News
Central banks take aim at dollar-funding shortage
Co-ordinated action from five central banks eases the pressure on dollar funding for European banks, but EUR/USD cross-currency basis swap market remains under stress
Understand your contract of employment
Banks typically write confidentiality clauses into employment contracts, as well as restrictive clauses preventing former employees from approaching clients and staff. But do these clauses stand up in court? By Andrew Young
Trading Places, September 19, 2011
New appointments at smartTrade, DealHub, CLS, Marex and JP Morgan
OTC derivatives reform will lead to algo boom, banks predict
Dodd-Frank and Sefs set to encourage growth in algorithmic execution of OTC derivatives, say dealers
Kiel joins UBS Global Asset Management
Former global head of post-trade services at Thomson Reuters relocates from London to New York to take on the role
CBA hires Taylor and Shadrack from Crédit Agricole
Keith Taylor heads up emerging markets FX and David Shadrack is appointed senior dealer, both based in London
Afme global FX division hires Lam from CLS
Mandy Lam has been appointed managing director for North America, reporting to James Kemp in London
Lloyds appoints head of non-bank financial institutions sales
Graham Harris has joined Lloyds from UBS, reporting to Rob Garwood
Finlay joins Credit Suisse in FX sales
Annabel Finlay joins from HSBC and will work in UK corporate sales, reporting to Simon Brunner
Lloyds rolls out Arena to compete in FX e-commerce
Launch of Arena platform comes after more than a year of development, which started in mid-2010 with the formation of a client advisory board to determine the key elements of the e-trading platform
Sobey joins Santander in New York
Phil Sobey joins as executive director for institutional foreign exchange sales
BMO hires Santa-Maria and Brichkowski in New York
Steve Santa-Maria hired as managing director for institutional business, while Robert Brichkowski joins as MD for real-money FX sales
BAML duo moves to RBS
Mark Webster and Graham Wintersgill move to Royal Bank of Scotland from Bank of America Merrill Lynch
Isda to review close-out value definitions
Absence of a standard approach is stifling attempts to value termination clauses, dealers complain
Long Swiss franc players hit by SNB move
Sudden depreciation of the Swiss franc, following an SNB announcement last Tuesday that it would buy unlimited amounts of foreign currency, has left some participants nursing hefty losses.
Nomura FX business will keep own identity
Global macro products group still bedding down, but Ashley says FX team will retain its individuality
Russell joins Investec in London
Kiran Russell joins as senior salesperson in the corporate and institutional treasury team
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
Sterling: an old story gets interesting
Sterling has declined in popularity in recent times, but deteriorating economic conditions elsewhere mean it has started to look more attractive, argues Elsa Lignos
SNB faces battle to maintain franc currency floor
Swiss National Bank pledges to set minimum euro exchange rate at Sfr1.20, but analysts express concern over central bank’s ability to maintain exchange rate floor
Oanda continues to boost global presence with Japan operation
Oanda chief executive Michael Stumm attributes the decision to open operation in Japan to regulatory changes
Lupi joins Pictet in Singapore
Stefano Lupi, head of financial institutional sales, will leave Santander in October
VanderMeulen joins multi-asset brokerage
Eisso VanderMeulen joins multi-asset brokerage Newedge to develop the company's FX business