News
Aussie demand surges following RBA rate cut
The Reserve Bank of Australia’s decision to cut interest rates on May 1 led to a sharp fall in the Australian dollar, but has also caused an uptick in demand for the currency, according to FX traders and strategists in the region
Dodd-Frank rule-making will drag to Q4, says CFTC's O’Malia
CFTC commissioner raises doubt over time line for Dodd-Frank Act – despite a proposed five-month delay
UBS to roll out new currency product to global clients
UBS has been granted a licence from FTSE Group to use its recently launched currency product, FTSE WPU (Wealth Preservation Unit).
CBA’s Salter promoted to global head of FX
Kieran Salter took up the new role in London in March, having previously held it in an acting capacity for three months
Moore and Francis step up at Lloyds
Richard Moore and Clare Francis have been promoted to new management roles in the wholesale banking and markets division at Lloyds
TradingScreen rolls out real-time TCA for FX
New functionality includes a heat map to enable buy-side traders to benchmark their execution in real time
Taiwan’s trade repository setting up reporting agreement with DTCC
Taiwan's new trade repository for over-the-counter derivatives is looking to ink a reporting agreement with DTCC
Eurodollar caught in range-bound tug of war
Currency strategists are divided over whether EUR/USD will break out of the 1.30-1.35 range it has traded in since late January
Trading places, May 7, 2012
New appointments at Barclays, BNP Paribas, Nomura and Goldman Sachs, while Isda adds three to its board
Micex-RTS pushes ruble growth with FX swaps initiative
Participants push the growth of the Russian ruble, but frustrations remain over the slow adoption of real-time gross settlement
FX trading volumes remain in decline
Icap and Thomson Reuters both report further declines in trading volumes in April
MIG Bank opens for business in London
The Swiss online trading specialist has received approval from the FSA to open a subsidiary in London, just weeks after it opened in Hong Kong
No need for Sef Clarification Act, says CFTC's Gensler
Dodd-Frank requires transparency for derivatives trading, CFTC chair says - and final Sef rules will reflect that
China-focused hedge fund gains on domestic bets
Hedge fund CSV Capital Partners sees Chinese domestic sectors rising even as economic growth slows. The fund backs companies with exposure to the Chinese consumer as retail sales continue to grow.
CME to launch portfolio margining on interest rate swaps and futures
Dealers will be able to cross-margin interest rate swaps, and eurodollar and Treasury futures, from May
CME kicks off client clearing ahead of competitors
CME stole a march on rivals when it cleared its first NDF last week, as the Brazilian real contract was a client trade
LCH.Clearnet splits default fund
UK-based clearer gets member approval to break up default fund - part of a package of measures responding to CFTC limits on clearing house membership criteria
Ex-Credit Suisse e-FX head joins RBS
Nicholas Barker, who left Credit Suisse in November 2011 and had previously worked at UBS for 10 years, has joined RBS
Buy side looks to cloud-computing for price transparency
Interest in cloud-based trading technology by buy-side institutions is rising as a way to improve price transparency, in the wake of lawsuits brought against US custodian banks over the mispricing of foreign exchange trades, say market participants
Shake-up in UK council pension schemes’ currency mandates
UK local government pension schemes are focusing attention on currency exposures in overseas assets, resulting in a shake-up in currency mandates
HSBC hedge fund sales head to join JP Morgan
Michael Spencer, who has resigned from HSBC, is expected to join JP Morgan to work in hedge fund sales
FX repository moves to production ahead of October launch
The DTCC began user testing of its new trade repository on May 1, and plans to have full regulatory and public reporting up and running by the fourth quarter to meet CFTC deadlines
Morgan Stanley loses European e-commerce head
Jeremy Smart has resigned from Morgan Stanley after seven years, having served on the bank's fixed-income management team
Eurozone crisis is a 'bomb about to explode', says Neil Record
The founder and chairman of Record Currency Management believes the euro has been mortally wounded and will struggle to survive in its current form