About Me

My photo
I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.

Sunday, 30 November 2014

Rabobank Shuts Down FXPB Activities

19 May 2014
Rabobank has confirmed that it is discontinuing its FX prime brokerage (PB) business. A spokesperson from the bank tells Profit & Loss: “The bank considers these specific activities to only partially align with our strategy. We will support the clients affected, through the diligent winding up of the relevant services.”

To read this article in full, please go to http://www.profit-loss.com/?q=node/27317

ASIC Bans Former Sydney Trader Due to Fictitious Trading

21 May 2014
The Australian Securities and Investments Commission (ASIC) has banned Jeremy Nambiar from providing financial services for eight years after an ASIC investigation found he created a series of fictitious trading entries and had created a false document to conceal a loss of more than $1 million in AUD/USD spot FX.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27322

RBS Withdraws From Rates Prime Brokerage and Rates OTC Clearing

21 May 2014
The Royal Bank of Scotland has confirmed that it is winding down its Rates prime brokerage and Rates OTC clearing businesses. The bank cites the “increasing level of capital, operating costs and investment that would be required for the business to be globally competitive in a market with extremely thin margins” as the reason for withdrawing from these businesses.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27323

Credit Suisse Cuts Six From FX Team

14 May 2014
Credit Suisse has offered redundancy packages to six employees in its foreign exchange team. This is part of a cost-cutting exercise across its Global Macro Products group, which includes Rates, FX and commodities.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27299

Marex’s New FX Team Exits Within a Year

14 May 2014
Marex Spectron has lost three FX sales executives, less than one year after bringing them in to lead its new agency broking desk. Peter Snasdell, Keith Mash and Paul Spillman have left the commodities and financial markets broker. All three joined as senior vice presidents in July last year and were based at its headquarters in London.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27300

FTT Could be Implemented as Early as 2016

11 May 2014
The Financial Transaction Tax could be rolled out as early as 2016 for the 11 Eurozone countries that have signed up to participate, including Germany, France, Spain, Italy, Belgium, Austria, Portugal, Greece, Estonia, Slovakia and Slovenia.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27280

Euroclear and DTCC Partner on Collateral Processing Joint Venture

11 May 2014
Euroclear and The Depository Trust & Clearing Corporation (DTCC) are finalising negotiations to establish a joint venture to deliver a collateral processing infrastructure.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27282

ESMA Proposes Easing EMIR Frontloading Requirement

11 May 2014
The European Securities and Markets Authority (ESMA) has written to the European Commission proposing to ease the frontloading requirement under the European Markets Infrastructure Regulation (EMIR).

To read this article in full, please go to http://www.profit-loss.com/?q=node/27283

RMB Globalisation Index Up 91.1% Year-on-Year

11 May 2014
The Standard Chartered Renminbi Globalisation Index (RGI) reached a new high of 1,736 in March, up 9.4% from the previous month and 91.1% year-on-year, led by rising RMB deposits in Hong Kong and Taiwan, as well as cross-border payments and FX turnover.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27284

TriOptima Completes First Cross-Currency TriReduce Compression Cycle

 11 May 2014
TriOptima, a provider of OTC derivative post-trade services, has completed its first cross-currency compression cycle, eliminating JPY12.318 trillion notional principal in JPY/USD swaps. Twelve institutions participated in the TriReduce compression cycle, including international and Japanese banks.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27289

ITG Estimates “True Cost” of Trading at WMR Fix

11 May 2014
While spreads compress around the WM/Reuters Fix at 4pm London time, indicating that it has become cheaper to trade FX, there are still costs created by increased volatility, new analysis claims.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27292

DTCC Expands Trade Reporting in Singapore and Australia

04 May 2014
The Depository Trust & Clearing Corporation (DTCC) has expanded its global trade repository (GTR) service in Singapore and Australia. DTCC’s GTR, which operates through regulated entities located in several countries, supports regulatory reporting in the Asia-Pacific region for all five major OTC derivatives asset classes including credit, interest rates, equities, FX and commodities.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27256

Singapore Tops London in RMB Offshore Clearing

 04 May 2014
Singapore’s renminbi (RMB) payments value increased by 375% between March 2013 and March 2014, placing Singapore in top spot in terms of RMB world payments value outside of China and Hong Kong, according to Swift’s data. Singapore now makes up 6.8% of the overall RMB payments value, second behind Hong Kong, which still leads with 72.4%.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27257

ISDA Appoints ICE as ISDAfix Administrator

04 May 2014
The International Swaps and Derivatives Association (ISDA) has selected the Intercontinental Exchange Benchmark Administration (IBA) to be the new administrator of the ISDAfix benchmark.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27258

Goldman Sachs Loses Three from e-FX

04 May 2014
Three senior e-FX people have left Goldman Sachs in New York. Joseph Pinto, Americas head – e-FX sales, Rick Schonberg, head of FX e-product development, and Stephan McElreath, vice president FX sales, have all resigned from their positions, according to market sources.

