The Bank for International Settlements has published its long-awaited second and final phase of the Global FX Code, which has been created to restore confidence in FX markets following recent public scandals about market manipulation.
‘Make America Great Again’ was the campaign watchword of President-elect Donald Trump and bankers and investors are watching with interest to see what this will mean for U.S. banks. Trump’s dislike of anti-competitive regulation is well known.
The FCA publishes a paper on asymmetries in dark pool reference prices to analyse the role of participant speed and sophistication in driving outcomes in today’s markets.
The FCA has recently completed a review of four key areas in the market abuse systems and controls employed at several market-making firms. The firms were positioned in the small and mid-cap equity market making space but their findings are relevant to most trading firms which undertake a broad range of activities, where conflicts of interest could arise.
Last year the focus of the UK financial services regulatory landscape shifted from high-profile fines levied by regulators on banks for Libor and FX rigging towards individuals’ conduct and their responsibility for abuses.
