News
Top FX traders flee banks to join buy side
After some of the biggest names in FX from major global banks departed to the buy side in the past 12 months, FX Week takes stock to look at some of the motivations for making the switch
TD Securities names new global FX head
Michael Twaits will relocate from London to Toronto to taken on Michael Gibbens' former role after the global FX head quit the bank
Asset managers bemoan lack of alternatives in FX
Asset managers at the FX Invest North America event call for trading alternatives
Panel clashes on best execution and NDF clearing in Boston
A panel at the annual FX Invest conference in Boston tackled the difficulties of NDF clearing and best execution costs
FX benchmark manipulated more than 25% of the time, plaintiffs say
Plaintiff's council is alleging manipulation occurred in six currency pairs on the last trading day of each month
India reverses curbs on USD/INR trading
India's financial regulator has rolled back emergency measures it introduced last year as USD/INR rate stabilises
Fear of EM volatility irrational and dangerous, says Ashmore
EM returns have outstripped those of major holding currencies in a directionless market; economic fundamentals also support gains
JP Morgan creates global co-heads of rates, FX, commodities and EM
Troy Rohrbaugh has once again expanded his remit at JP Morgan by taking on commodities and emerging markets alongside James Kenny
Saxo Bank appoints former Rabobank FXPB head
Peter Plester has joined Saxo having resigned from Rabobank after more than nine years at the helm of its FXPB business
Trading platforms hope for end to 'Truman Show Market'
Trading platforms are looking to expand into new areas and asset classes to combat stagnant volumes
FastMatch NY suffers trading delays
'Short-lived slowness' affects HFT spot platform due to excessive activity
Trading Places, April 7, 2014
Hedge fund sales hires at SEB; Icap loses Americas executive director; Rainer-Marc Frey to leave UBS board
Buy-side firms approach BoE to take more active role on FXJSC
Large buy-side firms keen to take a more active role on FXJSC after allegations dealers manipulated foreign exchange benchmarks
Manipulation suspensions reach salespeople
UBS and Deutsche have implemented further suspensions, with the German bank seeing the first salesperson suspended in the ongoing FX probe
Shuster replaces Leclercq as Crédit Agricole head of FX
Crédit Agricole rates trading chief in the US assumes Vincent Leclercq's former role at the bank
CLS warns Alice ruling may impact all financial companies
Legal dispute with Alice Corporation over technology patent now with US Supreme Court
EBS Direct suffers outage, trades unmatched overnight
Glitch started in Asian trading but did not affect EBS Market platform
Lloyds Bank removed as defendant from FX lawsuit
Lloyds Bank is no longer a defendant in the FX class action lawsuit in the US, while BAML and BNP Paribas have been added to the case
European MTFs in limbo over CFTC compliance ahead of May 15 deadline
European platforms left hanging as CFTC compliance still in doubt despite rapidly approaching deadline in May
Banks looking to back bitcoin with new exchange
Digital currency bitcoin is set to be launched on an NYSE-comparable exchange this year with the backing of the institutional market
BNP Paribas emerging markets strategy head departs
Global head of emerging markets strategy is moving to the buy side after nearly five years at BNP Paribas
FSB may publish FX benchmark recommendations before November
The FSB's foreign exchange steering group may recommend changes to infrastructure around benchmarks and wider infrastructure sooner than previously thought
Barrier options hedging could come under scrutiny in fixing probe
The way FX traders hedge barrier options in the lead-up to expiry has been called into question by former traders at major banks