FX Transparency comes to Australia: expect a shake-up
The global foreign exchange monitoring and consulting company which represents asset owners and managers, FX Transparency, has appointed a representative for Asia Pacific, based in Melbourne. The firm delves into the opaque world of FX, which, for big Australian investors at least, is both huge and not-well understood. click here for full article: FX Transparency…
State Street fined $35 mln by SEC for hidden markups
Currenex and FX Connect Parent Company Fined $35m by the US SEC State Street has agreed to settle with the US financial watchdog over its fraudulent actions. “The SEC order finds that State Street’s scheme to overcharge transition management customers generated approximately $20 million in improper revenue for the firm.  According to the announcement, State…
P&I: More info, but no teeth in new foreign exchange code
Later this month, money managers, pension funds, brokers, banks and other participants in the foreign-exchange market will be asked to sign off on an FX Global Code of Conduct that industry sources said will result in more information to assess execution quality and trading cost. However, more information won’t necessarily translate into better execution or…
State Street to pay $530 million to resolve forex fraud claims
Custody bank State Street Corp (STT.N) said it has agreed to resolve all pending litigation and regulatory matters in the United States related to its indirect foreign exchange business. State Street said it expects to pay a total $530 million for the settlements, which would be fully covered by a previously established reserve, according to…
HSBC forex traders charged with criminal fraud but cleared on an internal HSBC probe
HSBC forex traders charged with criminal fraud The latest legal and regulatory concerns related come from an alleged situation of HSBC’s FX desk front-running a large corporate currency transaction. The profit estimated for the bank, $8 million. HSBC internal probe ‘cleared’ top forex traders The HSBC review, conducted in the wake of a…
Euromoney: Uncertainty stalks GBP trading post-Brexit
FXT views the prevailing condition of high geopolitical uncertainty coupled with declining multi-asset market liquidity and unprecedented interest rate markets (~$12 trillon of developed market government bonds with negative yield) as a dangerous cocktail for FX transaction costs as the US presidential election looms… Full article:
P&I - Big Changes Are Coming Following FX Crackdown
Major changes are coming following FX crackdown Investors seek more tranparency, better execution from firms By Rick Baert | December 22, 2014 Last month’s $4.4 billion in fines against six major banks over foreign exchange price manipulation has spurred FX trading along the same path as trading in equities and fixed income: more transparency…
More Transparency Leads to a Drop in FX Trading Costs
“Pre-agreed” spread arrangements with custodian banks are helping pension funds to save on standing instruction FX trades: Read Article
Introducing Benchmarks into the FX Trade Execution Process
As FX Transaction Cost Analysis (TCA) gains momentum, selecting a provider that possess domain knowledge and expertise in foreign exchange is a key ingredient to gain performance uplift: Read Article
Buyside Looks to TCA to Improve FX Trading
The article demonstrates the need for direct FX expertise to accurately perform FX TCA. Additionally the currency market domain knowledge required to improve FX transaction costs. Franklin Templeton highlights the significant realized performance uplift in their international asset portfolios as a result. Read Article