News
Post-restructuring movement at BarCap
Barclays Capital continues to reorganise its foreign exchange business with a promotion, while news of more departures from the business emerge.
Citi takes hit in rates and currencies
Citi and JP Morgan began the US quarterly results round, reporting a year-on-year drop in fourth-quarter fixed-income business revenues, with Citi citing falls in rates and currencies revenues.
Marex signs up to CME and Ice
Institutional broker Marex has joined exchanges CME and Ice as a full clearing member, it announced on January 18. Hunter Baldwin, managing director at Marex North America, said the move was in response to customer demand and Marex’s expansion into North…
China tests further easing of renminbi convertibility of capital account
China's State Council is advising the Shenzhen municipal government and local regulators about permitting renimibi conversion outside of currency restrictions
Asian Financial Forum: Call for Chiang Mai upgrades, shorts control
Asian regulators note the risk of future market volatility due to fund outflows from the region or external global difficulties, and suggest that Chiang Mai and short selling are among topics that need attention.
New CFTC documentation rules could force Isda master modifications
Proposed US rules might require changes to standardised global derivatives agreement
Connors out of Goldman Sachs
Senior foreign exchange manager leaves US bank for alleged compliance irregularities
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
Pension funds need exclusion from clearing, says Record
Mandatory clearing of FX forwards will seriously disrupt the investment strategies of pension funds, according to Neil Record, chairman at Record Currency Management.
UBS: FX CCPs will be “too big to fail”
Foreign exchange central counterparties (CCPs) will automatically be “too big to fail” because the consequences of failure are too terrible, according to Huw Evans, managing director and chief operating officer of FX at UBS.
Thomson Reuters Dealing targets Sef and MTF compliance by Q4
Thomson Reuters aims to make the Thomson Reuters Dealing peer-to-peer conversational trading application compliant under swaps execution facility (Sef) and multi-lateral trading facility (MTF) rules by Q4, the vendor tells FX Week.
BarCap departures on both sides of the Atlantic
Barclays Capital saw departures in London and New York last Wednesday (January 12) as the bank undergoes a series of cutbacks, according to market sources.
Taylor calls it quits at CZ
Jason Taylor is leaving Commerzbank in London at the end of the month, according to internal sources at the bank.
CBA hires in spot and trading in NY
Commonwealth Bank of Australia has made two new hires in sales and trading in New York.
Trading Places, January 17, 2011
Read this week's Trading Places to catch up on people moves across the FX world.
EC: Prepare for FX clearing in US and EU
Senior figures from the European Commission (EC) and European Parliament signalled that an outright clearing exemption for forex was unlikely, at an Association for Financial Markets in Europe conference in Brussels held on January 12.
Saxo hires Citi vet
Saxo Bank has hired Citi’s former global head of client management as it expands its front-office business in London.
ICICI clears and settles first gold contract on SMX
Singapore Mercantile Exchange (SMX) said the Singapore branch of India’s ICICI Bank began clearing and settling trade activities for SMX with its first trade cleared on December 30, 2010 for the SMX Singapore-deliverable gold futures contract.
Isda pushes back on CCP ownership caps
US derivatives industry lobbyists are pushing back at proposals by the US government to resurrect and expand the Lynch amendment, which would have imposed limits on dealer ownership of derivatives clearing houses.
Brown returns to market at BBVA
HSBC veteran returns to market in key role for Spanish dealer
Barclays’ Diamond argues case for universal banking
Barclays' chief executive Bob Diamond adamant bank’s model funds cheaper lending and is less risky
HKEx moves to introduce margins for cash clearing members
HKEx plans to beef up its risk management following the bankruptcy of Lehman Brothers in September 2008 by introducing margin rules and seeking more funds from cash clearing members. The move would bring cash clearing more in line with existing…
CLS volumes and values up year on year in 2010
Average daily volumes settled over CLS in 2010 were up 33% on 2009, with 792,900 instructions settled. Average daily values were also up, by 22%, with $4.1 trillion settled.