Wholesale
Bank of Thailand backtracks on reserve requirements
BANGKOK – The Bank of Thailand (BOT) went back on regulations introduced on December 18, by removing the 30% foreign currency reserve requirements on current account activities and equity investments.
October 2006 - Flextrade to launch block trading platform
CHICAGO, NEW YORK AND LONDON – October was a month where new players looked to make their mark on the industry. Reuters CME joint venture FXMarketSpace announced 20 more banks signed to be clearing prime brokers while it emerged trading technology vendor…
February 2006 - Refco saga continues with veto of FXCM deal
NEW YORK – Refco creditors vetoed a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
Wooden Nickel scammers fined $25 million
NEW YORK – Individuals and companies involved in the Operation Wooden Nickel trading scam have been ordered to pay some $25 million by the Commodity Futures Trading Commission (CFTC).
August 2006 - ABN Amro trader faces execution in Vietnam
HAI PHONG – August saw an ABN Amro FX trader face possible execution in Vietnam after participating in activity that lost a state bank $5.4 million after participating in allegedly unauthorised prop trading.
March 2006 - FXall agrees to sell 20% stake to TCV
NEW YORK – FXall agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, sources told FX Week .
April 2006 - FX business restructures
LONDON & HONG KONG – April was the month for business restructures, with ABN Amro, JP Morgan, HSBC and Royal Bank of Scotland (RBS) altering their FX business operations.
February 2006 - JP Morgan forex salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested, making the US bank the latest to be embroiled in a trading scandal. Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on…
Forex fraud spreads to Asia-Pacific
Meanwhile, last week saw a US company fined more than $12 million for defrauding customers in Japan and China.
July 2006 - NAB saga heads towards closure
MELBOURNE – The final chapter of the National Australia Bank (NAB) trading scandal unearthed in 2004 drew close to its conclusion in July, with the last two forex options traders jailed.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
Fraudsters fined $19m for currency options scam
WASHINGTON DC & BARCELONA, FLORIDA – The spate of FX fraud busts in Florida continued last week, with three companies involved in a currency options scam facing a $19 million fine.
HSBC trades non-deliverable swaption
HONG KONG – HSBC last week traded the first ever option on a renminbi non-deliverable interest rate swap.
Weighing up the alternatives
Jeffrey Lins , Executive Director of Quantitative Analysis at Saxo Bank in Copenhagen, evaluates the pitfalls of using maximum drawdown-based performance measures, and points to recent advances that may help to expand opportunities for investment…