News
BNP Paribas hires UBS sales veteran
Sally Francis has joined UBS as head of FX investor sales for Emea, based in London
Saxo appoints Pedro Borges to head Saxo Bank Brazil
Saxo Bank has opened its third office in South America as it looks to expand its presence in the Latin American market
EBS and Thomson Reuters urged to rethink credit methodology
FX prime brokers say measurement of open positions on a gross rather than net basis exposes them to additional risk and reduces the effectiveness of controls such as the kill switch
Confusion reigns at dawn of Sef era, say participants
There is still uncertainty over the exact scope of no-action relief issued by the CFTC, and traders warn the same challenges will remain when the relief expires on October 30
Citi to donate a dollar per million of platform volume to charity
E for Education initiative will see a proportion of revenue from Velocity in the fourth quarter handed over to six charities globally
CFTC relief welcomed but concerns remain as Sef rules begin
A string of no-action relief letters issued ahead of today's deadline have been welcomed, but some participants believe they still don't go far enough
Asia Fic trading head exits Commerzbank
Paul Durrant, head of fixed-income trading for Asia, has left the German bank in Singapore
Meet the Sefs
The weeks leading up to the October 2 deadline for registration as a swap execution facility (Sef) under the US Dodd-Frank Act have seen a wave of new platforms receive approval from the Commodity Futures Trading Commission (CFTC). Robert Mackenzie Smith…
Sefs struggle with CFTC reporting rules
A lack of clarity over reporting obligations has left would-be Sefs struggling to adapt processes and workflows
Options platforms will miss Sef application deadline
Digital Vega and SurfacExchange do not expect to meet the CFTC's October 2 deadline to register as Sefs
HSBC loses in FX sales
David Brickell departs HSBC, while Oanda appoints a new CTO and FX vendor Advanced Markets builds in institutional FX
Mizuho fixed-income head departs to launch hedge fund
Jeffrey Yap leaves Mizuho Securities in Hong Kong, where he covered credit, rates and local currency markets
Oanda acquires Currensee copy trading platform
FX copy trading platform will strengthen Oanda's product offering
High-frequency firm AienTech shuts up shop
Technology-focused hedge fund made its mark in FX as a top provider of volume to bank platforms
CLS same-day settlement 'positive' for CAD market, says FX committee chair
Canadian FX committee chair Donna Howard welcomes launch of same-day settlement through CLS for USD/CAD, but acknowledges associated challenges
BAML hires FX options head from Goldman Sachs
Bank of America Merrill Lynch makes another FX trading hire from Goldman Sachs as it continues its FX expansion
Asia sales head exits UBS
Louis Curran has left UBS in Singapore after less than 18 months in the role
FXCM buys majority stake in Faros Trading
FXCM continues its aggressive expansion as it acquires a 50.1% stake in FX agency firm Faros Trading, four years after it was established by Ray Kamrath
CLS launches settlement for same-day USD/CAD trades
Settlement risk mitigation firm is due to launch a new settlement session this week for the trades settled on a same-day basis
Gain Capital appoints chief financial officer
KCG's Jason Emerson moves to Gain, while Price Markets hires a new head of FX sales
Industry forced to rethink reporting after Esma rejects GFMA proposal
FX participants must reconsider their approach to dual reporting under Emir, possibly at considerable cost to those already building towards the proposed model
Dovish FOMC risks losing market trust
Federal Reserve's communication over tapering adds to market's growing mistrust of central bank information
Gensler not ruling out targeted Sef relief
CFTC chairman recognises difficulty in meeting October 2 Sef deadline, but says platforms need to be targeted in requests
Molten Markets appoints COO from State Street
John Vause ends more than 13 years at State Street to head operations at the new vendor