Feature
May 2006 - CLS cuts prices for low-value, high-freq trades
LONDON – CLS Bank has introduced a new pricing structure that sees charges slashed for settling low-value payment instructions, as it seeks to attract low-value high-frequency trading business.
August 2006 - FXall to launch anonymous platform
NEW YORK – It emerged in August that FXall was looking to launch an anonymous trading platform to target both buy-side and sell-side market participants. The multi-bank portal sent details to banks outlining how the new platform was set to work.
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.
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.
September 2006 - Xinhua filters foreign news
BEIJING – China's plans to delay the information flow from foreign news agencies by filtering it through Xinhua news agency led to fears about the future of FX trade in the region.
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…
January 2006 - PBoC gives OTC foreign exchange go-ahead
BEIJING – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades and authorised the China Foreign Exchange Trading System (Cfets) to determine the daily central parity rate for the RMB against foreign…
October 2006 - Bank of China broadens CLS horizons
HONG KONG & BEIJING – Bank of China (BoC) became a shareholder in CLS Group, as the world's largest emerging economy took another step towards integration into global capital markets.
December 2006 - EBS moves into netting following Traiana deal
LONDON – EBS is to establish a netting service to enable prime customers to net trades with their banks, as the spot broker looks to adapt to the changing landscape.
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.
November 2006 - Icap pushes into non-deliverable forwards
LONDON – Icap plans to launch non-deliverable forwards and develop an electronic FX options trading platform, CEO Michael Spencer told the FX Week annual congress in his keynote address.
December 2006 - Spotlight shines on emerging markets
LONDON – Icap moved voice brokers to its central European franchise away from the majors as falling margins in the majors and the purchase of EBS changed the company's strategy.