Yo bros, last week w...from IqraFx

18 Aug 2025, 16:33 · Views 2,197

Yo bros, last week was wild out here in the forex jungle. USD/JPY kept teasing us, dancing around the 145 line like it owns the stage. EUR/USD tried to flex but got smacked down midweek, classic fake pump. Gold? Man, gold’s acting moody as hell, up one day, down the next, feels like it’s trolling us. Next week (11/8 – 17/8), I’m keeping my eyes glued to the US inflation data drop. If numbers come hot, expect the dollar to flex even harder, and might see some blood in EUR and GBP. My bet? Play it safe, watch the news, and don’t get greedy. Remember, the market doesn’t care about your feelings; it only respects patience. Stay sharp, fam!

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Speech by Nikhil Rathi, FCA Chief Executive, delivered at FCA International Capital Markets Conference 2024. Speaker: Nikhil Rathi, Chief ExecutiveEvent: FCA International Capital Markets Conference 2024, LondonDelivered: 8 October 2024Note: This is a drafted speech and may differ from the delivered version Highlights We are living in an era of predictable volatility but we must now expect to face this predictable volatility – as a constant. The UK has a chance to lead how capital markets ca drive economic growth and development. We need to nurture liquidity, shift regulation and a new mindset towards risk. No single entity has all the answers and it will take action from us all. I spent much of my youth playing tennis. Quite seriously, in fact. Not on the gentle, breezeless lawns of Wimbledon or Queen’s. But on the rugged courts of Barrow-in-Furness, in Cumbria. The wind was exhausting, the rain bone-shatteringly cold. Some courts were too hard, some too soft. They made you slip - or stick. And every rival, waiting across the net, was different. The American novelist, David Foster Wallace, said playing tennis is 'like playing chess on the run.' He was right. Victory isn’t decided by your speed, power, or reflexes alone. It’s as much about the mind. You think ahead – and make split-second decisions. You learn from the opponent – you adapt. You never stay still. Because if you do…you lose. Every match needed a different strategy. But one thing was always predictable: the unpredictability of the game itself. The same is true of the financial world. During my career I’ve seen just how volatile markets can be. I worked in government through terror attacks, wars, and oil spikes. I led the Treasury’s Financial Stability Unit during the 2008 crash. I was at the London Stock Exchange during Brexit, and the pandemic. And over time, I’ve seen the frequency of incidents go up. Between 1994 and 2007, the most-watched volatility index – the VIX – recorded 9 major market shocks. During the crash, it topped 80. And in the pandemic, it reached 82.Since joining the FCA, I’ve seen the nickel episode, the LDI crisis, the failures of Credit Suisse and Silicon Valley Bank…and an explosion of conflict in the Middle East. Long term challenges are accelerating too. Climate change, demographic shifts. And volatility isn’t in just a single asset class. Today a small blip can ripple across equities, fixed income, FX, commodities…or more recently, crypto. All more and more connected. And things that used to be one-in-10-year events now happen every month. In short: the weather is worse. The grounds keep changing. And the opponents are tougher. Why? But why are we seeing this sharp rise in volatility and resulting risk? Beyond familiar geopolitical concerns, I want to mention a few reasons. The first is technology. As early as 2009, algorithms accounted for up to 60% of trading in major US exchanges. What used to take 10 to 50 traders, now happens on one computer. And a single glitch can run haywire through global infrastructure. Look at CrowdStrike – how could anyone have imagined that one bit of patching of cyber software could bring down US airlines, GP surgeries in Britain, and payment systems across Europe…all brought to a halt by a technical bug? Then there’s market concentration. Just 10 firms represent nearly 50% of the FTSE 100’s value. In the US, 7 companies generated over half of the S&P 500’s 26.3% return last year (source: ibid). And the value of Nvidia alone can move as much as half of Ireland’s GDP in a single day.It’s not just the number, but the type of players we’re looking at. Investment management is increasingly centralised in the largest firms. The biggest principal traders now hold sway alongside banks in sovereign debt markets. A few providers control most of the world’s data. And they increasingly partner, including through equity stakes, with a handful of Big Tech names…that dominate the cloud, and now AI services too. This heavier reliance on fewer firms means disruption – from earnings, regulation, or geopolitics – can trip the global market.Tougher liquidity conditions add to this fragility. Today’s more fragmented system - exchanges, private markets, ETFs, derivatives - works in normal times, but becomes harder to trade when volatility strikes. Take the Archegos crisis, 3 years ago. Hidden leverage in a fragmented system led to $10 billion in losses. And the increased interconnectedness of financial systems means events in one