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Third Trader Sues Barclays A third FX trader fired by Barclays is suing the bank for unfair dismissal, adding to the growing number of similar cases being brought against banks. Mark Clark, who worked on the bank’s FX trading desk since joining in 2010 from Citi is having his claim heard at the East London Employment Tribunal on September 27 according to court records. The same tribunal has already heard claims from former Barclays’ traders Jack Murray and Chris Ashton, although a decision has yet to be announced in either.
Citi Launches E for Education Campaign Citi has launched its fourth annual ‘E for Education’ charity campaign, an initiative the says has raised over $12 million for education focused charities. Under the sceheme, Citi’s FX business will donate $1 for every $1 million of FX transacted electronically between 12 September to 18 November 2016. All proceeds from the 10 week campaign will go to seven charities, the bank says during the campaign there will also be a series of activities involving local schools including classroom teach-ins by staff, student CV clinics and trading floor visits.
BOC Holds Steady on Rates The Bank of Canada (BOC) announced that it is maintaining its target for the overnight rate at 0.5%. The bank rate is correspondingly 0.75% and the deposit rate is 0.25%. In a release issued today, the BOC says that global growth in the first half of 2016 was slower than it had projected in its July Monetary Policy Report (MPR), although the Bank continues to expect it to strengthen gradually in the second half of this year. The US economy was weaker than expected in the second quarter, notably reflecting a contraction in business and residential investment.
Northern Trust Opens FX in Sydney Northern Trust has established an FX presence in Sydney along with efforts to boost its securities lending in Australia. The bank has established a securities lending trading desk and appointed Kia Oboudiyat, senior sales representative for foreign exchange. He was ...
Daiwa Securities Joins CLS as Settlement Member Daiwa Securities Group has joined CLS as its newest settlement member. Daiwa Securities, one of the largest financial institutions in Japan, joins 65 other financial institutions in becoming a direct participant in CLS’s settlement and risk mitigation system – which settles ...
Banks Facing Challenging Conditions, Rising Uncertainty in Q2 The second quarter of 2016 saw mixed performances amongst some of the major banks, against a background of increasing uncertainty and challenging trading conditions in currency markets. Goldman Sachs posted a 20% year-on-year increase in net revenues in what it calls Fixed ...
Wells Fargo Joins CLS as Settlement Member CLS Group has announced that Wells Fargo has joined as a settlement member. Wells Fargo joins 64 other settlement member banks in becoming a direct participant in CLS’s settlement and risk mitigation system – which settles approximately $5 trillion a day on ...
The Hat-Trick? Third Citi Trader Wins Unfair Dismissal Case Citi is on the wrong end of a third unfair dismissal trail according to sources familiar with the matter who say that Rob Hoodless has won his claim against the bank. In an email statement, Hoodless says, “The East London ...
Change at NAB?

06:17 July 4th 2016 in News, Banks

Change at NAB?

Informed sources say that National Australia Bank has a new global head of foreign exchange trading following the departure of David Jones, who had held the role since mid-2013. The sources say that Sydney-based Mark Lawler has been named to ...
Banks Face More Legal Action – This Time Over Sibor Three years after the Monetary Authority of Singapore (MAS) sanctioned 20 banks and 133 traders over breaches in good conduct regarding the local interest rate fixing (Sibor), two US investment funds filed a class action lawsuit in New York on Friday (July 1) ...