News
Retail brokers evolve to meet regulation
NEW YORK - Retail brokers in the US continue to shape up internal business practices to abide by best practices introduced by industry regulator the National Futures Association (NFA).
Morgan Stanley hires trading head in Asia
David Hong has joined Morgan Stanley as a managing director and head of FX and emerging markets trading for Asia, based in Hong Kong.
UK structured products stuck on repeat
An unfavourable pricing environment and investor caution is resulting in a series of familiar structures in the UK market. A few variations in underlying are evident but all come back to income
MEPs win on powers for new European supervisory bodies
Pan-European authorities will have the power to impose emergency measures and intervene with financial institutions, after parliamentarians gained ground in a compromise agreement
Deutsche Bank enhances Autobahn FX for FXO
LONDON - Deutsche Bank has built out its trading capabilities for forex options on electronic trading platform Autobahn FX, as competition for electronic business moves to the options market.
Exchange volumes continue rise in August
CHICAGO – Volumes in foreign exchange products on the Chicago Mercantile Exchange were up 15% in August, with 11.7 million contracts traded a day on average, the exchange said last week.
JP Morgan slashes commodities desks
Fate of other prop desks unclear ahead of enactment of Volcker Rule
Non-banks lead 20% rise in FX turnover
BASEL - The global financial crisis has led to a slowdown in the growth of the foreign exchange markets, with most activity shifting to the investor community from the trade-based flow.
Trend the poorest-performing strategy for August
LONDON – Currency managers using the trend strategy ended August at a loss of -2.2% as risk aversion led to a move into safe-haven currencies, indicates research by Royal Bank of Scotland.
Widmer out as Citi rolls in new e-commerce team
NEW YORK & ZURICH - Citi has established a new G-10 FX electronic commerce relationship management team, shortly after two senior FX managers resigned from the bank.
CFTC retail FX rules fail to curb offshore trading
WASHINGTON, DC - The US Commodity and Futures Trading Commission's (CFTC) compromise to limit leverage on retail FX trading accounts to 50:1 from a proposed 10:1, is unlikely to curb the shift of retail business offshore, according to market participants.
RBS hires in prime brokerage from BarCap
STAMFORD, CT - Royal Bank of Scotland is expanding the Americas coverage of its prime-brokerage business with the hire of Matthew Shuman to its fixed-income, currencies and commodities (FICC) prime brokerage team.
Trading Places, September 6, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Turnover reaches $4 trillion
Trading between banks and the non-bank financial institutions surpassed interdealer volumes, reveal preliminary statistics from the Bank for International Settlements' (BIS) triennial foreign exchange survey.
Retail brokers win US leverage battle
The US Commodity Futures Trading Commission (CFTC) buckled to pressure from retail traders by abandoning a proposal to reduce leverage to 10:1 from 100:1, in new rules published last night (August 30).
Citi appoints Asia ex-Japan strategy chief
Citigroup appointed Patrick Perret-Green as head of FX and local markets strategy for Asia, ex-Japan.
Alpari US live with Morgan Stanley FXPB
Retail trading company Alpari US has dropped Newedge in favour of Morgan Stanley as its foreign exchange prime broker, as part of plans to reduce trade sizes and auto-hedge its retail flows.
SEB FXPB targets Q4 live date on EBS and Reuters
SEB will go live with three prime brokerage clients on EBS Spot and Thomson Reuters Matching for Prime Brokerage at the start of the fourth quarter.
Lloyds TSB hires Yates
Lloyds TSB Corporate has hired Sara Yates as sector economist in London, the bank said today (August 25).
UK FSA revisits trading regulation in comprehensive review
Financial Services Authority identifies valuation, capital framework coherence and risk management as key problem areas; issues 15 recommendations to revitalise standards
Commerzbank builds FX globally
Commerzbank has made key hires in sales and trading across Asia, Europe and the US as it strengthens its global FX business, the bank said on August 25.
Morgan Stanley builds out structuring
Morgan Stanley has hired Stefano Diamantini from JP Morgan in London, in a bid to improve its FX structuring capabilities, according to market sources.
Thomson Reuters veteran to leave
Mark Redwood, president, sales and trading, in the markets division at Thomson Reuters in London, is due to leave by the end of the year, the company confirms.
Basel Committee to rethink CVA capital charge
Regulators may adapt the bond-equivalent approach amid claims the methodology will lead to perverse incentives