To read this article in full, please go to http://www.profit-loss.com/node/27268

US DoJ in London to Interview FX Traders

 30 April 2014
Criminal prosecutors from the US Department of Justice have flown to London in order to interview several UK-based currency traders “on the periphery” of the FX Fix probe, according to the Financial Times.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27244

Europe’s Top Court Dismisses UK’s Challenge to FTT

30 April 2014
The European Court of Justice (ECJ) has today (30 April) rejected the UK’s challenge to the proposed implementation of the Financial Transaction Tax (FTT), which the UK says will produce extraterritorial effects and impose costs on non-participating member states.

To read this article in full, please go to http://www.profit-loss.com/node/27247

SAFE to Intensify Inspections of Banks’ FX Business

27 April 2014
The Chinese State Administration of Foreign Exchange (SAFE) plans to introduce more gruelling inspections of financial institutions’ foreign exchange businesses during 2014.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27229

FCA Appoints Two Senior Advisers on Competition and Investment Banking

27 April 2014
The Financial Conduct Authority (FCA) has appointed David Saunders and Gunner Burkhart as senior advisers looking at competition and wholesale and markets issues.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27232

LBBW Asset Management Launches New FX Fund

 27 April 2014
German-based Landesbank Baden-W├╝rttemberg (LBBW) Asset Management has launched LBBW Devisen 1, an FX fund for institutional investors that applies a carry trade investment strategy, selling low interest currencies on a short position and buying high interest currencies on a long position.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27236

New York Attorney General Subpoenas HFT Firms

20 April 2014
New York’s attorney general has sent subpoenas to six high frequency trading firms, in order to gain information about any special arrangements the firms have with dark pools and stock exchanges.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27217

Credit Suisse Says No ‘Material Issues’ Found During FX Investigations

 20 April 2014
Credit Suisse hasn’t seen “any material issues” during investigations into its FX trading business, according to CFO David Mathers. “We have taken a close look at the business and are cooperating with a number of different entities around the world, and so far we haven’t seen any material issues in our business,” he says, adding that the bank “was never that large a player” in the FX markets.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27218

Former Icap Brokers in UK Court on Yen Libor Charges

20 April 2014
Three former Icap brokers appeared in a London court on 15 April charged with running a four-year scheme to manipulate yen Libor benchmark interest rates. Former derivatives broker Darrell Read, his supervisor Daniel Wilkinson and Colin Goodman, a cash broker who the other two referred to as “Lord Libor”, are all charged with conspiracy to defraud between August 2006 and September 2010.

To read this article in full, please go to http://www.profit-loss.com/node/27219

BaFin Authorises Eurex Clearing Under EMIR

14 April 2014
The German national competent authority, BaFin, has approved Eurex Clearing as a clearing house in accordance with the European Market Infrastructure Regulation (EMIR). The application process took eight months to complete.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27201

Thomson Reuters Matching Experiences Sunday Outage

16 April 2014
Thomson Reuters Matching experienced a global disruption on 13 April because of a technical fault. The FX electronic matching application was unavailable due to a connectivity issue with the Matching Host. Customers were alerted via an automated message.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27208

CTO Sankar Aiyar to Depart from CLS

07 April 2014
CLS Group has confirmed that chief technology officer (CTO) Sankar Aiyar, who joined the currency settlement utility in 2011, has resigned his position. According to a spokesperson, he has decided to leave “to take some time away from business”.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27177

OTC Derivatives Important to Almost 90% of End-Users’ Risk Strategy

10 April 2014
According to a survey by the International Swaps and Derivatives Association (ISDA), the demand for OTC derivatives by end-users remains very strong. Almost nine out of 10 (86%) of the survey respondents believe that OTC derivatives are very important or important to their risk management strategy.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27181

FSB to Report Early as BoE Denies FXJSC Revamp Plans

10 April 2014
The Financial Stability Board (FSB) could publish its recommendations for modifying trading practices before the Brisbane G20 summit in November, which could include changes to the FX benchmark and wider market infrastructure.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27182

DTCC Survey Reveals Increased Spend on Systemic Risk Mitigation

31 March 2014
Despite an apparent ease in fears of a systemic risk event happening in the next 12 months, a majority of financial firms have increased spending on systemic risk mitigation, according to a survey conducted by The Depository Trust & Clearing Corporation (DTCC).

