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Regulator Charges ANZ Over BBSW Fixing The Australian Securities and Investment Commission (ASIC) has begun legal proceedings against ANZ for “for unconscionable conduct and market manipulation” surrounding its involvement in the local rate setting process the Bank Bill Swap (BBSW) reference rate fixing. ASIC accuses ANZ ...
Last Look Back in the Spotlight as Barclays Settles Claim Barclays has agreed to pay $50 million to settle a lawsuit in a US court claiming that it used “last look” functionality to disadvantage its clients. Profit & Loss previously reported in November 2015 that Barclays and Deutsche Bank were facing class action ...
Dudley, Strine, Re-Appointed at New York Fed The Federal Reserve Bank of New York has reappointed William Dudley and Michael Strine as president and first vice president of the bank, respectively. Eligible members of the Bank’s board of directors voted unanimously to reappoint the two men ...
Dismissed ANZ Trader Drops Unfair Dismissal Claim One of two former ANZ traders who were suing the bank for unfair dismissal has dropped his claim. In a statement, ANZ says that Patrick O’Connor has decided to “discontinue his legal action against ANZ”. O’Connor was reportedly ...
Second Trader Claims Citi Encouraged Traders to Share Information The unfair dismissal hearing of a second former Citi FX trader has been told that the bank encouraged its traders to “build and maintain two way relationships with traders at other banks in order to gain information about market flows ...
Drysdale Wins Unfair Dismissal Case, But No Settlement Former Royal Bank of Scotland FX trader Ian Drysdale who has sued the bank for unfair dismissal has won his case, but has failed to win any financial compensation. In the judgement, Judge James Tayler found that there had been ...
Seabury, Spotex Unveil Joint Product Offering Seabury Financial Solutions has entered into an agreement for a joint product offering between its FXone execution and liquidity management solution and ECN Spotex. The firms say the offering will leverage FXone’s distribution footprint and Spotex’s price aggregation ...
FX Committee Surveys Show Drop in Trading Activity Announcing the results of their semi-annual FX volume surveys today, six central bank-affiliated foreign exchange committees reveal overall declines in trading volume during October against April 2015. Although the committees in Japan, Singapore and Australia reported an increase in trading activity ...
BoE’s Carney Says Tightening Still Unwarranted Bank of England Governor Mark Carney said today that current market conditions do not yet warrant a tightening of monetary policy and that recent developments, both domestic and global, suggest that the Bank’s long-held inflation target will take longer ...
Banks Face More Unfair Dismissal Cases in London Barclays is the latest bank to face an unfair dismissal case brought by a former FX trader – the case will be heard just after the second case brought by a dismissed Citi FX trader. According to documents released by the ...