Articles by FX Markets Staff
Futures look bright for Ice
ATLANTA - The Intercontinental-Exchange (Ice) Millions FX futures contracts have traded at an average daily volume of $350 million since launch a month ago, according to the Atlanta-based exchange.
A licence to deal
Experienced traders and other market professionals agree, the current market conditions and environment are unique - the government effectively having to shore up the balance sheets of some of the best-known and well-established banking institutions by…
Ellis departs CIBC
TORONTO - Craig Ellis, managing director in foreign exchange and money markets at CIBC World Markets, served his last day at the firm last Friday (December 5).
Capital controls hamper króna's comeback
REYKJAVIK - Iceland re-floated its currency last week but existing capital controls continue to drive away interest in króna trading.
Shah, Bear depart CBA in London
LONDON - The Commonwealth Bank of Australia (CBA) has seen a reduction in its headcount in London.
SocGen bolsters London FX team
LONDON - Société Générale has boosted its foreign exchange outfit in London with the addition of two former Lehman Brothers staff.
China in shock interest rate cut
BEIJING, MUMBAI & BANGKOK - The People's Bank of China shocked markets with an aggressive 108 basis point cut to interest rates last Wednesday (November 26), in its latest move to curb the rapid decline in growth.
Ellis to leave CIBC, Monahan quits Icap
TORONTO & HONG KONG - Craig Ellis, managing director in foreign exchange and money markets, has announced his departure from CIBC World Markets effective December 5. Meanwhile, Mark Monahan, chief executive of Icap’s electronic business in the Asia…
DealHub client consolidates trades
LONDON - Options Computer Limited (OCL) has deployed its DealHub internal trade netting tool with an existing client, enabling the bank to reduce more than 100,000 component trades to 1,000 aggregate trades, according to the vendor.
MarketFactory Whisperer closer to launch
LONDON & NEW YORK - MarketFactory's Whisperer product is being beta-tested by a group of clients made up of banks and funds, James Sinclair, chief executive of the financial technology firm in New York, has told FX Week. He expects the first client to go…
Hedge funds outshine banks as API price-makers
LONDON - Banks are mostly price-takers when trading on spot broking system EBS through an application programming interface (API), according to analysis by interdealer broker Icap.
A storm in a teacup
Henrik Gullberg, senior foreign exchange strategist at Deutsche Bank in London, says fears over the Swiss franc's status as a safe-haven currency are exaggerated
One up, three down at Citi
NEW YORK & LONDON - Citi's global head of electronic execution has been made redundant and cuts have been made to the foreign exchange sales team in London, as part of the bank's drive to reduce headcount globally.
India to open rupee/dollar futures to FIIs
MUMBAI - The Reserve Bank of India and the Securities and Exchange Board of India (Sebi) are expected to allow foreign institutional investors (FIIs) to participate in the currency futures market soon, market participants speculate.
Crisis benefits BoA, JPM
STAMFORD, CT - Bank of America (BoA) and JP Morgan have tightened their grip on the US corporate banking market in the fallout from the financial crisis in September, according to research by Greenwich Associates.
New SocGen platform targets active traders
LONDON - Société Générale is set to launch a new foreign exchange trading platform in January, in a move to increase its presence among institutional clients.
Morgan Stanley's Mettler gets new deputy head
LONDON - Morgan Stanley has promoted Marcin Wiszniewski to a newly created role as deputy head of global foreign exchange and emerging markets (EM), effective December 1.
FX bonuses expected to drop by 80%
LONDON - Bonuses will plummet by 80% for most foreign exchange staff in London, according to research by Armstrong International, a London-based search firm.
Times getting heavy for metal traders
Gil Bray, head of product and business development at technology vendor Misys in New York, says the base metal OTC community needs to move with the times and reap the benefits technology can offer
CLS on shaky ground with third-party providers
Just as the front office begins to show signs of support for CLS, there's now doubt over commitment from the utility's third-party service providers, with at least one rumoured to be scaling back.
Traders shift focus to recession
LONDON - Traders are reporting a slowdown in foreign exchange activity and a focus shift towards global recession fears as the market approaches year-end.