London based Citi exec Richard Bibbey will become the head of global spot FX trading, a new position at Citi. Citigroup (NYSE:C) is continuing the shakeup in its FX trading operation. Reuters and the Wall Street Journal each claim to have seen an internal Citi memo detailing the changes at Citi, which include the merging of…
Read moreOfficial announcement will be made later this week at the ACI's annual meeting in Berlin ACI – The Financial Markets Association, the Forex market's main industry umbrella group, will officially appoint former State Street executive Marshall Bailey as its first full-time president later this week according to Reuters. The article states: "The move has been in…
Read moreDespite its instability and susceptibility to risk, Bitcoin derivatives may be available as an NDF in the near future The eventful year of high profile events and ever-changing circumstance which surround virtual currency have largely not resulted in FX firms adopting it as a tradable instrument, except for a few pioneering mavericks. Even the volatility…
Read moreOhio Federal Court Rules against Defendants in Connection with Foreign Currency Ponzi Scheme The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday March 21, 2014 that Judge David D. Dowd Jr. of the U.S. District Court for the Northern District of Ohio granted summary judgment and issued a Memorandum Opinion, a Judgment Entry, and a…
Read moreAs Russian financial giant Bank Rossiya joins the list of banks on the receiving end of sanctions by US authorities, FX industry professionals debate the potential impact Russia has made tremendous steps over recent months in its quest to become regarded as a region of importance and seek its position among regions with established and…
Read moreAustralian regulatory chief voices concern amid global FX rigging probe As we have been covering here at LeapRate, international investigations of price-rigging by banks and currency traders have now reached down under. Amid international pressure from other jurisdictions, Greg Medcraft, chairman of the Australian Securities and Investment Commission (ASIC), told the Financial Times last week:…
Read moreXLMedia has demonstrated that an IB / affiliate business model can be the base for a successful IPO. Gaming affiliate XLMedia (LON:XLM) has completed its IPO on the London Stock Exchange, and it was an absolute blowout. After raising more money than planned, and at a higher valuation (see table below), XLMedia saw a…
Read moreTurkey's largest investment bank, IS Investment, enters exclusive partnership with application-based platform tradable for retail FX clients Application-based trading platform tradable has been selected by Turkish investment bank IS Investment in an exclusive partnership. Instrumental to tradable's innovative approach is its emphasis on applications which are able to be incorporated into the platform, allowing users…
Read moreScandinavian executing venue continues its global reach as it initiates clearing of listed securities following last week's drive toward on-exchange FX Just a matter of days subsequent to Scandinavian executing venue Oslo Børs having indicated its intention to provide a facility for on-exchange FX trading, LCH.Clearnet has today announced that the global clearing house is…
Read moreBloomberg sees record interest rate and CDS volumes, but FX still very slow Financial giant Bloomberg has released some numbers and given us a glimpse into how their SEF entity is faring. And while volumes in interest rate swaps and credit default swaps (CDSs) seem to be picking up nicely, FX is lagging well behind…
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