NYSE President Announces Floor Reopening via WSJ The open outcry trading floor of the New York Stock Exchange (NYSE) will partially reemerge “slowly and carefully” on May 26, according to Stacey Cunningham, president of the NYSE, who made the announcement via an opinion piece in The Wall Street Journal, published May 14 The return of… Read More >>
CFTC Scores Default Judgment Against Alleged FX Fraudster
An alleged foreign exchange (FX) currency investment fraudster and his defunct investment company are now facing a default judgment in the Northern District of Georgia for “failing to plead or otherwise defend” against the U.S. Commodity Futures Trading Commission’s allegation that they “fraudulently solicited and misappropriated nearly $700,000 from more than 50 clients in a… Read More >>
SWIFT Says FX Ops Needs ISO 20022
Financial services messaging consortium SWIFT is calling for the increased automation of foreign exchange (FX) transactions via more standards that will ease data exchanges and will facilitate the nirvana of straight through processing (STP). “By removing barriers to exchange, standards always increase the amount of business done,” according to “The Value of Standards in the… Read More >>
Five Banks Settle FX Cartel Charges for $1.19B
The European Commission (EC) stunned the foreign exchange (FX) world with the news yesterday that five major banks — Barclays, the Royal Bank of Scotland (RBS), Citigroup, JPMorgan, and Mitsubishi UFJ Financial Group (MUFG) — have been fined a total of €1.07 billion ($1.19 billion) on charges that they took part in cartels that monopolized… Read More >>
UBS Fined $36M for MiFID I Reporting Errors
The U.K.’s Financial Conduct Authority (FCA) has fined UBS £27.6 million ($36,524,840.93) on charges that the Swiss financial services giant had transaction reporting failures when it attempted to comply with now-legacy MiFID I requirements. The fine covers nine-and-a-half years of alleged failings “relating to 135.8 million transaction reports between November 2007 and May 2017,” according… Read More >>
Securian Trust Employs SEI’s Cloud-Based Platform
SEI Client to Focus on Automation & Integration SEI reports that Securian Trust Company, an SEI client since 2009, will adopt its wealth platform, intended to “provide a seamless experience for … clients and the advisors that serve them.” The platform, SEI says, is a “fully-integrated, single-infrastructure technology solution developed to support client relationship management,… Read More >>
Social Media Played Role in Alleged FX Scam
The CFTC is taking legal action via the federal court system against an individual allegedly running a foreign exchange (FX) trading scam that exploited social media outlets to lure more than 140 fraud victims. Citing a misappropriation of customer funds and many regulatory violations, the regulator has entered a preliminary injunction via the U.S. District… Read More >>
JPMorgan Extends ‘Algo Central’ via Bloomberg Terminal
JPMorgan is offering its clients access to its electronic foreign exchange (FX) trading service, Algo Central, via the Bloomberg Terminal and is the first global bank to do so, according to JPMorgan and Bloomberg officials. The bank is offering the Algo Central institutional execution services on the Bloomberg App Portal at {APPS <GO>}, and is… Read More >>
Buy Side Can Access Fenics UST via QuantHouse
New API & QuantLink Access via QuantHouse QuantHouse, a provider of market data services, an algo trading platform and infrastructure solutions, can now offer its buy-side clients “quick and streamlined access to normalized real-time and historical data to trade the U.S. cash treasuries market” via a new link to the Fenics USTreasuries platform. The… Read More >>
HSBC Uses DLT to Internally Settle FX Transactions
HSBC has been using distributed ledger technology (DLT) internally to settle more than three million foreign exchange (FX) transactions and to make more than 150,000 payments worth $250 billion, signaling that many of the industry’s DLT explorations will start to show results in 2019 especially for operations where the technology is a good fit. “This… Read More >>