country can have profound effects elsewhere – and fast. Think back 2 months, to 5 August – it happened to be my birthday and I was heading off with my family for our summer holidays. A disappointing set of US payroll numbers came out. Recession fears hit the market, with speculation of emergency rate cuts. Japan’s Nikkei 225 index fell 12% – its largest single day fall since Black Monday in 1987. It seemed like an unwinding in foreign exchange and interest rate markets of the yen carry trade. And the VIX index rose over 60, becoming dislocated from underlying volatility. Fortunately, my holiday was saved – by a well-timed statement from the Bank of Japan…and investors seeing value in the market. Prices recovered. Infrastructure held up. We were able to enjoy our trip. But did we get lucky? Volatility per se is not the issue and should not be conflated with systemic risk. But excessive moves, especially intraday, due to runaway volatility that dislocate prices from fundamentals are the central concern. We’re still piecing together exactly what happened to understand if there are new systemic risks needing deeper examination. And even outside exceptional events – passive investment strategies, including through index funds, fuel this interconnectedness…while herding behaviour creates sharper price swings. Optimism and ambition All these factors compound one another. As regulators and market participants, we must now expect to face this predictable volatility – as a constant. But I am an optimist. Our careers have been defined by some of the biggest crises the financial world has ever seen. But we’ve also seen how people have solved those crises. Or even prevented them. It’s what I love about this job, and the financial system. How it self-corrects. How it innovates. And capital markets have a crucial role to play. They drive economic growth and development. Especially here – with the UK so often setting the benchmark. Our deep capital and liquidity pools, built over centuries…support raising finance, hedging risk, trading debt, currency, interest rate markets, commodities, insurance and reinsurance. Binding finance and technology. And now, in this era of ‘predictable volatility’... the UK once again has the chance to lead. But it will take action – from us as regulators, and from all of you, as market participants. So let me suggest a few things. Solutions First, we have to nurture liquidity. Liquidity keeps us agile. Too often, rules designed for large, global banks – with heavier capital burdens – limit smaller firms’ ability to contribute liquidity. The old approach - ‘same business = same risk = same treatment’ – no longer fits today’s financial landscape. At the FCA we’re exploring how adjustments could encourage wholesale trading and improve market liquidity…and may in turn reduce barriers to entry for specialised trading firms that don’t hold retail deposits. Just look at the way non-bank traders are now capturing flows across US equities. A massive shift, in the space of just a few years. We know custom rules can work – as in our Investment Firm Prudential Regime. And can free up capital, and new entrants. Tailored regulation for these specialised firms sparks growth and competitiveness, while protecting market integrity. Second, we need a shift from reactive, to proactive regulation...and a system guided by good outcomes, not just rules for the sake of it. The goal of regulation shouldn’t just be to step in when things go wrong, or respond to a crisis. We want to deliberately create an environment that helps firms compete, and grow. So the FCA tracks a wide range of metrics – authorisations, operational efficiency, and the regulatory burden on firms. And our central role in the transition from LIBOR to risk-free rates, like SONIA and SOFR, is a testament to what proactivity and collaboration can achieve. The end of Libor at the start of this month closed the final chapter in one of the biggest transitions in financial history. $400 trillion dollars of LIBOR-linked risk was eliminated. And almost every financial institution was involved – in a multi-year, global effort. More than 16,000 legal entities, from 99 countries. That’s a level of international cooperation rarely seen. Third, we need a new mindset towards risk. UK markets stay relevant because we are always open to reform. And I am proud that the FCA has so often been at the heart of progress. We export perhaps more regulatory data than any other securities regulator. And the UK is like a microcosm for the entire system – all global events are felt in our markets. Right now, we are challenging longstanding principles to seize the opportunities in this age of predictable volatility. Be that with far-reaching reforms of listing rules, incentivising pension funds to take greater risk, or radical proposals for prospectuses – so companies can raise 75% of existing share capital without one, and adjusting liability so investors get the forward-looking information they want. The fourth thing we can do, is to invest in infrastructure – and get better at piloting and adopting tech. Cybersecurity is critical. This year, 50% of UK businesses experienced cyberattacks, up from 39% in 2022. And innovation isn’t just about protection – it’s central to growth, and leaps in productivity. The move to T+1 is a great example. It’s already been adopted by the US, Canada, India and others. We’re looking at the timetable here, to introduce a consolidated tape for fixed income markets. And these processes don’t just offer security – they create new market opportunities, particularly in volatile periods. Faster settlements. More transparent markets. Freer capital. Tokenisation can further enhance liquidity, and open up new forms of investment. And on AI – rather than rushing to new rules, we are looking to rely on our existing frameworks, embracing progress, without compromising on security or fairness. Finally, we need deep market engagement. No single entity has all the answers. And we want to hear from all corners of the market, big and small, public and private, and all of you, in this room, to understand the root causes of shocks, and how we can manage them. Later we’ll hear from the Chancellor, Rachel Reeves. And today’s agenda brings together financial giants, savvy disruptors, and experts shaping the future of our markets. It’s precisely this diversity that makes today’s conversations so valuable. And I would like to thank every participant. Conclusion These days I’m a long way from the tennis courts of Barrow-in-Furness. But that feeling – that unpredictability – feels just as relevant in this job. Martina Navratilova said, ‘it’s not how you play when you’re playing well that matters’. She had in mind how you play in all weathers. This is the mindset we need in today’s predictably volatile landscape. We can’t control the weather, but we can prepare for it. And together, excel at playing chess on the run.

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Project Guardian is an international collaboration of industry and regulators, led by the Monetary Authority of Singapore, that explores the use of fund and asset tokenisation. We welcome the first industry-led Project Guardian report on tokenisation in the asset management sector, delivered through Project Guardian’s asset and wealth management workstream. Read the report: Guardian Funds Framework In the report, firms set out an ambitious, phased vision for the use of distributed ledger technology (DLT) in asset management. The report also discusses potential industry and regulatory standards needed to: scale tokenisation use-cases enable firms and investors to benefit from the technology We will continue working with Project Guardian members and the sector to support the development and adoption of asset tokenisation. In 2025, we are going to collaborate with the Monetary Authority Singapore (MAS) to explore the regulatory considerations for tokenisation within the asset and wealth management sector. Our review will consider: regulatory and supervisory principles that could apply to tokenisation use-cases to support consumers and the integrity of our markets any potential regulatory barriers to continuing maturity of tokenisation concepts Our work in Project Guardian We are a member of Project Guardian’s policymaker group and are taking part in the asset and wealth management workstream. Throughout 2024, the MAS, FCA and broader Guardian policymaker group have worked with Singapore, UK and international firms within the Guardian membership to develop the use-cases explored in this report, including at the Point Zero Forum in Zurich. The FCA and the Treasury are also observers on the industry-led Technology Working Group of the government’s Asset Management Taskforce that is considering the implementation of fund tokenisation in the UK. Read more about our work on tokenisation

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This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK. This firm is not authorised by us and may be targeting people in the UK. Search our Warning List for other unauthorised firms and individuals we're aware of. Unauthorised firm details Name: Lewis_Harrison Social Media Details: Instagram: Lewis_Harrison Some firms may give incorrect contact details including postal addresses, telephone numbers and email addresses. They may change these contact details over time. They may also give you details that belong to another business or individual, so the information looks genuine. What this means for you If you deal with this firm, you won't have access to the Financial Ombudsman Service if you have a complaint. You also won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business. How to protect yourself You should only deal with financial firms that are authorised by us. If a financial firm is authorised by us, it gives you greater protection if things go wrong. You can check our Financial Services Register to make sure a firm is authorised and has permission for the service it's offering you. You'll also be able to find: information on how you're protected contact details for authorised firms If you're contacted unexpectedly by a financial business or individual, make sure you reply using the contact details on the FS Register. Find out more about how to protect yourself from scams. Report an unauthorised firm If you think you've been approached by an unauthorised firm, call us on 0800 111 6768, or use our contact form.

