5 banks fined €1.07B for FX market manipulation | Woods: BoE against weaker bank rules after Brexit | Restoy: Varying US, EU Basel III approaches need review
May 17, 2019
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5 banks fined €1.07B for FX market manipulation
Five banks have agreed to pay fines to the EU, which says nine traders colluded via online chat from 2007 to 2013 to manipulate the foreign exchange market. Barclays, Royal Bank of Scotland, Citigroup, JPMorgan Chase and Mitsubishi UFJ Financial Group will pay €1.07 billion combined, the European Commission says.
Reuters (5/16),  Bloomberg (tiered subscription model) (5/16),  Financial Times (subscription required) (5/16),  The Wall Street Journal (tiered subscription model) (5/16) 
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Woods: BoE against weaker bank rules after Brexit
The Bank of England has no desire to weaken rules for banks after Brexit, Deputy Governor Sam Woods says. "Alternatively, we could adopt a hybrid approach which doesn't replicate either of the preexisting EU or British approaches," Woods says.
Reuters (5/16),  Financial Times (subscription required) (5/16) 
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Regulatory Roundup
Restoy: Varying US, EU Basel III approaches need review
Global regulators should examine the different approaches the EU and the US are taking to implement Basel III, says Fernando Restoy, chairman of the Bank for International Settlements' Financial Stability Institute. A review could show regulators how to encourage "a level playing field while protecting financial stability," Restoy says.
MLex (subscription required) (5/16) 
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Industry Developments
Euronext wants acquisitions beyond Oslo Bors
Euronext plans to pursue other acquisitions when it completes a €692 million takeover of Oslo Bors to diversify and increase revenue. The activity will occur without compromising Euronext's investment-grade profile, Chief Financial Officer Giorgio Modica says.
Futures & Options World (subscription required) (5/16) 
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ISDA releases benchmark consultations
The International Swaps and Derivatives Association has published two consultations on benchmark fallbacks. One addresses adjustments that apply to relevant risk-free rates if fallbacks are triggered for derivatives referencing the US dollar Libor, the Hong Kong Interbank Offered Rate and the Canadian Dollar Offered Rate, and the other addresses precessation issues for Libor and certain other benchmarks.
Futures & Options World (subscription required) (5/16) 
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Deutsche Boerse to establish indexing unit
Deutsche Boerse's purchase of portfolio and risk-management software firm Axioma for $850 million, with help from private equity firm General Atlantic, is part of a strategy to expand the exchange's indexing business. Deutsche Boerse plans to combine its STOXX and DAX index businesses with Axioma to create a unit.
MarketVoice (5/16) 
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Moody's: Firms expect risk from Libor switch
Financial companies expect material risk when the transition to alternative benchmarks from Libor occurs in 2021, according to Moody's Investors Service. "Dangers include legal risks that clients and counterparties may not adhere to industry protocols and operational risks that processes and systems will not be ready and will disrupt business," says Olivier Panis, vice president and senior credit officer.
Investment Executive (Canada) (5/16) 
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Trading firm wants tower climbers for speed advantage
Jump Trading aims to hire field engineers to work on telecommunication towers that transmit orders to shave milliseconds off trade times. Job listings call for technicians who can climb up to 1,000 feet and who have strength to hoist up to 1,500 pounds to mount dishes.
Financial News (UK) (subscription required) (5/17) 
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Financial Technology
OpenFin gains $17M from Series C funding round
OpenFin has raised $17 million in Series C funding, with Wells Fargo leading the round and with Barclays, Bain Capital Ventures, JPMorgan Chase and Pivot Investment Partners investing, bringing total funding to $40 million. The operating system and app store provider plans to use the money to further product innovation.
Reuters (5/16),  TechCrunch (5/16),  VentureBeat (5/16) 
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Blockchain settlement project reportedly to gain bank support
A blockchain-based digital cash system to make clearing and settlement more efficient is set to receive about $50 million in investment from several banks, sources say. A new entity, Fnality, reportedly would manage the project, which could debut next year.
Reuters (5/16) 
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Citi invests undisclosed amount in ChartIQ
Financial-charting provider ChartIQ has raised an undisclosed amount from Citigroup, after raising $20 million since its founding. ChartIQ plans to add employees and to invest in cryptocurrency-related products.
Finance Magnates (5/16),  WatersTechnology (subscription required) (5/16),  Banking Technology (5/16) 
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CloudMargin's Husk talks move to cloud-native collateral system
CloudMargin CEO Steve Husk discusses a shift among financial firms to a cloud-native collateral system and how CloudMargin assists both the buy and sell side.
John Lothian News (5/15) 
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