The change aims to move the greater part of new sterling swaps trading to SONIA and minimize the risks from creating new LIBOR exposures. The Financial Conduct Authority (FCA) and the Bank of England (BoE) today issued an announcement for market makers regarding the appropriate date for switching from LIBOR to SONIA. The regulators encourage market
Claims by a member of the jury that delivered the guilty verdict for former JPMorgan FX trader Akshay Aiyer fail to change the course of the proceedings. Allegations about jury misconduct have failed to result in vacating the guilty verdict as to former JPMorgan FX trader Akshay Aiyer. On January 13, 2020, Judge John G.
All fact discovery in the lawsuit which targets some of the world’s biggest banks is set to be completed by June 1, 2020. About a month after Judge Lorna G. Schofield of the New York Southern District Court agreed to lift the discovery stay in an FX benchmark rate fixing case targeting some of the world’s
Dibb has failed to secure partial dismissal of the complaint brought against him by the CFTC. Ian Dibb, the CEO of TFS-ICAP, who is among the defendants in a case brought by the United States Commodity Futures Trading Commission (CFTC), was dealt a bitter blow earlier this week, as the Court denied his motion for
The defendants will have until February 21, 2020 to file their responses to the CFTC complaint charging them with fraud. The lawsuit targeting TFS-ICAP, the Chief Executive Officer, Ian Dibb, and the Head of Emerging Markets broking, Jeremy Woolfenden, continues at the New York Southern District Court, with some deadlines determined earlier today. Judge Victor
The regulator argues that brokers at TFS-ICAP routinely reported fake, non-bona fide FX Options transactions on TFS-ICAP’s electronic trading platform. The action brought by the Commodity Futures Trading Commission (CFTC) against TFS-ICAP, the Chief Executive Officer, Ian Dibb, and the Head of Emerging Markets broking, Jeremy Woolfenden, continues at the New York Southern District Court.
The testimony of former traders Jason Katz, who worked at Barclays and BNP Paribas, and Christopher Cummins, who worked at Citigroup, is challenged by Akshay Aiyer. About a month after Akshay Aiyer, a former JP Morgan Forex trader, was convicted of conspiring to fix prices and rig bids in Central and Eastern European, Middle Eastern and
The regulator held over 30 meetings with industry and concluded there was generally limited understanding of last look among clients. The Australian Securities & Investments Commission (ASIC) has earlier today published its report on wholesale FX practices in Australia. Following ASIC’s work reviewing wholesale FX markets and participants in 2018 and 2019, the regulator identified
FINRA has identified more than 150,000 instances of potential layering by direct market access customers of JefEx between January 1, 2014 and February 28, 2015. The United States Financial Industry Regulatory Authority (FINRA) has imposed a fine of $215,000 on Jefferies Execution Services, now known as Jefferies LLC, as a part of a settlement with the
Inadequate preparation for the replacement of LIBOR interest rates, including Swiss franc LIBOR, represents a key risk, according to the Swiss regulator. The Swiss Financial Market Supervisory Authority (FINMA) has earlier today published its Risk Monitor. The report provides an overview of what FINMA believes are the most important risks currently facing supervised institutions and