News
Commerzbank splits derivatives team as chief leaves
Commerzbank has restructured its London-based forex derivatives desk following the departure of Salvatore Rubino, global head FX derivatives, earlier this month.
Spot FX faces clearing threat
Spot foreign exchange faces unnecessary clearing to avoid discrepancies on banks’ books, according to speakers at Global Insight Forum: The impact of regulation on the global OTC market, held in London on October 19.
Hotspot FX reports September year-on-year growth
Hotspot FX reported a 17.1% rise in average daily volumes to $33.8 billion – double count – in September, versus $28.8 billion in September last year.
IBFX launches in Australia
Retail foreign exchange trading company Interbank FX (IBFX) has opened a subsidiary office in Sydney, it announces today (October 25).
Trading Places, October 25, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
ECB calls for law enforcing Sepa migration
European Central Bank says legislative action on migration of Sepa scheme needed as self-imposed deadline will not work
The impact of regulation on the global OTC market
Three web seminars – in Hong Kong, London and New York – exploring key changes in international OTC derivatives regulation from a regional perspective
Lane takes top sales role at BAML in Australia
SYDNEY – Bank of America Merrill Lynch is building out forex coverage of the Australian market with a key sales hire in Sydney.
Fleschler resurfaces at Goldman Sachs
Robert Fleschler, formerly global head of electronic FX sales and distribution at Lehman Brothers, has joined Goldman Sachs as vice-president of e-FX sales for the Americas.
US forex hits sluggish patch
NEW YORK & BOSTON - All US banks reported weak forex revenues in the third quarter this year versus last year, as volatility and volumes dropped.
Lloyds strengthens structuring team with new hires
Phil McCabe joins Lloyds as head of client structuring in FX rates and commodities. He is based in London and reports directly to Patrick Shone, head of structuring.
SEB overhauls management structure and preps Asia push
SEB has realigned senior management to focus on key growth areas in Europe, while preparing to open up shop in Hong Kong next year to target Asian institutional investors.
Trading Places, October 18, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Traiana opens office in Tokyo
TOKYO – Post-trade technology vendor Traiana has opened an office in Tokyo to meet the needs of locally based clients, it announced today (Monday 18).
ECB's Constâncio: grant CCPs access to central bank liquidity
WASHINGTON, DC – Central counterparties for derivatives trades should have access to central bank liquidity, Vítor Constâncio, the vice-president of the European Central Bank, has said.
SocGen hires two in trading
LONDON - Société Générale hired two new foreign exchange options traders in London last month, confirmed an internal source.
CFTC starts SEF regulation discussions
WASHINGTON, DC - The Commodity Futures Trading Commission’s (CFTC’s) Technical Advisory Committee began to lay the groundwork for rules that will eventually govern swap execution facilities (SEFs) last week (October 12) citing concerns over the new…
Raphaels Bank to go live on ESN in November
LONDON - Raphaels Bank is due to go live with Wall Street System's electronic settlement network (Wallstreet ESN) in the last week of November, as part of efforts to boost its post-trade operations.
Cebs issues finalised guidelines on op risk in market activities
LONDON – The Committee of European Banking Supervisors (Cebs) is confident the final versions of its guidelines on op risk in market-related activities will be implemented fully in June-end, 2011.
Gain acquires CMS retail business as new rules come into force
NEW YORK - Capital Market Services (CMS) has sold its retail forex business to Gain Capital, making it the latest online trading company to exit the market in light of rising costs from increased regulation.
RBS bounces back with hire of new options head
LONDON - Richard Fawcett has joined Royal Bank of Scotland as global head of foreign exchange options in London.
Garwood returns to sell-side
LONDON - Lloyds TSB has hired UBS veteran Rob Garwood as its new head of global FX sales to strengthen its UK sales team in London.
JP Morgan kicks off Q3 results round
NEW YORK - JP Morgan posted another year-on-year fall in third-quarter results from the fixed-income business, which includes foreign exchange, due to a drop in revenues from credit and rates.