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Speech by Emily Shepperd, FCA chief operating officer, delivered at the UK Sustainable Investment and Finance Association (UKSIF) Leadership Summit, IET London. Speaker: Emily Shepperd, FCA chief operating officerEvent: UKSIF Leadership Summit, IET LondonDelivered: 6 November 2024Note: This is a drafted speech and may differ from the delivered version Highlights Our objectives underpin the growth of the economy and encourage investment required for UK and financial services to achieve net zero by 2050. We will continue to engage with industry, balancing proportionate regulations more broadly while recognising and avoiding unnecessary regulatory pressures and costs on businesses. Our expansion to Leeds and Edinburgh enables us to attract new talent and better reflects the demographic of firms nationwide. The building we’re in, Savoy Place, was designed by one of our greatest architects: Charles Holden. He’s known today for his work for London Underground. The local stations he worked on – each modernist masterpieces in their own right – populate the outer reaches of the Tube. His designs are a visible reminder of the change London was going through at the time. Of an overcrowded city, dense and unforgiving, expanding to provide Londoners with somewhere greener to live and raise their families. Metroland, as poet John Betjeman called it. That development was made possible by infrastructure – the rail lines and Holden’s stations – that allowed people to pass easily from the centre to home. Those tracks laid by the Underground in the 1920s and 30s allowed London’s growth. Regulation must play a similar role to provide the underpinning, or regulatory infrastructure, that will support the growth of the economy. It can also help support the significant investment required for the UK and global transition to net zero. This was recently highlighted at the Government’s investment conference held in October and aligns to the Mansion House Compact. Sustainable and transition finance Let’s take sustainable finance and specifically transition finance as an example. It is estimated that in the UK we need £60 billion of additional annual funding per year by 2030 to achieve net zero by 2050. Globally, the figure stands at US$4.5 trillion. The Global Green Finance Index ranks London as the leading green financial centre – a position it has held since 2021. UK asset managers are responsible for £11 trillion in assets under management, making us the world’s second-largest investment manager. Our bond market is US$4.3 trillion. I’m not suggesting that financial services alone can plug the net zero gap, but the relative size and power of the sector in the UK is an important part of a story. Not of great cost, but of opportunity. But to realise opportunity, many pieces must come together. Some sit with government, some with industry. And some with the regulator. And we recognise we must get that regulatory infrastructure right. Encouraging sustainable investment So let me tell you about how we currently view our role and what you may expect going forward. To retain our position as the leading green finance centre, we recognise it will be important to ensure a balance of proportionate regulations that provide guardrails and standards, while avoiding cumbersome regulatory divergence. This needs to be coupled with flexibility as the sustainable finance market evolves, working closely with international colleagues and engaging with the market to ensure practical challenges are taken into account. Recent regulatory changes include the Sustainability Disclosure Requirements (SDR) and investment labels regime, our anti-greenwashing guidance, as well as facilitating an industry-led code of conduct for ESG data and ratings providers. In all of these, we’ve tried to take into account realities for firms and the market. For example, the investment labels regime already recognised that funds will need to invest in transitioning assets that are on a credible path to net zero by 2050. We therefore introduced the Improvers label. Meanwhile, our anti-greenwashing rule guidance provides examples not just of poor practice but also of best practice. This was to help firms understand our expectations. We are also actively involved in numerous wider initiatives, from the Government’s recently published Transition Finance Market Review (TFMR) and its Transition Plan Taskforce (TPT). It doesn’t mean we’re in a position to say ‘job done’, as UKSIF have pointed out in recent research. The Chancellor has already announced the intention for us to regulate ESG Ratings providers. While a lot of progress has been made in regulation, firms want more clarity and we remain mindful that firms will need time to implement existing rules and requirements. The SDR and investment labels are new regimes. As market practice evolves, we are also taking stock of our own processes to ensure firms have a smooth and consistent journey. As part of this we are engaging closely with firms and bodies like UKSIF, as well as updating our website to share examples of good practice. Meanwhile, our Financial Lives 2022 survey showed that in May 2022, 79% of consumers were of the view that businesses have a wider social responsibility than simply to make a short-term profit. Research by Boring Money shows that 