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Want to Opt Out of BARX Last Look Settlement? Your Deadline is March 30 Participants in a class action lawsuit that alleges Barclays abused last look on its proprietary trading platform BARX have until March 30 2017 to opt out of the proposed $50 million settlement. According to a release by law firm Scott+Scott, US District Judge Lorna Schofield will hear the details of last February’s settlement between the class – led by Axiom Investment Advisors – and Barclays on July 18 2017 at a Fairness Hearing. This hearing will consider whether to approve the proposed settlement, the proposed plan of distribution, and class counsel's application to the court for an award of attorneys' fees, expenses, and a service award to class plaintiff.
Macquarie Bank Merges Markets Businesses Macquarie Bank says it is merging two of its three capital markets facing businesses: Macquarie Securities Group (MSG) and the Commodities and Financial Markets Group (CFM). The bank says that CFM group head, Andrew Downe, will become group head of the newly formed Commodities and Global Markets Group (CGM). MSG Head, Stevan Vrcelj, will step down from his current role and from the executive committee but will assist Downe with the integration of the two groups over the coming months.
ANZ, Macquarie Bank Admit Rate Rigging in Malaysia The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets. The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
JP Morgan Names Markets Execution Management JP Morgan has created a markets execution team, which will focus on providing clients with electronic distribution of macro (including futures and options and Neovest) markets products across multi-channels. The new team will be jointly led by Richard James, who has moved from his role as head of currencies and emerging markets execution services, and Peter Ward, who was previously head of futures and options execution services. Both men will report to David Hudson, JP Morgan's head of markets execution.
Performance Bonds for Bankers? A new post by Liberty Street Economics, which operates under the auspices of the Federal Reserve Bank of New York, argues the case for performance bonds for bankers to help combat misconduct. The post, which does not necessarily reflect the view of the New York Fed or wider Federal Reserve System, argues, “Given the long list of problems that have emerged in banks over the past several years, it is time to consider performance bonds for bankers.” The authors, Hamid Mehran and Joseph Tracy, suggest the bonds, “could provide more incentive for bankers to take better care of our financial system”.
CFTC Drops Deutsche Bank FX Investigation The US Commodity Futures Trading Commission (CFTC) has closed its investigation into Deutsche Bank’s FX business, the bank revealed in its Q3 results today. In May 2015, a number of major banks were fined more than $5.8 billion for practices relating to alleged collusion and manipulation of the spot FX market around the 4pm London Fix, by a number of regulatory authorities, including the CFTC. Deutsche was not one of the firms named in those settlements, but remained under investigation by the CFTC for its FX market practices.
CLS Volumes Up in September

16:30 October 13th 2016 in News, Banks


CLS Volumes Up in September

The average daily input value of matched instructions submitted to CLS was $4.99 trillion in September, up 6.6% from August and up 3.7% year-on-year. This contrasts with the volumes reported by EBS and Thomson Reuters – the two biggest OTC platforms to report their volumes – both of which were up month-on-month, but down year-on-year in September. Meanwhile, the average daily input volume submitted to CLS, combining the settlement and aggregation services, was 1,038,025 in September, up 17.5% from the 883,368 recorded the previous month. However, this was a 4% decrease from the 1,081,045 recorded in September 2015.
Fed Seeks to Bar HSBC FX Traders The US Federal Reserve has moved to ban Mark Johnson, global head of spot FX trading at HSBC, and Stuart Scott, the bank’s former head spot trader for EMEA. According to court documents, the Fed argues that both mens’ continued service or participation in the conduct of the affairs of any relevant depository institution posed, poses, or may pose a threat to the interests of depositors of such institution, or threatened, threatens, or may threaten to impair public confidence in such institution.
Ashton Loss a Rare Win for Banks in FX Cases News that Chris Ashton, the former Barclays FX trader dismissed by the bank over misconduct allegations, has lost his claim for unfair dismissal represents the first outright win for a bank facing such a claim and, potentially, draws a line in the sand over how participation in foreign exchange chat room activities is viewed. Bloomberg News reports that Ashton lost his claim in a ruling dated September 19 as the judge found Barclays took “appropriate action” due to his “gross misconduct”.
No Surprises: BoE Holds Rates Steady The Bank of England’s (BoE) Monetary Policy Committee (MPC) has voted unanimously to maintain the measures it introduced in its Brexit-induced stimulus package announced in August. This means that it will hold the Bank Rate at 0.25% and continue with the programme of sterling non-financial investment-grade corporate bond purchases totalling up to £10 billion, financed by the issuance of central bank reserves. The MPC also voted unanimously to continue with the programme of £60 billion of UK government bond purchases to take the total stock of these purchases to £435 billion, financed by the issuance of central bank reserves.