News
ABN Amro cuts 900 jobs across North America
CHICAGO – ABN Amro is to cut 900 jobs in North America this year, which will see its workforce in the region drop by 5%. A spokesman in Chicago said the cuts "will affect almost all areas of the company, in almost all parts of the country". He declined…
Algo trading goes mainstream
COPENHAGEN – Saxo Bank is bringing algorithmic trading into the mainstream with plans to launch an algo trading tool for retail investors this quarter.
Currenex selects TradePVR for FIX connectivity monitoring
Santa Clarita, California – Liquidity aggregator Currenex is using the TradePVR network appliance product from Helium Systems for FIX connectivity monitoring and archiving.
Taiwan quake hits e-trading in Asia
ASIA – Trading over electronic foreign exchange dealing systems was disrupted during Asian hours, after an earthquake hit Taiwan on the night of December 26.
Bank of Thailand backtracks on reserve requirements
BANGKOK – The Bank of Thailand (BOT) went back on regulations introduced on December 18, by removing the 30% foreign currency reserve requirements on current account activities and equity investments.
Wooden Nickel scammers fined $25 million
NEW YORK – Individuals and companies involved in the Operation Wooden Nickel trading scam have been ordered to pay some $25 million by the Commodity Futures Trading Commission (CFTC).
March 2006 - FXall agrees to sell 20% stake to TCV
NEW YORK – FXall agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, sources told FX Week .
CLS Bank reports record volumes
NEW YORK – CLS Bank set a new record for the value and volume of payment instructions settled in a single day, on the back of increased fund participation.
Forex fraud spreads to Asia-Pacific
Meanwhile, last week saw a US company fined more than $12 million for defrauding customers in Japan and China.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
Fraudsters fined $19m for currency options scam
WASHINGTON DC & BARCELONA, FLORIDA – The spate of FX fraud busts in Florida continued last week, with three companies involved in a currency options scam facing a $19 million fine.
Flat markets dent record revenues
NEW YORK – Flat markets in the latter part of the year meant that FX acted as a drag on investment bank results reported last week.
EBS moves into netting
LONDON – EBS is to establish a netting service to enable prime customers to net trades with their banks, as the spot broker looks to adapt to the changing landscape.
HSBC trades non-deliverable swaption
HONG KONG – HSBC last week traded the first ever option on a renminbi non-deliverable interest rate swap.
CLS moves into OTC derivatives
NEW YORK – Settlement system CLS has begun working with the Depository Trust & Clearing Corporation (DTCC) to provide central settlement of payments for over-the-counter (OTC) derivatives.
Salesmen and structurers are in demand, survey finds
LONDON – Forex sales professionals and options traders saw the highest turnover this year, and demand for these staff is set to increase in 2007.
NAB options saga closes
MELBOURNE – National Australia Bank (NAB) said last week the final remaining remedial actions imposed on it following the A$360 million (US$283 million) FX options scandal had ended.
CME expands options coverage
CHICAGO – The Chicago Mercantile Exchange has expanded the range of European style options it offers on futures contracts. The exchange will now offer these contracts on sterling, Canadian dollar and Swiss franc contracts, adding to the euro and yen…
JP Morgan launches implied volatility indexes
LONDON – JP Morgan has launched indexes tracking the level of G7 and emerging-market implied volatility, which it says will appeal to the wider institutional investor community.