Akshay Aiyer, a former Emerging Market FX trader at JPMorgan, has been sentenced to eight months and ordered to pay $150,000 for market manipulation.
Using Bloomberg chat rooms, personal mobile phones, and private meetings Aiyer conspired to manipulate Central and Eastern Europe, the Middle East, and Africa (CEEMA) markets, prices and spreads. Others involved were Jason Katz (formerly at Standard Chartered) and Christopher Cummins (formerly at Citi), who both received a more lenient sentence in return for helping with the prosecution of Aiyer.
Ideal Prediction (Ideal), has won the FX Markets award for 'Best Surveillance Provider' for the second consecutive year. The award reflects Ideal's ability to codify principles-based best trading practices in FICC.
Avelacom has won its first FX-Markets Award for the best liquidity aggregator/connectivity services.
The FX Markets awards recognise the skill and creativity in the fast growing and changing world of e-FX. 2020 turned out to be a challenging year, with extraordinary volatility and record exchange-traded volumes globally.
Capitolis enables firms to optimise their balance sheet exposures by eliminating unnecessary positions and finding the most suitable party to hold the remaining positions. Targeting equities and FX, to date Capitolis has eliminated $5 trillion in overall positions for more than 50 financial institutions.
"We are excited to have three of our trusted partners provide further support for our vision and business model focused on transforming the marketplace for the benefit of all participants," said Gil Mandelzis, CEO and founder of Capitolis.
CME Group has launched a new FX Options Vol Converter tool, which prices listed FX options liquidity in over-the-counter (OTC) terms. This helps FX traders to more monitor price relationships in OTC and listed markets and make more informed decisions about trading strategies.
The tool takes the price data that is already functionally equivalent to OTC options, with alignments in style, expiration time, and underlying price convergence and creates a volatility grid by tenor and deltas for comparison purposes.
Having signed as a client on Cobalt's platform in February, Standard Chartered joins Citi as an investor in the firm.
Cobalt creates a single version of an FX trade and checks credit in real-time, cutting operational costs and reducing credit, settlement and operational risk. Its technology services interbank, prime, buy-side and bank-to-client relationships.
Jamie Rose has joined oneZero as Director of Relationship Management, where he will be responsible for developing and managing key client relationships across the UK and Western Europe.
Jamie brings extensive institutional experience and industry knowledge from his background as head of eFX at both Xenfin and Marex Spectron, in addition to previous roles at FXall and Dresdner Kleinwort Wasserstein.
Goldman Sachs has become the eighth settlement member to be live on the CLS / IHS Markit cross-currency swaps settlement service.
Using the service, cross-currency swap flows are multilaterally netted against all other FX transactions in CLSSettlement, resulting in a reduction in daily funding requirements for clients and liquidity optimisation benefits across the industry.
Sucden Financial, a leading global multi-asset execution, clearing and liquidity provider, has joined the TrueFX Clearing Member (TCM) network to support clients as they access liquidity on the network.
Launched earlier this year, the TCM network allows buy-side firms to access liquidity on TrueFX from leading market makers without an intermediary. Clients of TrueFX have the option to clear through Jefferies FXPB, the central credit counterparty for TrueFX, or open an account with a TCM and gain access.
Supporting the ongoing shift in the FX markets to trade more volume in FX Swaps electronically, Refinitiv has launched the Forwards Matching API solution, enabling automated access to its Forwards Matching MTF venue. Based on the Spot Matching API already used by many FX participants, the Forwards Matching API will further support trading efficiencies.