News
CFTC continues FX fraud crusade
WASHINGTON – The US Commodity Futures Trading Commission (CFTC) has continued its crusade against fraudulent retail FX firms in the US, with three enforcement actions so far in July.
Klein takes CLS Group chair
NEW YORK – Fritz Klein is the new chairman of the board of directors of CLS Group and CLS Bank International.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Indian options market bursts into life
MUMBAI – The rupee options market exploded into life last week, with more than $250 million of deals transacted on the launch date (July 7), said local market participants.
ABN Amro hires four in strategy
LONDON – ABN Amro has hired four forex strategists, increasing headcount in its global team from five to nine.
BoE cut may hint at lower sterling
LONDON – The Bank of England’s (BoE) shock 25 basis point cut in the UK repo rate last week – to 3.5% – has brought expectations of a lower sterling, analysts said last week.
BBH sees forex growth in emerging markets
LONDON – US custodian Brown Brothers Harriman (BBH) saw increased FX trading volumes in the first half of this year, with particular growth in emerging markets.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…
FXall reaches profitability
New York – Multi-bank portal FXall now earns more than it outlays on a monthly basis, it said last week, over two years after its May 2001 launch.
MMS International denies bid for MCM
LONDON – Mickey Arora, the president and chief executive of market analysis and commentary provider MMS International, has denied reports that the company is in discussions to buy rival commentary provider MCM.
HSBC Asia team set to grow
HONG KONG – HSBC Asia is looking to increase its FX derivatives and sales headcount over the next two years, a senior bank official told FX Week, but FX trading teams are likely to remain static.
CMC starts trading in the US
NEW YORK – UK online forex trading firm CMC Group started trading in the US last week.
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.
Euro rise helps fund managers perform
STAMFORD, CT – The continued strength of the euro helped most currency managers on the Parker Global Strategies FX Index record positive returns in May, Parker announced last week.
Danske rebuilds FX in London
LONDON – Danske Bank will complete the rebuilding of its FX sales business in London next week with three new additions, a senior official at the bank told FX Week.
HK’s FX clearing needs improvement – IMF
HONG KONG – Foreign exchange clearing supervision in Hong Kong needs to be improved, according to the International Monetary Fund (IMF). In a report published in late June, the IMF said although payments systems in the Special Administrative Region (SAR)…
King replaces George at BoE
LONDON – Mervyn King took over as governor of the Bank of England last Tuesday (July 1), following the retirement of former governor Edward George.
DrKW adds TraderMade to Piranha
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has added UK vendor TraderMade’s real-time charting to its online FX trading platform Piranha.