To read this article in full, please go to http://www.profit-loss.com/?q=node/27149

London and Frankfurt Vie for RMB Centre Leadership

31 March 2014
Chinese President Xi Jinping’s first visit to Europe has been accompanied by high profile clearing and settlement agreements with Germany and the UK, ramping up competition between London and Frankfurt to claim the renminbi (RMB) crown.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27150

Jochumsen to Head Up New Global Market Services at Nasdaq OMX

31 March 2014
Nasdaq OMX has combined its US and European transactions, clearing and settlement services to form the Global Market Services business. Hans-Ole Jochumsen, executive vice president, has been appointed to lead the newly combined global business, reporting directly to CEO Bob Greifeld.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27155

New York Overtakes London as Top Financial Centre

24 March 2014
For the first time in seven years New York has knocked London from the top spot in the Z/Yen Group’s Global Financial Centres Index (GFCI). Being overtaken by New York in the index is mainly due to London falling – it is the largest faller in the top 50 centres, suffering a 10-rating point decline.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27126

Big Banks Shelve FX Bonuses Pending Investigation Results

24 March 2014
Barclays, Citi and the Royal Bank of Scotland have put bonuses on hold across their foreign exchange trading teams until internal investigations into the possible rigging of foreign exchange benchmarks are concluded, according to the Financial Times.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27130

EC’s Letter Does Little to Clear Up FX Derivative Definition Debate

27 March 2014
The European Commission’s response to the European Securities and Markets Authority’s (ESMA) letter asking for greater clarification on the definition of a derivative under the European Market Infrastructure Regulation (EMIR) has left the industry remarkably unenlightened.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27137

Thomson Reuters Codifies ‘Acceptable Behaviour’ in New Matching Rulebook

27 March 2014
Thomson Reuters has issued proposed changes to its Matching Rulebook designed to “reflect a higher standard for trading behaviour in foreign exchange”. The updated version aims to codify “acceptable behaviours” in order to discourage abuse, manipulation and disorderly conduct, as well as behaviours that do not enhance liquidity for the market as a whole.

To read this article in full, please go to http://www.profit-loss.com/node/27138

FCA Approves CMG Subsidiary for Structured FX Products

17 March 2014
The Financial Conduct Authority has granted Cambridge Mercantile Group’s subsidiary, Cambridge Mercantile Risk Management (UK), permission to offer structured foreign exchange products. After a six-month wait for approval, the company is now able to offer options-based hedging strategies on an execution-only basis.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27112

SGX Introduces RMB FX Futures

17 March 2014
Singapore Exchange (SGX) will launch a new set of Asian currency futures to its current suite in the third quarter of 2014, subject to regulatory approval.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27114

BoE Appoints Internal FX Investigation Head

17 March 2014
The Bank of England’s Oversight Committee has appointed Lord Anthony Grabiner QC to lead an internal inquiry into whether Bank officials were in any way involved in the alleged manipulation of the FX market. This announcement comes just one week after the Bank suspended an employee for failing to adhere to internal control procedures.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27118

Chapdelaine FX and First Derivatives Partner on Liquidity Hub Service

20 March 2014
Chapdelaine FX, a division of Tullett Prebon, is deploying a new liquidity hub supported by First Derivatives’ Delta Flow technology.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27120

State Street Promotes Two

20 March 2014
State Street has moved two executives into new roles. David Newns is now senior managing director and global head of Currenex, State Street Global Exchange. Most recently, he was COO and senior managing director, State Street Global Markets eExchange since October 2011. Before that he was managing director, Europe at Currenex for more than five years. He is based in New York.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27121

Nasdaq OMX Shows Growing Interest in FX Trading

20 March 2014
Nasdaq OMX, a global exchange operator, has confirmed reports that it is considering plans to expand its trading and clearing offering in the foreign exchange arena. In an interview with Profit & Loss, Nasdaq OMX says that it is “looking at ways to grow its FX footprint” beyond FX options, which is already traded on Nasdaq OMX PHLX, one of the exchange group’s three US options platforms.

