News
Trading places, January 30, 2012
New appointments at UniCredit, BAML, SG CIB and FXecosystem
Strategists adjust processes to forecast politically driven currencies
Most FX market participants recognise the growing importance of politics in driving the direction of major currencies as a result of the eurozone crisis. But how do FX strategists digest the multitude of political statements and developments when making…
Icap's Spencer: 'not a prayer' of UK agreeing to FTT
Proposed EU trading tax would be vetoed by UK, says Icap's Spencer - if not, the broker will move its London HQ to New York
Ashraf Laidi joins City Index
Former CMC strategist will continue to run his own start-up consultancy in addition to his new role
Fusion AM pitches FX liquidity hedge to corporates
Options-based strategy was developed after a request from a large European exporter, and protects corporates from the liquidity risk arising from volatile currency moves
Mettler retires from Morgan Stanley
Stephen Mettler, who runs Morgan Stanley's interest rates and foreign exchange business, is leaving the bank
Emir set for Q2 completion, Barnier insists
Trialogue negotiations between the European Parliament and Council on derivatives reform are due to complete next week, with a view to finalising the text by April, says Michel Barnier
Growth of ruble spot market depends on settlement issues, say brokers
Average daily volume in the ruble spot market is estimated to be around $20 billion, but participants say it could grow by four times if institutions embrace real-time gross settlement and the ruble becomes a CLS currency
FX volumes set for more modest rise in October 2011 survey results
The 23% rise in UK turnover in April 2011 was a one-off, according to market participants, but further increases expected in October 2011 survey results
Banca IMI expands sales team in London
Italian bank recruits two salespeople to work across asset classes in London
French banks switch forex strategists
Lauren Rosborough joins SG CIB from Westpac, following the departure of Michael Sneyd for BNP Paribas
Mike Burton quits SG CIB
Departure of the bank's head of FX sales follows that of David Knott, who he reported to, earlier this month
Erroneous Swissie price on EBS sparks anger among traders
Foreign exchange traders express concern after an incorrect EUR/CHF price found its way from the EBS training environment onto the live market
Trading places, January 23, 2012
New appointments at Icap, Henderson, CLS, CIBC and Cloud Trading Technologies
FXall expands in Asia and New York
Indu Maheshwari joins from Thomson Reuters in Singapore, as FXall confirms the appointment of Susan Gammage in New York and a new chief human resources officer, Jody Tracey
Corporate hedgers count costs of volatility
Recent volatility in foreign exchange markets has created a tough hedging environment in major currencies, says British American Tobacco's dealing room manager
Brevan Howard appoints Juma from UBS
Former prop trader will join Brevan Howard in Hong Kong in March
Citi seeks to 'revolutionise' FX trading with platform upgrade
Latest version of Velocity seeks to compete on speed, cost and enhanced user experience
Offshore RMB remains a challenge for corporates
UK chancellor George Osborne is pushing hard for London to become the next financial centre for the trading of renminbi, but despite the blaze of publicity surrounding his visit to Asia this week, some corporates remain daunted by the new currency…
Boisson departs FX sales role at BNP Paribas
Francois Boisson is understood to be leaving the industry to focus on an entrepreneurial project
Nomura names Ashley as global head of fixed income
Steve Ashley has been promoted to global head of fixed income at Nomura, with Georges Assi as his deputy
Exemption for FX swaps and forwards should hold, says GFMA’s Kemp
James Kemp, managing director of the global FX division, talks to FX Week about the biggest regulatory challenges of 2012
FX swap cost could rise from €279 to €2,779 under EU tax, warns Oliver Wyman
Research published today on behalf of the GFMA global FX division highlights the potentially punitive impact of the financial transaction tax on the FX industry
Identifiers will place significant technology demands on industry, say dealers
Progress to create a new set of industry standard codes to identify institutions, products and transactions is moving forward as regulatory reporting deadlines loom, but it remains one of the biggest market structure challenges of 2012 for FX banks,…