News
FX clearing driven by capital and collateral costs rather than mandate
As mandatory NDF clearing has been delayed, the likely increase in capital and collateral requirements for FX trades is forcing some to consider clearing ahead of the mandate, say webinar participants
Traiana COO joins EBS as head of sales
The position of global head of sales is filled by Gerard Varjacques, who joined Traiana from SunGard in 2011
SurfacExchange faces uncertain future
Market participants report the multibank FX options platform that launched in mid-2011 has gone quiet in recent months following the exit of its chief executive
Options platforms struggling with dearth of liquidity takers
Some FX options platforms have struggled to gain traction in a new and untested market, but banks say the problem is one of low demand for, rather than provision of, liquidity
Trading places, July 1, 2013
Exits in FX trading from Credit Suisse and Goldman Sachs
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued yesterday, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
BAML hires ex-BNP Paribas spot trader
Colin Devereux has joined Bank of America Merrill Lynch in London
Rise in fraud prompts system upgrades for retail brokers
Brokers with weak anti-fraud protection in place risk a detrimental impact on the rest of the industry, participants warn
SEB options trader moves to Danske
Christian Törnqvist will join Danske later this year, while Anna Norström is also set to join in FX sales
BNP Paribas hires ex-Morgan Stanley sales head
Nick Strain has joined the French bank's institutional sales team in Singapore, having left Morgan Stanley in Hong Kong earlier this year
IG to roll out MetaTrader 4 alongside proprietary platform
New platform is to be implemented with a pilot group of clients next month and then rolled out fully in August, says chief executive Tim Howkins
Renminbi swap line expected to boost CNH liquidity
The recent agreement on a swap line between the UK and China will be a positive step for the nascent offshore renminbi market, although questions remain over how it will work
Sefs worry MAT rules will create ‘race to the bottom’
Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms
Trading places, June 24, 2013
New appointments at the Bank of England, the SEC and the Bank for International Settlements
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Brokers concerned by 15-second rule for Sefs
CFTC's 15-second crossing delay rule for Sefs could put participants in a risky position and make it more difficult to use a voice broker, dealers warn
Traiana pitches for LCH’s FX clearing flow
Vendor adds ForexClear to Harmony CCP Connect, more than two years after it first launched the clearing network with CME Group as the first clearer
Retail FX volume leverages the volatility boom
Growth in retail volume this year is not just a return from low volume in 2012, but a long-term trend, say market participants
Aggregation hampered by predatory execution
New aggregation guidelines from EBS could help to increase transparency of aggregation, but the relationship between liquidity makers and takers remains strained
Nomura's European strategy head departs
Geoffrey Kendrick has left the Japanese bank after almost three years
SmartTrade beefs up sales team
Six recent hires in London, New York and Aix en Provence, all reporting to global head of sales Annalisa Sarasini
Esma under pressure to approve FX dual-reporting solution
FX market participants are pressing the regulator to support a proposed solution to the challenge of dual trade reporting without a central infrastructure to issue trade identifiers
BMO hires in LatAm FX sales
Chris Morillo has joined the Canadian bank in Toronto
FX product head exits smartTrade
Peter Atkinson has left smartTrade Technologies in London after less than two years in the role