To read this article in full, please go to http://www.profit-loss.com/node/27122

SEB Becomes Registered Swap Dealer Under US Dodd-Frank Act

10 March 2014
SEB is now a registered swap dealer for clients and counterparties that fall within US regulation. As such, SEB complies with regulatory requirements stipulated in the US Dodd-Frank Act.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27083

Cinnober Launches Cross-Asset Client Clearing for Banks

10 March 2014
Cinnober has launched a cross-asset client clearing system, Tradexpress Client Clearing, for investment banks and futures commission merchants. Tradexpress integrates a bank’s entire client clearing service into a single system across all geographic markets and asset classes for OTC as well as listed instruments.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27084

PBoC Eases Interest Rate Restrictions on Foreign Currency Deposits in FTZ

10 March 2014
China’s central bank is to remove interest rate ceilings on smaller foreign currency deposits in the Shanghai pilot free trade zone (FTZ). Banks in the city will be free to set interest rates for foreign currency deposits under $3 million in the zone, according to a People’s Bank of China (PBoC) statement.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27086

HKEx Launches After-Hours Trading for RMB Currency Futures

10 March 2014
Hong Kong Exchanges and Clearing Limited (HKEx) will add renminbi (RMB) currency futures to after-hours trading from 7 April. On the same day, the exchange will also introduce the fourth calendar quarter to the product’s contract months and add more calendar spreads.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27089

Goldman Sachs Appoints Global Head of FX

10 March 2014
Goldman Sachs has appointed Kayhan Mirza as a partner and global head of foreign exchange trading. Mirza joins from JP Morgan in London, where he was global head of FX options trading and head of FX trading in Europe, Middle East and Africa (EMEA). He joined JP Morgan in 1998.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27093

FCA Approves CME Group’s European Exchange

13 March 2014
CME Group has received approval from the UK Financial Conduct Authority (FCA) for a London-based derivatives exchange after a 10-month wait. CME Europe Ltd will launch on 27 April and is a recognised investment exchange (RIE).

To read this article in full, please go to http://www.profit-loss.com/node/27101

Gold-i and FXecosystem Offer Managed IT Service for Retail Brokers

03 March 2014
Trading systems integrator Gold-i has partnered with FXecosystem to offer a managed IT service for those retail brokers wishing to offer the MetaTrader 4 (MT4) platform to their clients.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27061

CME Clearing Europe Expands OTC Interest Rate Swap Offering

03 March 2014
CME Clearing Europe, CME Group’s European clearing house, has received Bank of England approval to add SEK, DKK and NOK currencies, overnight index swaps (OIS), zero coupon swaps, forward rate agreements (FRAs), basis swaps and variable notional swaps to its existing interest rate swap offering. It will begin clearing these products today (3 March).

To read this article in full, please go to http://www.profit-loss.com/?q=node/27068

BoE Suspends Employee During Internal FX Market Probe

05 March 2014
The Bank of England has suspended a member of staff during an investigation into what Bank officials knew about the possible rigging of the foreign exchange market. However, according to the Bank, the suspension is not related to manipulation allegations but to internal control issues.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27072

Fund Managers Concerned Over Emerging Market Risk – Survey

23 February 2014
In a complete reversal from five years ago, when fund managers considered the emerging markets as “safe” and banks as “toxic”, EMs are now considered to be the biggest risk to financial market stability. According to the BofA Merrill Lynch Fund Manager Survey for February, 75% of respondents indicate EM risk as the greatest threat, while developed market counterparty and default risk is viewed as minimal.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27043

ESMA Asks Commission for Greater Clarification on Derivative Definition

20 February 2014
The European Securities and Markets Authority (ESMA) has sent a letter to the European Commission asking for greater clarification on the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR). It has also suspended some newly introduced rules on reporting foreign exchange and commodities trades that are not clearly defined as derivatives.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27029

In Numbers: The First Day of EMIR Trade Reporting

16 February 2014
On the first day of European trade reporting under European Market Infrastructure Regulation (EMIR), ICE Trade Vault Europe processed around 4.5 million trades across energy, agricultural commodities, metals, credit, interest rates and equity derivatives. Trades and positions relating to over 300 market participants were successfully reported either directly or via delegated reporting.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27023

ESMA Releases More Guidance on UTIs

16 February 2014
With the start of the European Market Infrastructure Regulation (EMIR) reporting requirement, the European Securities and Markets Authority (ESMA) has updated its Q&A paper to provide additional clarification on reporting to trade repositories (TRs), such as how to construct and generate Unique Trade Identifiers (UTI).

To read this article in full, please go to http://www.profit-loss.com/?q=node/27024

The State of Corporate Readiness Ahead of EMIR Deadline

10 February 2014
With less than a week to go before the reporting requirement deadline under the European Market Infrastructure Regulation (EMIR), corporates are at differing stages of readiness. Many remain concerned about a lack of clarity on a number of issues, including backloading requirements.

