News
LCH.Clearnet 'shocked' at Dodd-Frank capital requirement
CCP's chief executive speaks out against CFTC ruling at New York conference.
Capital rules for CCP exposures could make clearing costs punitive, dealers conclude
Clearing of over-the-counter derivatives could become punitively expensive if a proposal by the Basel Committee on Banking Supervision to increase capital held against exposures to central counterparties (CCPs) is not watered down, according to dealers.
Fourth-quarter results a mixed bag for US banks
US dealers reported widely differing results for the fourth quarter of 2010 as competition returned to the market.
Trading Places, January 24, 2011
Read this week's Trading Places to catch up on people moves across the FX world.
Eight pilot SurfaceExchange FX derivatives platform
SurfaceExchange is piloting its anonymous FX derivatives trading platform with eight traders and plans to go live at the end of the first quarter.
ANZ gets Moore from Barclays Capital
ANZ has hired Paul Moore, a former Barclays Capital emerging markets trading head, alongside other FX appointments Christophe Massa and Thomas Mummert, according to market sources.
Israel clamps down on forex derivatives
The Bank of Israel (BoI) has joined the growing number of emerging market central banks to introduce tougher regulations on forex to battle the rise in speculative trading.
Volcker rule could interfere with bank hedging
Dealers in the US could find their market-making and hedging freedom curtailed by a proposed ban on proprietary trading, if the final rules mirror an ambitious study published on Tuesday (January 18) by the Financial Stability Oversight Council (FSOC)…
Delelis finds a new home
Former head of spot and proprietary trading at Credit Suisse Alain Delelis has been hired by proprietary trading firm First New York Securities in New York (FX Week, March 22, 2010).
SocGen strengthens strategy team
Société Générale has strengthened its foreign exchange strategy team with three new hires in London, following the departure last year of senior FX strategist Valentin Marinov in London.
Post-restructuring movement at BarCap
Barclays Capital continues to reorganise its foreign exchange business with a promotion, while news of more departures from the business emerge.
Citi takes hit in rates and currencies
Citi and JP Morgan began the US quarterly results round, reporting a year-on-year drop in fourth-quarter fixed-income business revenues, with Citi citing falls in rates and currencies revenues.
Marex signs up to CME and Ice
Institutional broker Marex has joined exchanges CME and Ice as a full clearing member, it announced on January 18. Hunter Baldwin, managing director at Marex North America, said the move was in response to customer demand and Marex’s expansion into North…
China tests further easing of renminbi convertibility of capital account
China's State Council is advising the Shenzhen municipal government and local regulators about permitting renimibi conversion outside of currency restrictions
Asian Financial Forum: Call for Chiang Mai upgrades, shorts control
Asian regulators note the risk of future market volatility due to fund outflows from the region or external global difficulties, and suggest that Chiang Mai and short selling are among topics that need attention.
New CFTC documentation rules could force Isda master modifications
Proposed US rules might require changes to standardised global derivatives agreement
Connors out of Goldman Sachs
Senior foreign exchange manager leaves US bank for alleged compliance irregularities
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
Pension funds need exclusion from clearing, says Record
Mandatory clearing of FX forwards will seriously disrupt the investment strategies of pension funds, according to Neil Record, chairman at Record Currency Management.
UBS: FX CCPs will be “too big to fail”
Foreign exchange central counterparties (CCPs) will automatically be “too big to fail” because the consequences of failure are too terrible, according to Huw Evans, managing director and chief operating officer of FX at UBS.
Thomson Reuters Dealing targets Sef and MTF compliance by Q4
Thomson Reuters aims to make the Thomson Reuters Dealing peer-to-peer conversational trading application compliant under swaps execution facility (Sef) and multi-lateral trading facility (MTF) rules by Q4, the vendor tells FX Week.
BarCap departures on both sides of the Atlantic
Barclays Capital saw departures in London and New York last Wednesday (January 12) as the bank undergoes a series of cutbacks, according to market sources.