March 27, 2014 BY Gerald Segal

London creates Renminbi clearing bank with China’s blessing

BoE and PBOC agree on renminbi clearing and settlement in the UK The bank to be named for clearing and settlement has yet to be determined according to Reuters. A clearing bank is considered a politically sensitive subject in China, and is usually a domestic entity, with Bank of China and ICBC seen as the…

Read more
March 26, 2014 BY Gerald Segal

Spin off and reorganization at BNP Paribas amid changes

French bank BNP Paribas dealing with ever changing regulatory environment BNP plans a separate derivatives clearing business, as part of its near term strategy to increase earnings at its fixed income business. BNP Paribas will shift its OTC client clearing and FX prime brokerage operations alongside its listed derivatives clearing business. The businesses had previously sat…

Read more
March 26, 2014 BY Andrew Saks-McLeod

CySec issues €12,000 administrative fine to Cyprus division of Dragon Capital

Cypriot division of Kiev-based institutional and retail brokerage firm found to have not maintained correct anti-money laundering procedure Cypriot regulatory authority CySec has today imposed a €12,000 total administrative fine on the Cyprus division of institutional and retail multi-asset brokerage firm Dragon Capital. The company, whose head office is in Kiev, Ukraine, has operations in…

Read more
March 26, 2014 BY Andrew Saks-McLeod

MtGox to work alongside police to locate missing Bitcoins

As the search for missing virtual currency which contributed to the demise of MtGox continues, will co-operation with police unearch missing Bitcoins? Failed Bitcoin exchange MtGox has today announced via its website that it intends to work alongside the Police in relation to the disappearance of $490 million worth of Bitcoins. MtGox's website which has…

Read more
March 26, 2014 BY Gerald Segal

Auto trading platform company Tradency, receives seal of approval in Japan

Granted formal approval for the investment advisory business registration by the JFSA Copy trading platform provider Tradency has been recognized as a Japanese Financial Services Agency (JFSA) investment advisory business, according to a press release issued today. The JSFA is formally treating and categorizing this type of signal copying under the umbrella of an investment advisory…

Read more
March 26, 2014 BY Andrew Saks-McLeod

Santander UK receives £12.4 million penalty from FCA due to investment advice failings

UK division of European financial giant settles early with FCA to avoid fine of almost £17.7 million following FCA inspection which unearthed improper advice on investment products Amid the Financial Conduct Authority (FCA)'s current drive toward strengthening its regulatory stronghold over individuals and companies which offer financial advice to retail clients, the British regulatory authority…

Read more