European Commission has fined Barclays, RBS, Citigroup, JP Morgan and MUFG a total of €1.07 million for involvement in FX trading cartel.
Citi confirms closure of its US alternative trading system (ATS) CitiCross, but will continue operating its block trading ATS CitiBLOC.
Market participants at TradeTech have agreed that trading volumes have failed to shift to lit venues under MiFID II, but the regulation has led to unintended positive developments in the form of periodic auctions.
Despite buy-side citing use of transaction cost analysis (TCA) as a larger focus post-MiFID II, Citi's market structure head for EMEA says the bank is actually seeing the converse in action.
Citi’s markets business in the UK has been accused of spoofing Japanese Government Bond futures and could face a fine of $1.2 million.
Citi joins UBS in setting up its eFX trading hub in Singapore with support from the Monetary Authority in Singapore.
The introduction of Japanese funds onto the FX settlement service follows a multi-year effort to onboard the Japanese buy-side community to CLSSettlement.
Citi was the first US bank to offer client swap clearing through Eurex, and eight funds have joined Citi to use the service.
Capitolis launched its novation platform last year in partnership with major firms including Citi, HSBC, Brevan Howard and BlueCrest.
CME Group offers clearing for 26 currency pairs of FX cash-settled forwards and 11 pairs of non-deliverable forwards.