News
CME/FXMS venture over?
LONDON - CME Group (CME), Thomson Reuters and FXMarketSpace (FXMS) have not confirmed a media report alleging CME has decided to end its involvement in FXMS, its joint venture FX platform with Thomson Reuters.
Retail FX broker suspended in Dubai
DUBAI - The Dubai Financial Services Authority (DFSA) imposed its first-ever sanctions against a foreign exchange broker last week, sending a warning to online brokers to maintain standards when operating retail FX businesses in the city.
Cognotec broadens FX analytics
LONDON - Cognotec is offering users of its web-based margin trading platform access to charting software developed by Boulogne Billancourt-based IT-Finance.
Parker FX returns drop in July
STAMFORD, CT - The Parker FX Index fell 0.11% in July, down from a return of 0.17% in June, as the big drop in energy prices helped the US dollar appreciate.
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
Saxo suspends trading head
GENEVA - Saxo Bank has suspended Charles-Henri Sabet, global head of trading for the bank in Geneva.
UBS hires new fixed-income head
LONDON - UBS has hired Carsten Kengeter from Goldman Sachs as global head of fixed income, currencies and commodities (FICC).
China cracks down on compliance
BEIJING - Chinese regulators have announced plans to monitor domestic and foreign banks' implementation of foreign-currency controls, in a move some analysts say is aimed at keeping speculative money out of the market.
BMO boasts booming Q3
TORONTO - BMO Financial Group has achieved a strong quarter for forex trading, according to the Canadian dealer's third-quarter earnings statement.
BMO boosts London FX
LONDON - Bank of Montreal (BMO) Capital Markets has expanded its foreign exchange sales and trading desk in London with the hire of ex-JP Morgan staffer James Hennessy.
Yield strategy results hit 15-year low
LONDON - Currency managers using the yield strategy would have suffered their biggest blow in 15 years last month, according to research by the Royal Bank of Scotland.
NSE FX futures take off in India
MUMBAI - Foreign exchange futures trading on India's National Stock Exchange (NSE) reached 70,000 contracts on the first day of trading, as institutions seek to gain from futures amid a plummeting rupee.
FX trio quits IG
LONDON - London-based spread-betting company IG Index has lost three members of its FX desk in London.
Chicago Mercantile Exchange sets non-roll month record
CHICAGO - The Chicago Mercantile Exchange set a non-roll month record in August, with total notional value reaching $1.89 trillion from 13.84 million foreign exchange contracts traded, marking a 3% rise on August last year.
Dresdner FX team could escape Commerz axe
LONDON - Dresdner Kleinwort's foreign exchange team might well escape the 9,000 job cuts arising from Dresdner Bank's €8.8 billion acquisition by Commerzbank, say market sources.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
BGC Partners ups the ante with Brazilian acquisition
NEW YORK - Interdealer broker BGC Partners' agreement to buy Brazilian broker Liquidez represents a desire to capture revenue growth through geographic diversification, market sources tell FX Week .
BoA in trans-Atlantic forex drive
LONDON & NEW YORK - Bank of America has bolstered its US and UK foreign exchange teams with newly created FX emerging market (EM) roles in New York and senior replacement hires in London.
FXCM offers new version of Forex Trading Signals service
NEW YORK - FXCM has released a new version of its algorithmic trading service, Forex Trading Signals, as the market continues to seek new ways to trade currencies amid uncertain market conditions.
Credit Suisse changes its spots
ZURICH - Credit Suisse has embarked on a second reorganisation of its spot foreign exchange risk management and trading teams in Zurich, in an effort to capitalise on burgeoning opportunities across electronic commerce and third-party business.