86% of adults surveyed do not feel confident investing in current funds. At its core, our policy programme is one that will build industry trust, reduce greenwashing, promote competition and strengthen wider market integrity. And each development is a key example of how we intend to conduct policymaking going forward, supporting green finance to scale with integrity. We are encouraged to see companies set out their own plans for how they will shift to low carbon alternatives. This does, however, need to be supported by increased transition capital and sustainable investment products, which in turn could increase the size and liquidity of the UK market, creating opportunities for growth. This is where regulation comes into the picture, reflecting the varied needs of companies. We will consult on strengthening expectations for listed companies’ transition plan disclosures, giving investors transparency on a business’ future alignment with net-zero goals. We will support the global adoption of International Sustainability Standards Board (ISSB) standards, in collaboration with our colleagues at the International Organization of Securities Commissions (IOSCO). We are monitoring the ISSB’s next 2-year work plan, which includes a new project on nature-related financial disclosure – called Biodiversity, Ecosystems and Ecosystems Services, or BEES. We were pleased to see this included, having recommended that the ISSB start work on a thematic standard based on the Taskforce on Nature-related Financial Disclosures. Our approach recognises the advantages of a regulatory regime that maintains high, but proportionate standards. But when I say trust, I don’t mean that it’s risk-free. In this market, as with others, integrity means finding the right balance between risk and investor protection, ensuring there is an incentive to drive investment. Trust and growth In the last few years, we have set out to reform public markets. This has involved changes to our listing rules, greater freedom in how asset managers pay for investment research and proposals for a public offer and admissions regime to replace the current prospectus regime. We have further plans to improve retail access to fixed income markets. Opportunities that carry more risk could prove brilliant. As someone who worked in banking throughout the 2008 crisis, this is not something I say lightly. Managing risk is a careful balance – our new secondary objective to advance international competitiveness and growth proves useful framing for this as we strive to get it right and keep markets competitive. In the summer, we published our first report on this objective, detailing our achievements, alongside metrics to hold us to account. Consumer Duty We recognise that we can do more, so we are listening to firms and actively looking to refine the rulebook. When we introduced the Consumer Duty in 2022, it was a shift towards being outcomes focussed, with regulation that is proportionate, less reliant on granular rules and instilled with enough flexibility to be responsive to industry innovation. We are currently reviewing 172 responses to our Call for Input on the Duty. When we feed back next year, the aim is to address areas of duplication, confusion or over-prescription which create unnecessary costs for business while at the same time demonstrating it is possible to pursue market growth through sustained consumer benefit. We take a similar approach to post-Brexit rulemaking – making sure regulation meets the UK’s needs while avoiding costly divergence. The Duty, alongside our work on sustainability policy and market reforms are examples of how we are furthering our primary objectives. All are timely and salient examples of how we want to lay the tracks and build the infrastructure in a way that furthers our secondary objective. But this is not new – we have a track record of proportionate regulation to support growth. This year, we also celebrated 10 years of Innovation Services – a function that has supported almost 1000 firms. Our regulatory sandboxes were the first in the world, with 95 regulators introducing similar models. This continues with our recently launched AI Lab to help firms overcome challenges in building and implementing AI solutions, while ensuring we support the government’s work on safe and responsible AI development. When I joined, I established Early and High Growth Oversight to nudge nascent firms into the right behaviours early and support their growth. This was so firms wouldn’t fall off a cliff-edge after authorisation. We continue to make improvements to ensure a smooth and pacey customer journey for firms applying for authorisation, while maintaining the high standards for which the UK is known. As we finalise our strategy for 2025 onwards, we are looking to build on this, and find new opportunities for success. Building attractive cultures Growth goes hand in hand with forging a corporate culture that will continue to attract and retain the world’s top talent. Employment in the sector grew by 12.5% between 2010 and 2020. In 2023, it stood at 2.3 million. Around two thirds of which is outside of London. The demand for highly skilled talent in financial services, which currently sits at 73% of roles went up from 52% 20 years ago, continues to grow. Much as I’m a fan of the London Underground, it’s certainly important