London FX Traders Face Dwindling Bonuses in Wake of Scandal
- Bonuses awarded to FX traders in London, a long held perk of the position, are slated for a massive decline of -43% this year, in wake of lingering scandals and regulatory crackdowns that have engulfed the industry.
Bonuses awarded to FX traders in London, a long held perk of the position, are slated for a massive decline of -43% this year, in wake of lingering scandals and regulatory crackdowns that have engulfed the industry.
FX has faced an uneven year in 2014 thus far, as Q1 was consumed by a mountain of regulatory pressure, which unleashed a string of worldwide probes into the investigation of the $5.3 trillion-dollar-a-day FX industry.
Moreover, historically low Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term has led to a massive reshuffling of executive personnel across both the institutional and retail FX sectors. These issues collectively point to lower bonuses, which were finally articulated on Thursday by a survey from Emolument, a study of pay data.
Industry Backlash or Return to Parity?
Currency traders are likely to see a 43 percent decline in payouts for 2014, compared with a 41 percent jump projected for colleagues on commodities desks, according to estimates by the salary benchmarking website. The average bonus paid to currency and commodities traders for last year was 134,000 pounds ($218,000) and 106,000 pounds, respectively, it said.
The $5.3 trillion-a-day currency market is under investigation amid allegations that dealers leaked confidential client information and colluded to rig benchmarks. Revenue from foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading is also being squeezed amid weaker client activity, as regulators strive to rein in excessive compensation to prevent another financial crisis. The European Union has banned bonuses exceeding more than twice fixed pay.
“The foreign-exchange market has been tough and there are a lot of traders out there without jobs,” said Jason Kennedy, chief executive officer of recruitment firm, Kennedy Group in London. “There is no need to pay because they aren’t going anywhere and also after the noise with the scandal, banks prefer to keep their head below the parapet and therefore by not paying even ordinary bonuses they are avoiding any attention.”
Bonuses awarded to FX traders in London, a long held perk of the position, are slated for a massive decline of -43% this year, in wake of lingering scandals and regulatory crackdowns that have engulfed the industry.
FX has faced an uneven year in 2014 thus far, as Q1 was consumed by a mountain of regulatory pressure, which unleashed a string of worldwide probes into the investigation of the $5.3 trillion-dollar-a-day FX industry.
Moreover, historically low Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term has led to a massive reshuffling of executive personnel across both the institutional and retail FX sectors. These issues collectively point to lower bonuses, which were finally articulated on Thursday by a survey from Emolument, a study of pay data.
Industry Backlash or Return to Parity?
Currency traders are likely to see a 43 percent decline in payouts for 2014, compared with a 41 percent jump projected for colleagues on commodities desks, according to estimates by the salary benchmarking website. The average bonus paid to currency and commodities traders for last year was 134,000 pounds ($218,000) and 106,000 pounds, respectively, it said.
The $5.3 trillion-a-day currency market is under investigation amid allegations that dealers leaked confidential client information and colluded to rig benchmarks. Revenue from foreign-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading is also being squeezed amid weaker client activity, as regulators strive to rein in excessive compensation to prevent another financial crisis. The European Union has banned bonuses exceeding more than twice fixed pay.
“The foreign-exchange market has been tough and there are a lot of traders out there without jobs,” said Jason Kennedy, chief executive officer of recruitment firm, Kennedy Group in London. “There is no need to pay because they aren’t going anywhere and also after the noise with the scandal, banks prefer to keep their head below the parapet and therefore by not paying even ordinary bonuses they are avoiding any attention.”