To read this article in full, please go to http://www.profit-loss.com/?q=node/26994

Friday, 23 May 2014

ParFX Names Two Founder Banks

12 February 2014
Citi and JP Morgan have become the latest banks to join ParFX, the wholesale, global spot FX electronic trading platform, as founder members. This will further expand ParFX’s global distribution network and “validates the model, its matching methodology, pricing transparency and market data fairness”, according to Roger Rutherford, COO of ParFX.

To read this article in full, please go to http://www.profit-loss.com/?q=node/27004

IOSCO Hits 100th Milestone in Fight Against Financial Misconduct

03 February 2014
The Indonesian Financial Services Authority (IFSA) has become the 100th signatory to the International Organisation of Securities Commissions’ (IOSCO) multilateral memorandum of understanding (MMoU) on cooperation and exchange of information to combat cross-border financial services misconduct.

To read this article in full, please go to http://www.profit-loss.com/?q=node/26972

When QE Ends: Survival Tips for Corporates

03 February 2014
Among the top concerns for the corporate treasury in 2014 is navigating the challenges posed by the unwinding of quantitative easing (QE) programmes, according to Treasury Strategies in its annual ‘State of the Treasury Profession’ webinar.

To read this article in full, please go to http://www.profit-loss.com/?q=node/26973

ISDA Transitions to Automated, Market-Based Rate Setting

03 February 2014
The International Swaps and Derivatives Association (ISDA) has announced plans to move to an automated, market-based ISDAfix rate setting, in an attempt to ensure that events such as the Libor manipulation can’t happen again.

To read this article in full, please go to http://www.profit-loss.com/?q=node/26976

The Fall-Out from the Fix Continues

06 February 2014
The atmosphere of crisis surrounding the investigation into activity around the Fix has increased with news of dealers being dismissed and suspended and the confirmation that several parties have filed lawsuits against a string of banks.

To read this article in full, please go to http://www.profit-loss.com/?q=node/26982

Industry Quick to React to BaFin Exchange Suggestion

30 January 2014
Moving currency trading onto regulated exchanges, as proposed by the head of the German financial authority, has been criticised by market participants.

To read the full article, please go to http://www.profit-loss.com/?q=node/26960

Asset Managers Turn to FX TCA to Improve Analysis

26 January 2014
FX transaction cost analysis (TCA), which provides data that explains how trades perform against specific benchmarks, has increasingly become a focal point for alpha-seeking asset managers the world over, according to research from Aite Group.

To read the full article, please go to http://www.profit-loss.com/?q=node/26940

Saxo Bank Launches ‘Facebook for Traders’

26 January 2014
Saxo Bank has launched a multi-asset online social trading community for “serious investors”, TradingFloor.com, in a bid to “democratise” access to trading and fund management. The portal aims to transform trading into a social experience by allowing traders to share their trades with peers, increasing the level of transparency in trading.

To read the full article, please go to http://www.profit-loss.com/?q=node/26941

LCH.Clearnet Boosts Buy-Side Representation on Board

26 January 2014
LCH.Clearnet, a multinational clearing house, has added Amundi’s CEO Yves Perrier to the board, broadly reflecting the evolution of the industry towards buy-side clearing. His appointment takes effect in February, according to a spokesperson from Amundi.

To read the full article, please go to http://www.profit-loss.com/?q=node/26942

EurexOTC Clear Signs Up Over 120 Buy Side Firms

26 January 2014
Eurex Clearing has signed up more than 120 buy side firms for EurexOTC Clear, its central counterparty service for interest rate swaps (IRS), in 2013. In addition, a total of 32 clearing members including all major global sell side banks are connected, with other clearing members in the admission process.

To read the full artice, please go to http://www.profit-loss.com/?q=node/26954

Markit Expands Front Office Footprint with ThinkFolio Acquisition

20 January 2014
Markit, the financial information services company, has acquired ThinkFolio, a London-based order management (OMS) and portfolio management software (PMS) company, in order to expand its penetration into the front office.

To read the full article, please go to http://www.profit-loss.com/?q=node/26910

Puleston Jones Succeeds Belchambers as FOA Chief

20 January 2014
Industry veteran Anthony Belchambers is stepping down as chief executive officer (CEO) of the Futures and Options Association (FOA), the European trade association for the listed derivatives industry, after two decades at the helm.

To read the full article, please go to http://www.profit-loss.com/?q=node/26918

EU Heads Reach Agreement on MiFID II

16 January 2014
The European Parliament, Council and Commission have agreed in principle on the Markets in Financial Instruments Directive (MiFID II) after more than two years in deliberation. Both politicians and the financial industry as a whole felt that MiFID, which originally came into force in November 2007 to increase transparency and stability in the markets, needed significant revision following the 2008 financial crisis.

To read the full article, please go to http://www.profit-loss.com/?q=node/26897