The US CFTC also fined NatWest Markets, PNC Bank and Northern Trust for reporting and risk management regulation failures.
Global currency markets reach $6.6 trillion as share in the UK increases, but turnover in the US declines, according to BIS triennial FX survey.
Citi’s client cleared swaps margin stood at over $28 billion in the second quarter of the year, representing 27% of the total amount of margin posted for the US swaps market.
FX turnover in the UK reached record highs, as North America sees sharp decrease over the same period.
Jacob Bourne, a swaps trader and managing director at Deutsche Bank, mismarked swaps valuations to try and conceal losses.
German exchange group continues FX growth with new market data service from 360T.
Christopher Giancarlo, head of the CFTC, has long-been a critic of swaps trading rules in the US.
Average daily FX turnover in the UK hits new highs in April according to data from the Bank of England.
Greenwich Associates lays out potential benefits to ease of restrictions on swaps trading and SEFs in the US.