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Regulation

Ktorza Wins Unfair Dismissal Case JP Morgan has become the latest bank on the wrong end of an unfair dismissal claim from its currency teams with Patrice Ktorza, a former FX salesperson at the bank, reportedly winning his claim. Bloomberg News, citing a copy of ...
UK Financial Regulation Faces Post-Brexit Equivalence Dilemma Financial regulations, particularly for benchmarks, are likely to be materially aligned in the UK and rest of Europe by the time Brexit is completed, however obtaining “equivalence” status for the UK might not be quite as straightforward, a number of ...
Barclays Settles Libor Claim in US New York Attorney General Eric Schneiderman has announced a $100 million, 44-state settlement with Barclays Bank and Barclays for “fraudulent and anticompetitive conduct” involving the manipulation of USD Libor (London Interbank Offered Rate) and other benchmark interest rates. During the period ...
FINRA Hits Deutsche Over Squawk Boxes The US Financial Industry Regulatory Authority (FINRA) has fined Deutsche Bank  $12.5 million for “significant supervisory failures related to research and trading-related information it disseminated to its employees…over internal speakers commonly known as squawk boxes”. FINRA says that despite “multiple ...
FCA Cites “Real Improvements” in Banks’ FX Controls Alongside last week’s publication of an update on the Fair and Effective Markets Review (FEMR), the UK’s Financial Conduct Authority (FCA) has separately published a progress report on its own FX remediation programme. The programme, which was launched ...
FEMR Implementation Report Sees “Significant Progress” The past year has seen “significant progress” in the implementation of the Fair and Effective Markets Review (FEMR) recommendations; however, “the job is far from being done” as a “lack of trust in financial markets” remains and the focus is ...
Barclays ‘Cartel’ Trader Blames Bank Former Barclays head of spot voice FX trading Chris Ashton claims he was “scapegoated” by the firm in the wake of the investigations of the Financial Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was first “...
State Street to Pay $530m to Settle FX Fraud Allegations It was announced today that State Street expects to pay a total of $530 million to resolve FX fraud allegations levelled against the bank. The US Department of Justice (DoJ) issued a statement today saying that State Street has agreed to ...
CFTC Issues CCP Recovery, Wind-Down Guidance The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued guidance to clearinghouses to further the development of recovery plans and wind-down Plans.  The CFTC says that for clearinghouses, or Derivatives Clearing Organisations (DCOs), ...
US Justice Department Brings Charges Against Two FX Traders Mark Johnson, the head of global FX cash trading at HSBC and Stuart Scott, former head of FX cash trading for EMEA at HSBC, have been officially charged by the US Justice Department with conspiring to defraud HSBC clients by ...