News
EBS and Reuters pool resources for BoE
LONDON – Rival brokers EBS and Reuters are pooling resources to launch a new benchmark page for spot FX price fixings, to replace data currently provided by the Bank of England (BoE).
Icap pushes into options
LONDON – Icap plans to launch non-deliverable forwards and develop an electronic FX options trading platform, CEO Michael Spencer told the FX Week annual congress in his keynote address.
Asia to support global growth
LONDON – Asia holds the key to global growth amid a US slowdown, Marios Maratheftis, FX strategist at Standard Chartered in London told delegates at last week's FX Week Europe Congress.
NFA expels Spencer Financial
NEW YORK – The National Futures Association (NFA) has expelled forex dealer member Spencer Financial from NFA membership following its failure to implement an adequate anti-money laundering regime.
Sovereign Bank live on Sierra platform
PHILADELPHIA – Sovereign Bank is using an FNX Solutions web-based Sierra platform for the its FX operations, the treasury and capital markets technology provider announced last week.
CME expands its London business
LONDON – Chicago Mercantile Exchange (CME) is set to move to larger London premises and will share with subsidiary interest rate swaps platform Swapstream and FXMarketSpace, its joint venture with Reuters.
JP Morgan surprised by Puth's departure
NEW YORK – David Puth, head of global currencies and commodities at JP Morgan, has quit the US investment bank. Senior executives at JP Morgan said they were "very surprised" by his departure.
FXPB: a growing divide
LONDON – Foreign exchange prime brokers (FXPB) have started to split into full-service providers and those targeting niche markets, according to panelists at the FX Week Europe Congress last week.
EBS/FXMarketSpace rivalry heats up
LONDON – The standoff between newcomer FXMarketSpace and incumbent platform EBS revved up last week, with EBS claiming the former will favour Chicago-based users.
Malaysia sets up payment-versus-payment system
HONG KONG & KUALA LUMPUR – The Hong Kong Monetary Authority and Malaysia's central bank (Bank Negara Malaysia) launched a cross-border payment-versus-payment (PvP) settlement system last week.
City bonuses rise by a quarter
LONDON – Just under half of city workers expect a 25% rise in bonuses this year, according to survey results released last week.
Low volatility has affected the market, says Calyon's Lefort
LONDON – The major market event in 2006 has been low volatility, and new products have had to be developed to deal with it, said Christine Lefort, Calyon's global head of FX structuring.
Gain wins court approval to acquire Refco assets
BEDMINSTER, NEW JERSEY – Gain Capital has won bankruptcy court approval to buy the retail customer account information and marketing list of Refco F/X Associates. The deal ends six months of volatile negotiations between the two companies.
Lacklustre bonus season is forecast on low volatility
LONDON – Headhunters say FX professionals are concerned that low market volatility will mean lower bonuses, despite predictions that overall bank remuneration will be up.
China's forex reserves exceed $1 trillion
BEIJING – China's foreign exchange reserves have exceeded the $1 trillion mark, said state officials last week.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Former Goldman Sachs FX chief launches hedge fund
NEW YORK – Peter Gerhard, Goldman Sachs' former head of FX, has launched his first hedge fund with new firm East Avenue Capital Partners.
Dresdner joins EBS as prime bank amid rising volumes
LONDON – Dresdner Kleinwort has joined EBS as a prime bank, with the spot broker saying sharp increases in prime volumes demonstrate its ability to withstand challenges from new entrants.
CFTC fines Florida forex firm
WASHINGTON DC – Florida Federal Court last week ruled against foreign exchange firm G7 Advisory Services, in a $2.1 million fraud action brought by the US Commodity Futures Trading Commission (CFTC).
Slovenia to join eurozone
LJUBLJANA – Slovenia is on course to join the eurozone on January 1, according to a report by the European Commission released last Friday (November 10).
Market is over-bearish on greenback – Legal & General
LONDON – The majority of the market is far too bearish on the dollar, according to UK fund manager Legal and General Investment Management.
Icap sets up Russian service
LONDON & MOSCOW – Icap last month established a rouble rates desk, as the money broker looks to build its capabilities in the rapidly expanding market.