News
NFA fines Gain Capital over AML and promos
CHICAGO – FX trading company and futures commission merchant Gain Capital Group has been fined $100,000 by the National Futures Association (NFA).
Four dealers to bid for FXCM
NEW YORK – Four dealers are thought to be interested in bidding for a 35% stake in online currency trading company FXCM.
Beau Taylor quits JP Morgan
NEW YORK & LONDON – Beau Taylor has resigned as JP Morgan's head of global energy in New York.
StanChart hires global head
SINGAPORE – Standard Chartered has hired Leonard Feder to run its global financial markets unit.
China widens trading band
BEIJING – China widened the USD/CNY trading band to 0.5% from 0.3% effective today (May 21), signalling a more aggressive move towards CNY appreciation, said analysts.
Asean+3 agree to reserves pooling
KYOTO – The finance ministers of the 10 Asean (Association of Southeast Asian Nations) countries, plus Japan, South Korea and China, have agreed to work towards a multilateral reserves pooling arrangement, to better protect financial stability in the…
Misys upgrades Opics Plus for higher volumes
NEW YORK – Technology provider Misys has launched Opics Plus v2.0, to accommodate an anticipated rise in FX trading volumes by clients.
Royal Bank of Scotland makes senior hire in Asia
HONG KONG & SEOUL – The Royal Bank of Scotland (RBS) has hired Water Cheung as head of treasury investor products.
Merrill Lynch continues global FX expansion
NEW YORK & SINGAPORE – Merrill Lynch is continuing to build up in FX, with hires made in the US and Asia.
Barclays launches FX-linked ETNs
NEW YORK – Barclays Bank launched three exchange traded notes (ETN) linked to the movement of the euro, sterling and yen relative to the dollar on the New York Stock Exchange last Wednesday (May 9).
Saxo continues Asia expansion in Singapore
SINGAPORE – Saxo Capital Markets, the Asian subsidiary of Saxo Bank, is continuing to expand its footprint in the Asia-Pacific region, with two key appointments in Singapore.
Mixed results for European banks
FRANKFURT & PARIS – The first quarter of the year proved to be mixed for European banks posting results last week.
Citi embarks on major shake-up
NEW YORK, LONDON & SINGAPORE – Citi has completed the next phase of senior management changes in FX under the new fixed income, currencies and commodities (FICC) structure introduced in 2006.
HKMA chief calls for greater integration of the renminbi
TOKYO – Hong Kong should prepare for greater integration of the renminbi into its financial infrastructure, said Joseph Yam, chief executive of the Hong Kong Monetary Authority (HKMA).
Reuters establishes Thai guidelines
LONDON & BANGKOK – Reuters has established new guidelines for trading Thai baht over Reuters Dealing 3000 Spot Matching, its electronic matching service, in response to regulations on short-term capital inflows introduced by the Bank of Thailand (BoT)…
Market nonchalant about FXMS data
CHICAGO – Market participants largely shrugged off volume data released by Reuters/Chicago Mercantile Exchange (CME) joint venture platform FXMarketSpace last week, claiming it is too early to judge the success of the platform.
FXMS chief relocates to London
LONDON – Mark Robson, chief executive of Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace, is relocating to London from New York.
Citi embarks on major shake-up
NEW YORK, LONDON & SINGAPORE – Citi has completed the next phase of senior management changes in FX under the new fixed income, currencies and commodities (FICC) structure introduced in 2006.
Merrill Lynch launches first rated CFXO
LONDON – Merrill Lynch has launched the first full rated and managed collateralised foreign exchange obligation. The product is being managed by Crédit Agricole Asset Management, and rated by Standard & Poor's.
Morgan Stanley gets Tradebook
NEW YORK – Morgan Stanley has enabled its institutional clients to electronically trade FX and interest rate futures on Bloomberg's Tradebook platform.
BoA creates London team
LONDON – Bank of America (BoA) has created a proprietary rates trading team to manage strategic positions for Europe, the Middle East and Africa (EMEA).