FX scandal: in the spotlight

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The market tremors from the FX-fixing scandal and subsequent probe – triggering a flurry of fines, litigation cases and prosecutions – is set to reverberate for years to come. Euromoney investigates the fallout for global banks and possible reforms.

2017: the biggest themes in FX
December 2016
'The aftermath of the currency scandal will still be felt in 2017.'

Regulation: The force will be with the rogue one

December 2016

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Amid all the calls for 2017 that get pumped out of research departments at this time of year, I have not seen any predictions for the return of the rogue traders.

2016: A rollercoaster year for foreign exchange
December 2016
2016 will be remembered as the year the people punished politicians at the polls, unleashing a torrent of volatility in financial markets, with currencies taking a huge hit. Here are the biggest currency stories of 2016.

Comms compliance race hots up
October 2016
Communications compliance is moving up the agenda for financial services firms, as the City's watchdog cracks the supervisory whip and the implementation deadline for MiFID II fast approaches

Restructuring a portfolio? How to avoid FX traps
September 2016

Transition management firms play a vital role in helping asset managers restructure large portfolios of securities and remove or replace underperforming managers, but past controversies are a reminder to clients they should not assume they are always getting the best deal on FX.

BIS stats: the steady decline of foreign exchange
September 2016
The FX business is officially shrinking for the first time since 2001, as the world's largest financial market battles an industry slowdown and a regulatory crackdown.

Brexit volatility fuels FX mis-selling claims
August 2016
Brexit-related currency volatility is fuelling a rise in foreign-exchange product mis-selling enquiries from businesses that have been burnt on 'fiendishly complicated’ currency trades.

Macaskill on markets: Front-running and the death of fixed income
August 2016
The case against two HSBC employees for front-running a foreign exchange order from a client could hasten the death of the principal model for FICC trading by banks. A shift to an advisory-based approach is possible, but banks will struggle to make up lost revenue.


Sideways: The Committee to abolish Christmas trades
August 2016
When HSBC’s former head of global FX cash trading Mark Johnson learned that he had a window of just over 30 minutes to move the sterling exchange rate and profit from an approaching client trade, he said: "Ohhh f***ing Christmas," according to US prosecutors.

Rodgers produces a book that’s worth shouting about
July 2016
Kevin Rodgers, the former head of foreign exchange at Deutsche Bank, has written a book about his 30 years in financial markets that should be read by anyone working in the industry today.

FX: Restoring trust – the global code is here
July 2016
The advent of a global code of conduct for the FX market should bring greater consistency, fairness and transparency to key industry practices.

Market players defend voluntary BIS FX conduct code 
May 2016 
Advocates claim the principles-based approach offers the best hope of restoring trust in the FX market once and for all.

Structural shifts upend troubled FX franchises
May 2016
The foreign-exchange industry has been caught in a perfect storm of falling volatility, difficult trading conditions and regulatory challenges. Many of the senior figures in FX have stepped aside, leaving a new generation to come to terms with a radically different market.

FastMatch leading talks to create central tape for FX
May 2016
A group of FX electronic communication networks (ECNs) and market makers are working together to create a central tape for FX, modelled on a similar project for US equities, which they hope will increase transparency and democratize the currencies market, Euromoney can reveal.

FX: Fired currency traders fight back
April 2016
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Ex-Citi trader Carly McWilliams’ employment tribunal win will spur on other fired currency traders waiting for their day in court and encourage more women to bring unfair dismissal claims, say legal experts. The banks’ argument that a handful of rogue traders acting behind senior managers’ backs were to blame for the currency rigging scandal is contested.

What next for Thomson Reuters’ FX benchmark?
April 2016
Thomson Reuters has acquired the WM benchmarks business, which has come through the considerable controversy around benchmarks and manipulation with its reputation largely intact.

FX: Hopes rise for whistleblowing cases
March 2016
Revelations of benchmark fixing and manipulation appear to have created a more favourable environment for FX industry participants to highlight suspected wrongdoing but the data tell a different story in the UK.

Global code key to tackling FX conduct, AFME conference told
February 2016
Certification could be withdrawn if participants do not abide by the global code of conduct, according to FCA’s Schooling Latter.

FX Working Group seeks to pre-empt blunt regulatory redress
February 2016
The global FX code of conduct being developed by the FXWG under the auspices of the Bank for International Settlements has moved a step closer to becoming a reality, with a first draft being released to market participants for feedback.

Next FX scandal: agency, principal or hybrid?
February 2016