that we continue to look beyond London to discover that talent. For us, that has meant looking to Leeds and expanding our presence in Edinburgh, with 500 colleagues across both offices based in these locations – equivalent to 10% of our workforce. This has allowed us to tap into skills in other markets, and better reflect the demographic of firms nationwide. For example, 2 in 3 firms in Early and High Growth Oversight are based outside of London. It also helps us to better reflect the demographic of consumers, whose outcomes we see as inextricably linked with those of firms. The Financial Services Skills Commission has highlighted behaviours such as empathy as important in supporting consumer needs, and it is prioritised in its Future Skills Framework. But talent must be enabled to thrive. To do that, it’s important to foster a culture that values diversity of thought and enables people to speak up. As you leave, and maybe head to the Underground, I want you to take a look at the statue outside this building. The man this statue is dedicated to was born at the end of the 18th century. At 14 years old, he became an apprentice bookbinder, using his training as an opportunity to read. Michael Faraday then became one of our greatest scientists. Amongst other things, he invented an early version of what was to become the Bunsen burner. You probably used one at school, and it’s still used by science labs across the world. His story is an example of the great achievements of an autodidact from a humble background. It highlights how great talent can be found in unexpected places. The most obvious people may not have the best ideas. We must look beyond ourselves. His discoveries are also an example of the UK’s leading role in scientific and economic advancement, with the best known ones in the field of electricity and magnetism. These are discoveries that underpin technologies which, if powered sustainably, can help us reach net zero, such as the electrified public transport – of which the London Underground is a prime example. Faraday demonstrated that electricity was not an imponderable fluid, but a force. I’m hoping that with the infrastructure built, financial services will be a growth-powering force which also sees us achieve net zero.

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The FCA has fined Macquarie Bank Limited - London Branch (MBL) £13m for serious failings that allowed one of its employees to record over 400 fictitious trades. From June 2020 to February 2022, Travis Klein, a trader based on MBL’s London Metals and Bulks Trading Desk was able to record and take steps to conceal over 400 fictitious trades in MBL’s internal systems in a bid to hide his trading losses. The fictitious trades were not detected earlier because of significant weaknesses in MBL’s systems and controls, some of which the firm had been previously made aware of. Despite knowing of the weaknesses, MBL failed to put effective and timely plans in place to fix them. As a result, Mr Klein, a relatively junior trader, was able to bypass 3 key internal controls without detection for over 20 months. The FCA has banned Mr Klein from the financial services industry for acting dishonestly and without integrity and would have fined him £72,000 if his application for serious financial hardship had not been successful. The fictitious trades cost MBL an estimated USD $57.8m to unwind but did not affect customers or the market overall. If MBL had taken timely action to plug these gaps in their systems and controls, this cost could have been substantially reduced or avoided altogether. Steve Smart, joint executive director of enforcement and market oversight, said: 'MBL’s ineffective systems and controls meant that one of its employees could, at least for a time, hide trading losses which cost the firm millions to unwind. 'This should serve as an example to those we regulate; risk can come from within. You need the right systems to identify it so it can be tackled early.' Notes to editors Final Notice 2024: Macquarie Bank Limited - London Branch. Final Notice 2024: Travis Lloyd Klein. Macquarie Bank Limited (MBL) is a company incorporated in Australia which forms part of a global financial services group. It operates in the UK through its London Branch and has been authorised by the FCA since December 2001. The FCA has imposed a financial penalty of £13,031,400 on MBL pursuant to section 206 of the Act for breaches of Principle 3 of the FCA's Principles for Businesses. MBL would have been fined £18,616,403 but it agreed to resolve these matters and so qualified for a 30% discount. Mr Travis Lloyd Klein (Mr Klein) was a trader on the Metals and Bulks Trading Desk at Macquarie Bank Limited from August 2017, initially working in Sydney Australia. From October 2018, Mr Klein worked at MBL’s London Branch. From 5 December 2018, Mr Klein was a Certified Employee at MBL for the purpose of client dealing and was therefore subject to the FCA's Individual Conduct Rules, including the requirement to act with integrity. The FCA has also made an order prohibiting Mr Klein from performing any function in relation to any regulated activity carried on by an authorised person, exempt person, or exempt professional firm, pursuant to section 56 of the Act. Find out more about the FCA.

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