Shift Forex’s FXIC NYC review, stricter rules to hit the FX industry – Forex Weekly Look Back
A look back at some of the most intriguing and popular Forex industry news stories from the past week at LeapRate. To make sure that you receive timely access to all LeapRate news throughout the week, sign up to our Forex Industry Newsletter on the right… →
Last week the BOE’s ‘Fair and Effective Market Review’ Final Report was released, the consequences of which will lead to a toughened rules and regulation environment for FX market participants. Most of the final reports recommendations will look to be implemented by April 2016.
Meanwhile, the fines to hit the FX bank sector within South Africa for rand manipulation are set to be the largest in the country’s history. What do regulators and market participants have to do to create the so called “fair and effective” market?
Also last week, LeapRate Managing Editor Andrew Saks-McCleod spent the week in NYC among North American and global FX industry leaders. All of his diverse reports from the 3rd annual FXIC New York City event you can read below:
Russia sets no limits on compensations to clients of bankrupt FX brokers | http://leaprate.com/Taw3Z
Big fines on the way in South Africa’s Forex probe? | http://leaprate.com/b8Il0
CySec looking to strengthen visits to brokerages in Cyprus | http://leaprate.com/1A6gi
US retail Forex assets slide 2.9% | http://leaprate.com/FPLrd
BOE ‘Fair and Effective Markets Review’ releases final report | http://leaprate.com/mEi2O
IG Group targeting Plus500 employees, looking to open Israel office | http://leaprate.com/zuvWi
Citi’s bill for FX manipulation outweighs its revenues from illicit activity | http://leaprate.com/jnZZK
The future of blockchain is not Bitcoin! – Live report from New York City | http://leaprate.com/4IXQA
Weekly Forex Industry Rundown for June 8th – June 14th
*** 3RD ANNUAL FXIC NEW YORK CITY REPORTS ***
FXIC New York: Shift Forex CEO Ian McAfee’s insight on MA, venue developments and America’s lead
The execution debate live from FXIC New York: Prime of Prime, exchange or aggregator?
FXDD integrated marketing expert Stephen Simonis talks to LeapRate live from New York City
Natallia Hunik reveals Advanced Markets and Fortex new direction – Live from New York City
American echo trading network Perfectna forms first partnership with ATC Brokers – Live report from New York City
Volumes
Thomson Reuters’ FXall volumes drop further 7% MoM in May 2015
FXCM posts $331B in retail volume in May for an 8% MoM rise
GAIN Capital sees retail volumes drop 6% MoM in May
Japanese retail Forex volumes fall further 8% MoM in May 2015
Interviews
5,000 first time deposits, or a steady stream of long term customers? CPattern’s Fadi Jaber explains automated retention
Warnings/Fines/Fraud Watch
Nigeria prepares to charge bankers with currency theft
ASIC bans promoter of non-existent fund
Russia’s CRFIN blacklists PRIME FMS for misleading claims about profits
New Zealand’s regulator orders deregistration of Forex Trend from FSP list
TradeForex, ApuroFX get blacklisted in Japan
Legal
Dubai Financial Services Authority grants “Recognised body” status to DGCX
FCA appoints Hong Kong SFC Head of Enforcement as Director of Market Oversight
Mark Carney to unveil new City regulator
CFTC relaxes IB rulings for non-US entities that facilitate swap transactions
Plus500 announces that account re-approval process up to full speed
FX Evolve and Jason B. Hoerr to pay $50,000 NFA fine if either applies for NFA membership
Swiss FINMA adds Private Online Investment to warning list
CySEC suspends CommexFX license
Financial
Corporate investment in Fintech set to double in 2015
KVB Kunlun’s share price down 11% on disappointing CITIC offer
GMO Internet to sell 4.99% stake in GMO Click
Plus500 shareholders to vote on Playtech deal on July 16, 2015
KVB Kunlun’s directors rush to exercise share options
Executive Moves
SGX appoints Loh Boon Chye as new Chief Executive Officer
FXTG says goodbye to key staff, including new CEO
Alexandros Bourantas Appointed as CTO at Tradimo
Saxo Bank promotes from within and hires Danske Bank exec in management shakeup
First Russian on SWIFT board – NSD’s Eddie Astanin named to 25 member BoD
Offerings/Products/Services
Thomson Reuters white label enhancements include integration of FXall liquidity into desktop access platform
Strategy Store raises financing from RuStars Ventures and becomes a broker
Citi enables futures trading on Citi Velocity platform
Fidessa releases new order analytics service for derivatives
SunGard launches post-trade derivatives utility, signs up Barclays as anchor customer
Free market data APIs introduced by Barchart OnDemand
Dukascopy adds Daily Stock Options to menu of binary options
SVSFX chooses Tradeworks for algo trading platform
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