The first part of the FX Global Code of Conduct was launched in May 2016, that was a fairly brief prequel of the document what has been published by the Bank of International Settlements today. The new paper is elaborating in detail on the industry’s needs for transparency in execution and governance.
The global code is aiming to promote a robust, fair, liquid, open, and appropriately transparent market where different market participants are actively supported by a resilient infrastructure.
The publication of the code has been widely supported by the industry, as the Market Participants Group (MPG) was actively involved in its ... (read more)
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If you were expecting the price of bitcoin to settle down and remain stable for a while after recently setting one record after another, you are in for a shock. The BTC/USD exchange rate just went over $2640 for the first time, thanks to another 11% daily rise.
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To put this meteoric rise in some perspective, only at the start of March 2017 we reported that the price of bitcoin surpassed that of an ounce of gold for the first time. Now, with gold trading at $1,290, bitcoin is ... (read more)
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Cürex Group Holdings, a foreign exchange focused execution services and data analytics provider, has on-boarded Kevin Cudahy as its newest Managing Director with immediate effect, per a group statement.
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Mr. Cudahy will be tasked with managing the group’s business development capabilities in New York. His mandate will focus on the firm’s institutional FX execution services and data analytics services.
Mr. Cudahy steps into the role with over two decades of experience in the financial services space, with the majority of his time being dedicated to the FX realm. He most recently worked at ... (read more)
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The Dubai Financial Services Authority (DFSA) today released the details of its Innovation Testing Licence (ITL) which allows fintech firms to go through a special testing stage prior to their approval as fully operational firms.
The aim of the initiative is to reduce the barriers for innovative startups to enter the financial market by making it easier for a fintech firm to validate and refine concepts before the expensive licensing process.
According to the proposal, each qualifying firm that applies to establish itself in Dubai will initially work under a ... (read more)
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FX Large, a provider of solutions and resources for brokers and clients, has entered into a strategic partnership with BrokerSourcing.com Limited, to provide ongoing and fixed content for its value added VPS service to retail brokers, Finance Magnates has learned.
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More specifically, the deal will include the provision of market commentaries, videos and webinars, integrated into BrokerSourcing.com’s offerings, which also includes its growing EverWebinar service. The deal is one of the first major agreements for FX Large, which will aim to expand its market focus and content strategy ... (read more)
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The Chinese financial services sector has been one of the more targeted realms in recent months, with government authorities helping clean up the industry. The government’s latest action has seen an imposed fine against securities giants Citic Securities, Haitong Securities, and Guosen Securities, part of an ongoing effort to better curb violations and illicit practices.
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Citic Securities, Haitong Securities, and Guosen Securities represent some of the largest players in China’s financial services industry. As a result of the edict, the China Securities Regulatory Commission issued a fine of $44.75 million (308.3 million ... (read more)
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French banking giant BNP Paribas has come to terms with the New York’s Department of Financial Services, settling for a sum of $350 million to the regulator after failing to properly supervise its global FX business.
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The settlement is the latest for BNP Paribas, which has done a fine enough job of staying out of any trouble in recent months. Indeed, the group has largely steered clear of fines in the banking sector, with other rival lenders seeing the majority of attention for other transgressions. The last major setback the group suffered ... (read more)
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IHS Markit Ltd. (Nasdaq: INFO), a provider of information, analytics, and financial markets data, today launched its Outreach360 platform to help firms comply with new EU rules that are set to shake up the old practices of repapering between counterparties.
With the deadline for MiFID II less than a year away, the new tool also helps companies better manage counterparty documentation as well as address regulatory outreach for KYC, tax and global regulatory data including due diligence questionnaires.
Outreach360 provides a single auditable platform to create, manage, send, track and ... (read more)
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ITG (NYSE:ITG), an independent execution broker and financial technology provider, recently released the results of a survey conducted by Canadian investment professionals that detailed a number of key industry trends. The survey covered such pertinent topics as exchange-traded-funds (ETFs), transparency, and the upcoming MiFID II legislation, with regards to the Canadian domestic market.
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The survey was conducted at the Trading Matters Conference hosted by ITG in Toronto back in April – the event included more than 120 buy-side and sell-side attendees focusing on ETFs, MiFID II, and unbundling.
Looking at ETFs, 64 percent ... (read more)
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