Shift Forex’s FXIC NYC review, stricter rules to hit the FX industry – Forex Weekly Look Back

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 report’s 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:

lookbackjune1515

Russia sets no limits on compensations to clients of bankrupt FX brokers | https://www.leaprate.com/Taw3Z
Big fines on the way in South Africa’s Forex probe? | https://www.leaprate.com/b8Il0
CySec looking to strengthen visits to brokerages in Cyprus | https://www.leaprate.com/1A6gi
US retail Forex assets slide 2.9%  | https://www.leaprate.com/FPLrd
BOE ‘Fair and Effective Markets Review’ releases final report | https://www.leaprate.com/mEi2O
IG Group targeting Plus500 employees, looking to open Israel office | https://www.leaprate.com/zuvWi
Citi’s bill for FX manipulation outweighs its revenues from illicit activity | https://www.leaprate.com/jnZZK
The future of blockchain is not Bitcoin! – Live report from New York City | https://www.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 M&A, 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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