Regulators turn their attention to traders' personal accounts Another week goes on and more troubling events for the big banks are reported by the media. While regulatory investigations of FX fix manipulations are ongoing, the USA Today reported yesterday that South Korean semiconductor company Simmtech has filed a class action lawsuit against seven major banks.…
Read moreLast time we saw CNY market liberalization retail volumes out of China picked up more than 30% Just as London morning trading was kicking off the People’s Bank of China (PBOC) has surprised the markets with a release of a book written by the PBOC Governor Zhou for the third Plenum, which explained in more…
Read moreForex revenues were up 19% Y/Y, led by forex swaps The Russian operator for financial securities, the Moscow Exchange, has announced today its Q3 results. While quarterly revenues and profits were lower than in the second quarter, they were certainly higher than a year ago. Strategic developments announced in the past couple of months will…
Read moreA new Bitcoin frenzy has been unleashed with the Senate virtual currency hearing acting as a trigger Another round of the epic November rise in Bitcoin prices is happening as we speak. Bitcoins are trading in a range between $700 on Bitstamp and $800 on the Mt Gox exchange. A top level of $900 was…
Read moreFXCM already has a strong balance sheet with over $400 million in cash. Leading forex broker FXCM (NYSE:FXCM) announced today that it has extended its $155 million credit facility by $50 million to $205 million -- and under certain circumstances it can be further extended to $250 million. The maturity of the facility was extended…
Read moreNew Zealand based brokerage opens a new office in London, aims to further expand into Europe True ECN brokerage FX Open, hailing all the way from New Zealand, becomes the latest to open a UK office. With the announcement today that it has opened its first physical office in London, the company aims to explore…
Read moreThe Swiss company claims that the new feature will be very useful for professional traders The Swiss company Olfa Trade, which has developed the ECN solution Seamless FX, is introducing a brand new feature to its platform. They call it the “Smartpad” and according to the company traders will be very pleased with this new…
Read moreIn the wake of forex rates manipulation investigations, senior management patience runs thin Following our report last week that several pairs were affected in the alleged currency rates manipulation of the 4 pm fix.Some new information was sourced in a report by Reuters titled "Banks consider ban on chat rooms after rigging probe" shed light on…
Read moreWhat the CME called a 'cyber intrusion' occurred in July, and is the subject of an ongoing federal criminal investigation. Derivatives marketplace CME Group (NASDAQ:CME) confirmed in a communication to certain customers last week that its systems had been hacked back in July. Apparently, certain customer information relating to the CME ClearPort platform was compromised. To protect…
Read moreTurns out losses of about $115 mln NZD cost about 10 years and 10 months in prison time The New Zealand financial regulator NFA reports that David Ross has been sentenced to 10 years and 10 months in prison for executing the biggest ever fraud in New Zealand. He has lost about $115 mln NZD…
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