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BoE Expects Monetary Policy Easing in Summer: Carney The Bank of England (BoE) is expecting that some “monetary policy easing will likely be required over the summer” as the “economic outlook has deteriorated” on the back of the UK voting to leave the EU, the BoE governor Mark ...
Swift Signs More Banks to Its Global Payments Initiative Swift has announced that 73 banks worldwide have now joined its global payments innovation initiative, aimed at improving the cross-border payments experience. “It is great to see so many banks from all corners of the globe participating in Swift’s global ...
CLS Volumes Follow the Downwards Trend The average daily input value of trades submitted to CLS in May was $4.61 trillion, down 7.1% month-on-month but unchanged from May 2015. The input volume submitted to CLS last month, combining the settlement and aggregation services, was 969,061. This represents a 9.7% month-on-month decrease ...
New Filing Details BNY Mellon’s $30m FX Settlement with SEC A new regulatory filing was made available today providing details of the $30 million settlement that BNY Mellon agreed with the Securities and Exchange Commission (SEC) last year relating to how it executed client FX transactions. Profit & Loss previously reported in ...
Nothing Less Than the Second Best

13:14 June 8th 2016 in News, Banks

Nothing Less Than the Second Best

The euro’s share in global reserves has fallen to below 20%, its lowest level since 2000, according to a new report from the European Central Bank (ECB). In its 15th annual review of the euro’s international role, covering the period ...
And Then There Were Three: ASIC Targets Third Aussie Bank Over BBSW The Australian Securities and Investment Commission (ASIC) has brought charges against National Australia Bank accusing it of “unconscionable conduct and market manipulation” relating to its actions around the local interest rate setting process, the Bank Bill Swap Rate (BBSW). In ...
JP Morgan has published a document on its website explaining its trade matching and last look practices in its principal FX business. In it, while JP Morgan stresses it applies last look symmetrically and does not use latency buffers, Profit & ...
CFTC Nails Citi for $425 Million

12:27 May 30th 2016 in News, Banks

CFTC Nails Citi for $425 Million

The Commodity Futures Trading Commission has issued two orders filing and settling charges against Citi for misconduct in interest rate markets, including the ISDAfix, Libor and Tibor interest rate benchmark fixings.  The first CFTC order finds that, beginning in January 2007 ...
Retirements Trigger More Changes at Citi The retirements of two long serving employees has triggered management changes in Citi’s FX sales and treasury business. After 26 years Steve Compton has decided to retire from Citi. He joined the Citibank swaps desk in 1989 and over the next ...
Citi Re-Shuffles G10 FX Management Following the departure of former head of G10 spot and electronic trading, Richard Bibbey, and head of client execution, James Dalton, earlier this year, Citi has unveiled its new management structure. Michael Plavnik and Chirag Patel, respectively head of the ...