News
Overcrowded market for forex options platforms will lead to consolidation
With at least six new multibank options platforms now competing for market share, differentiation is crucial for participants, but some believe consolidation of platforms is also inevitable. Chiara Albanese reports
ITG rolls out forex TCA
New York-based technology provider ITG launched its new transaction cost analysis tool for FX earlier this week
FX Invest North America: Technology delivery poses 'huge conundrum'
A difference of opinion between technology experts on the merits of cloud-based platforms emerges at FX Invest conference in Toronto
FX Invest North America: Eurozone crisis resolution still unclear
Panellists at FX Invest North America divided on whether the eurozone crisis will lead to the exit of Greece from the currency union
Economic recovery on track but risks remain, warns IMF
Global growth should rise from 3.5% to 4.1% next year, although capital flows into emerging markets give some cause for concern, according to a senior IMF official
Cyprus becomes latest stop in Saxo’s global expansion
Saxo Bank is continuing its move into new markets with the opening of a Cyprus office today, headed up by Vitali Butbaev
Barclays hires former RBS FX sales head
Lisa Francis, Royal Bank of Scotland’s former head of FX sales for the UK and northern Europe, is due to join Barclays later this year
UniCredit hires senior trader in Hong Kong
Robert Ang joined UniCredit last week, reporting to Anke von der Recke, head of FX for Hong Kong
Deutsche hires Paul Houston in FXPB
Paul Houston, formerly global head of FX prime brokerage at Credit Suisse, is to join Deutsche Bank as European head of FXPB
SG CIB’s ex-head trader eyes the buy side
Richard Bailey is expected to join the buy side, having left his role as global head of FX trading at SG CIB last week
HSBC in Hong Kong retail forex foray with Oanda
HSBC launches margin FX trading services for retail investors in Hong Kong using technology by Oanda
MarkitServ connects Swift to broaden FX clearing reach
MarkitServ last week announced it had partnered with Swift to create a single point of access for Swift users to access multiple FX CCPs
ADS Securities pitches to high-net-worth individuals
The Abu Dhabi-based trading firm last week launched ‘Prime’, a new service targeted at professional and high-net-worth forex and bullion traders
Brakes remain on FX options clearing, despite regulatory easing
CPSS-Iosco working group ruled last week that CCPs do not have to guarantee settlement, but participants recognise the issue still has some way to run before options can be centrally cleared
Trading places, April 23, 2012
FX sales and trading departures from Morgan Stanley, JP Morgan Credit Suisse and Standard Chartered
Fears over regulation raised by treasurers at ACT conference
Corporate treasurers complain about the unintended consequences of the proposed financial transaction tax, as well as clearing rules for OTC derivatives and Basel III capital rules
Slater and Holdcroft to join Bozian in CLS exit
Deputy chief executive officer Peter Slater has resigned from CLS, while both chief executive Alan Bozian and chief legal officer James Holdcroft will also leave the firm
Commerzbank hires quant to head new FX solutions team
Jessica James joins Commerzbank from Citi, reporting to Nick Crawford and Gerald Dannhaeuser
City’s top brass throws weight behind London RMB initiative
London will become the next offshore centre for RMB trading, vows UK chancellor George Osborne, supported by banking chiefs from Bank of China, Barclays, Deutsche Bank, HSBC and Standard Chartered
Algo execution sales head departs Credit Suisse
Jonathan Wykes, formerly global head of FX sales for Credit Suisse’s algorithmic execution business, has left the bank
BlackRock hires Tabb’s McPartland
Kevin McPartland joined BlackRock earlier this month as a director
BNP Paribas divides up the role of its FX options chief
The French bank has split its FX options business into G-10 and emerging markets, following the departure of Simon Nursey
Reserve managers cling to the dollar but shun the euro, survey finds
Many central banks have reduced their holdings of euro reserves and looked to diversify into non-traditional currencies as a result of the ongoing eurozone crisis
Abel Noser unveils new FX transaction cost analysis tool
New York-based technology vendor, Abel Noser Solutions, extends service to foreign exchange transaction cost analysis tool