News
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for FX swaps and forwards
Lloyds restructures sales into cross-asset-class teams
Matthew Lawrence and Adam Barrett now head up two cross-asset sales teams, while Anders Henrikson is head of FX product
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
UBS hires FX quant head from State Street
Ciara O'Brien joins UBS to head electronic foreign exchange quantitative trading analytics
Eurex preps launch of FX options and futures
German derivatives exchange will move into the FX market in October as it aims to compete for volume in listed futures and options
StanChart creates global RMB team
Standard Chartered builds a renminbi-focused team with appointments in London, New York and Hong Kong
Saxo Bank adds ruble pairs to options platform
USD/RUB and EUR/RUB will be added today as the Danish bank answers increasing client demand for the ruble
Dual reporting requirements in Asia cause concern
While Singapore will mandate single-sided trade reporting, regulators in Australia and Hong Kong will follow the European Union’s requirement for dual reporting, leading to concerns among market participants
Barclays FX flow options head departs
Gugesh Guganeswaran has left the bank in London; other FX hires at RBC and SG CIB, while BNP Paribas reshuffles in strategy and Credit Suisse appoints a new chief risk officer
Thomson Reuters acquires start-up options technology vendor
SigmaGenix, a London-based provider of FX options technology, has been acquired by Thomson Reuters and its chief executive Jeremy Gelber becomes global head of FX options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
Buy side scales back on yen positions as volume dips
Market participants report a significant decline in investor and corporate appetite for the yen, following the rush to the currency in the first quarter
Rupee sell-off continues, despite repeated RBI efforts
Efforts by the Reserve Bank of India to stabilise the currency's depreciation have failed, as the rupee falls to a record low
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants
360T makes senior hire to lead FX options
Expansion of 360T's US presence continues with the appointment of Glenn Rosenberg as global product manager for FX options, based in New York
Commerzbank loses Fic trading head
Changes in Commerzbank's fixed-income and currencies business see the departure of trading head Hui-Sun Kim
VTB Capital hires Tripathi to head FX derivatives
Experienced FX options trader, most recently at UBS in Singapore, has joined the Russian bank to run its FX derivatives business
TD Securities hires EMFX trading head
Markus Kiraly, a veteran of Bank of America Merrill Lynch and UBS, will join the Canadian bank in London on November 1
Credit hubs vie to increase Sef and FCM participation
Several banks and platforms have backed both of the new pre-trade credit hubs that handle credit screening and clearing certainty, but MarkitServ and Traiana are now locked in a race to sign up more participants
Goldman Sachs hires in FX sales and trading
New hires at Goldman Sachs and Commerzbank while HSBC's prime-brokerage head relocates to Asia
Weaker franc leads to speculation over future of SNB floor
Volatility has picked up in EUR/CHF this year, but traders believe the franc needs to weaken a lot more before the Swiss National Bank would consider easing its policy
Russia's ruble expected to become major currency by 2015
Market participants are bullish about the ability of the ruble to quickly penetrate the group of top global currencies, but settlement issues remain the biggest obstacle
FX markets in mid-year lull as yen volatility dries up
The yen has become more range-bound following its dramatic fall earlier in the year, creating a lull in FX market activity during the western summer weeks
ANZ expands in corporate sales
As part of the Australian bank's European growth strategy, ANZ has appointed two heads of corporate multi-asset sales in London