News
FX benchmark probe gathers pace as chief dealers placed on leave
Senior spot traders at JP Morgan, Citi and Standard Chartered have all been placed on leave, while Barclays, Deutsche Bank and UBS confirm they are conducting internal reviews in connection with alleged manipulation of FX benchmarks
Barclays hires head of Ficc research for Asia-Pacific
David Fernandez ends a 15-year career at JP Morgan to join Barclays in Singapore as it continues to expand its Ficc offering
Bloomberg launches US dollar benchmark
New US dollar index will represent 10 currencies, including Chinese renminbi and the Australian dollar
Americas FX sales head exits Goldman Sachs
Alain Marcus has left Goldman Sachs after four years at the firm in New York
SEB closes voice trading desk in New York
Increased demand for electronic trading in the US has driven the Swedish bank to close its New York voice trading desk, at the cost of three jobs
HSBC's Boillereau takes the chair of the global FX division
Fred Boillereau stepped into the top role at the industry body earlier this month, succeeding Troy Rohrbaugh
State Bank of Vietnam taps Thomson Reuters for FX monitoring system
Vietnam's central bank takes a step forward in increasing transparency and reporting in its foreign exchange market
Buy side prepares for fixed-income storm
Artificially low volatility leaves firms nervous about the future – and looking for fixed-income alternatives
EU bonus cap threatens the future of London FX
The UK last month launched a legal challenge against the EU's planned bonus cap - it will need to be successful if London is to retain the best FX sales and trading personnel
FX benchmark probes leave buy side unconcerned
Currency managers remain comfortable using FX benchmarks despite widespread investigations into the practice, with some questioning how benchmarks could be manipulated
Expiry of Sef confirmation relief causes unrest among dealers
Swap execution facilities have only until October 30 before they have to issue legal confirmations for trades, but dealers remain uneasy about their ability to do so
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading for non-deliverable forwards after controversial footnote in Sef rules makes trading on Sefs an unattractive option for users
Traiana hires ex-Morgan Stanley prime brokerage exec
Simon Poole joined Traiana on Monday after leaving Morgan Stanley's FX prime-brokerage business earlier this year
Icap hires CME’s Paulhac to head up Sef
CME Group's senior managing director for interest rate and OTC products and services is jumping ship to Icap to run its Sef
European regulatory chief to leave CLS
Gabor Butor, head of European regulatory affairs, will leave CLS at the end of this week after two years
FX Concepts pays price for not adapting strategy
Bankruptcy of the currency management firm is due to its failure to react to new market realities, say competitors and insiders
BMO Capital hires in sales and trading
Canadian bank boosts London presence with hires in options trading and real-money sales
FX platforms divided on management of costs and speed
Officials at EBS, LMAX Exchange and State Street Global Exchange debate key issues facing new and incumbent platforms during a live webinar
FXCM hires Middle East head
Other people moves at CLS, Morgan Stanley and Portware
Traders welcome latest UK-China deal on RMB
The extension of the RQFII scheme to UK investors will further grow London's position as an international hub for offshore renminbi business, say traders
Barclays restructures European FX sales management
UK bank has moved from a geographically organised sales force to focus on its three core client segments
Chaotic birth of Sefs drives NDF trading off platforms
The first two weeks of Sef trading have seen some trading volume in non-deliverable forwards migrate to single-dealer platforms and voice brokers to avoid the rules
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS