News
TraderTools steps into the light with Citi Prime Finance
Vendor plans to pilot fully transparent aggregation tool to rival FX ECNs by the end of April
Lars Olesen quits Saxo
Former Citi veteran to be replaced by Conor Ringland at Saxo Bank
Deutsche and Barclays sweep into CNH derivatives
Banks both now offer offshore renminbi trading in spot, forwards and swaps on their FX platforms after new launches over the past fortnight
Testing the limits
Thomson Reuters Spot Matching suffered a major outage last month, with trading unavailable on any currency pairs for four hours. Chiara Albanese speaks to FX trading platforms to assess how they test their technology to prevent such outages
BMO appoints Nicholson, expands in Hong Kong
Ex-Barclays Capital hedge fund salesman to join Bank of Montreal in London next month
Mifid proposals on organised trading need a rethink, insists FSA official
Regulator argues the EC should create a derivatives trading venue category to allow European institutions to meet G-20 commitment on organised trading
Reserve managers diversify away from traditional currencies, report finds
Non-traditional currencies play an increasingly important role in central bank holdings as a result of eurozone sovereign debt concerns and ongoing economic weakness in developed markets, according to Central Banking Publications report
BlueCrest loses London-based currency manager
Reto Feller departs BlueCrest, understood to be considering private banking roles
Clearing discussion still in flux, says Esma chair
In his first public speech since becoming head of key regulatory body, Steven Maijoor gives no hint as to whether FX swaps and forwards might be exempted from mandatory clearing
Paige Orr joins Standard Chartered in London
New investor sales head joins after a year's absence from the market
FX dealers commit to greater standardisation in latest Fed letter
Voluntary OTC commitments touch on standardisation of FX products and the selection of a trade repository for the FX market by Q2 2012
Isda raises concerns over Russian netting laws
But despite the challenges involved, banks and brokers are excited by the progress being made to open up the Russian market
Icap updates rules for EBS Spot Ai customers
Interdealer broker limits top-of-book quote interrupts to 200 per institution per day
Patel joins BMO from TD Securities
Former euro and Swiss frank trader takes on senior FX role at Canadian bank
Manwaring quits options role at HSBC
Departure in London comes a week after derivatives trader Howard Buckley resigned from HSBC
Trading Places, April 11, 2011
Read this week's trading places to catch up on people moves across the FX world
Barclays Capital loses three in London
Persson, Jugniot and Roos have left Barclays
Asian legislators await international clarity on OTC and FX regulation
Market participants suggest authorities in Asian countries are unlikely to make decisions on OTC regulation and the treatment of FX contracts until the rules become clearer in the US and Europe
EBS decimals move has divided the spot market, admits Icap
Interdealer broker tells conference delegates it has made both friends and enemies by introducing decimalised pricing on major currency pairs
Drew Bradford to take top role at NAB
Deutsche Bank's global head of listed derivatives will move to Sydney to lead trading, financial institution sales and research at NAB
Credit Suisse appoints prime-brokerage sales head in Asia
Patrick Marchesi joins Swiss bank from Barclays Capital, relocating from London to Singapore
FX Invest North America: Beware of EM risks, buy side warns
The danger of not being able to unwind a position in an illiquid currency during a crisis could outweigh the possible returns in many cases, according to conference delegates
FX swaps and forwards headed for exemption, argues former bank clearing head
John Wilson, who left RBS earlier this year, expects FX to be exempted from clearing but expresses concern about outstanding issues in US and EU derivatives legislation
EU Council disputes Esma’s power to determine clearing eligibility
Legal precedent suggests European Commission might have to determine which contracts should be cleared under new derivatives rules, rather than Esma as originally planned