before unveiling a big change, so I’m not too sure what to make of the minuscule difference in the latest report here. Source: forexlive.com

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Futures News 

TFX Reports Overall Uptick in FX Trading in 2018

“The exchange, which reported mixed monthly trading results during 2018 managed to close off the year on mostly positive footing” writes Celeste Skinner for financemagnates.com. For December, the total trading volume of FX Daily Futures contracts (Click 365) was 2,411,887.Broadening the scope to look at the whole of 2018, the combined trading volume for all TFX products was around 38.8 million contracts. Conversely, during the year the total trading volume of FX Daily Futures contracts was around 31.9 million contracts, which is a 10.1 per cent jump year-on-year.For the month,…

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JPY Markets News Stocks 

JPY Flash Crash Spells Volatile Year in the FX Markets

“The flash crash of the Japanese yen reinforced a somewhat forgotten rule when it comes to financial markets: anything is possible” writes Victor Golovtchenko for financemagnates.com. A number of respected analysts have been predicting a 1987-style stock market crash.The move was reminiscent to the GBP flash crash in October 2016.Coupled with continuing stock market uncertainty, the risk sentiment indicators are signaling that we are close to the end of the economic cycle. Source: financemagnates.com

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Brokers Markets News 

CMC Markets stalwart Alex Maslin leaves the company to pursue Prime Brokerage career with major APAC bank

“The group provides services for equity capital markets, corporate finance, debt markets, derivatives, institutional securities broking and research” reports financefeeds.com. Maybank may well be a Malaysian universal bank, however its key operating “home markets” are Malaysia, Singapore and Indonesia.These banks, unlike the weary western banks, will extend counterparty credit to FX brokerages in China without the blink of an eyelid over risk.Despite this evident advantage in efficiency from Western banks among western liquidity takers, they are wounded and jaded. Source: financefeeds.com

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Markets News 

TeleTrade Suspends Russian Trading Operations Amid Crackdown

“TeleTrade Group LLC, a Russian retail forex broker, has recently announced the suspension of its operations in Russia” writes Arnab Shome for financemagnates.com. On 27 of December, the Russian central bank suspended licenses of 5 out of 9 retail FX dealers operating within the country.Alpari, one of the firms in the central bank’s list, had wasted no time to announce that it is preparing to appeal the decision of the Russian central bank.This move is not surprising, as it comes merely a couple of days after the massive crackdown by…

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