Islamic Finance

Mixed forecast for FX

LONDON - Foreign exchange teams will avoid the worst of the job cuts in the City of London, although market sources warn no-one will be immune from redundancies.

Another FX trader fined

STOCKHOLM - Sweden's financial regulator has imposed a maximum penalty on Forex Bank for insufficient money laundering controls, signalling a global clampdown by regulators on risk management failings at retail foreign exchange institutions.

Retail FX broker suspended in Dubai

DUBAI - The Dubai Financial Services Authority (DFSA) imposed its first-ever sanctions against a foreign exchange broker last week, sending a warning to online brokers to maintain standards when operating retail FX businesses in the city.

BoA in trans-Atlantic forex drive

LONDON & NEW YORK - Bank of America has bolstered its US and UK foreign exchange teams with newly created FX emerging market (EM) roles in New York and senior replacement hires in London.

StanChart outlines forex e-pricing and trading strategy

LONDON - Standard Chartered has provided further details about its e-forex pricing and trading strategy since promoting Todd McDonald to a newly created position as global head of foreign exchange electronic pricing and trading ( FX Week August 4).

The murky side of retail forex

In these days of heightened regulatory scrutiny, Saxo Bank could take it upon itself as a pioneer of the retail foreign exchange market to more effectively monitor who is using its technology and how.

StanChart relaunches sharia platform

DUBAI - Standard Chartered has relaunched a sharia-compliant version of its online treasury (OLT) foreign exchange trading and hedging platform, after incorporating the version into its global brand for Islamic products, Standard Chartered Saadiq.

BoA hires London forex duo

LONDON - Bank of America (BoA) is hitting back after making severe cuts to its foreign exchange team in January by boosting its sales and trading franchise in London with two senior hires.

Gulf single regional currency approved

DUBAI - Central bankers from Arab Gulf states approved a draft monetary union treaty last week (June 9) for creating a single regional currency. Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait agreed to create a Gulf currency by 2010…

GCC currency pairs live on ACM

GENEVA - Six new Gulf Co-operation Council (GCC) currency pairs are now available to traders on Geneva-based online currency trading platform AC Markets (ACM).

Icap grows in Middle East

BAHRAIN - Interdealer broker Icap is expanding its footprint in the Middle East by adding the Bank of Bahrain and Kuwait (BBK) as an EBS Prime customer.

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