News
Citi’s institutional FX sales head in internal move
Okan Pekin will lead the newly formed investors services group at Citi, reporting to Neeraj Sahai and Paco Ybarra
Lloyds hires FX trader from Commerzbank
New York-based Robert Philbin has moved to Lloyds after less than a year at Commerzbank
CCPs face $161 billion liquidity shortfall to clear FX options, GFXD finds
Results of an industry study reveal the scale of the liquidity burden that would fall on CCPs clearing physically delivered FX options – but a net settlement mechanism could reduce the number by 73%
Credit Suisse merges FX, rates and commodities
David Tait and Jon Kinol will lead a new global macro products group from London and New York, respectively
Corporates and investors need confidence to tap offshore RMB, say banks
As the internationalisation of renminbi continues to gain traction, buy-side engagement in the currency varies significantly across geographies and sectors
JP Morgan's Hudson promoted to divisional CFO
David Hudson promoted to chief financial officer in the global markets business at JP Morgan; other changes at CME, Barclays and Alpari
Traiana opens Singapore office
New office comes in addition to sales offices in Tokyo and Hong Kong as the vendor looks to ramp up its presence in Asia
FXSpotStream adds precious metals
Spot aggregation service adds precious metals, with prices streamed from liquidity providers through the same single connection
Industry calls for changes to benchmark practices
Ongoing investigations into manipulation of FX benchmarks have led to calls for changes to the way the WM/Reuters exchange rates are used
EBS Direct launch could reverse volume decline, say participants
The full launch of EBS Direct opens up a new market segment that could be an opportunity to claw back market share lost in recent years
EBS Direct hires Hugh Whelan from Commerzbank
EBS appoints Whelan to oversee liquidity management for the company's new relationship-based platform
StanChart creates global RMB trading team
New team headed by Charles Feng seeks to tackle time zone challenges by having renminbi traders located across geographies
ADS Securities rolls out multi-asset platform
New platform Orex Optim has now fully launched after two years of development and six months of testing at the Abu Dhabi-based firm
Nomura hires former RBS FX sales director
Jonathan Harding resurfaces at Nomura after leaving RBS alongside Graham Wintersgill in July
Swiss franc floor will remain in place, says UBS FX chief
George Athanasopoulos shares currency predictions for 2014, including an expectation the Swiss National Bank will maintain the 1.20 floor on EUR/CHF
FXall product management head joins Barracuda FX
Mary Moreleigh joins order management technology vendor in London after three years at FXall
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
Esma repository approvals fire starting gun for EU trade reporting
Mandatory trade reporting for all asset classes will begin on February 12, but the FX industry is still grappling with the challenges of dual reporting
SEB hires spot trader in Asia
Commerzbank spot trader joins SEB in Singapore; other moves from RBS, BAML and Barclays
SG CIB’s Escoffier takes the reins at Newedge
David Escoffier has been appointed chief executive of Newedge as Société Générale negotiates with Crédit Agricole to take full control of the firm
Dialogue needed on Sef confirmations - GFXD
Following a further CFTC extension for Sef confirmation requirements until November 29, the global FX division stresses the need for dialogue and co-operation with regulators over the next month if the deadline is to be met
ForexClear launches client clearing for NDFs
LCH.Clearnet has launched buy-side clearing of NDFs on its ForexClear platform, a year after it gained approval from the UK Financial Services Authority
BNP Paribas loses e-FX strategy chief
Martin Zinkin departs the French bank after little more than a year
US pension fund sues seven dealers over FX benchmark rigging
Massachusetts-based pension fund Haverhill Retirement System is suing seven FX dealers for manipulation of the WM/Reuters benchmark rates