News
RBC scandal begins, NAB rogues charged
TORONTO AND MELBOURNE – March saw the implications of one trading scandal continue to emerge while another came to light. The Royal Bank of Canada (RBC) suspended three staff for an unlawful trade while the National Australia Bank rogue traders faced…
Hong Kong limits speculative trading
HONG KONG – May saw speculation about the shift in the renminbi peg affect the policy of neighbouring economies.
News in brief
CLS to cut prices
Deutsche boosts prime brokerage
LONDON – Deutsche Bank upped the ante for prime brokerage providers by extending its offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Bank of Communications taps Summit
BEIJING – Further evidence that Chinese banks are serious about moving further into FX came at the end of December with the implementation of a deal between Bank of Communications (BoCom) and Misys.
2005: a positive year for forex
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Terrorist attacks hit e-trading
LONDON – The July 7 terrorist attacks in London caused widespread disruption to electronic trading, with spreads widening considerably and at least one bank not delivering prices to a portal.
Bloomberg on the Wire
NEW YORK – Bloomberg is providing straight-through pro-cessing of swaps by linking its multi-dealer swaps trading platform to SwapsWire, an industry-backed electronic processing platform for over-the-counter derivatives.
News in Brief
FX Connect hikes prices pre-upgrade
China heading for free market
BEIJING – China took two further steps towards currency liberalisation with a widening of the yuan trading band and the introduction of forwards trading for corporates.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
CFTC charges 13 with defrauding $6m
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged 13 Florida residents with defrauding nearly 400 customers of more than $6 million. The CFTC filed a complaint on December 22 charging the 13 with fraudulently misappropriating…
UBS and Bloomberg deal draws criticism
LONDON – UBS and Bloomberg started their year off controversially after a deal for global futures trading through the market data terminal drew criticism from brokers. Under the agreement set in place in 2004, futures trades placed by new users of the…
PBoC liberalises derivatives
BEIJING – The People’s Bank of China (PBoC) issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Forex head leaves RBC Capital Markets
TORONTO – RBC Capital Markets' most senior member of foreign exchange staff has left the bank, a source on the desk has confirmed.
Canadian dollar hits new heights
OTTAWA – Almost four years after it hit an all-time low, the Canadian dollar (loonie) is riding on the crest of a wave after reaching its highest level in years.
EBS records highest gold trade volumes
LONDON – Trading platform EBS recorded its biggest ever volume in gold trading on December 12, with transactions worth a total of $671.6 million.
Record results for US banks
NEW YORK – US investment banks have stormed through 2005, with record-breaking results from fixed-income divisions released last week.
Switch launch to speed up trade
CAMBRIDGE, ENGLAND – Vendor Adder Technology has launched the Adder TS4, a keyboard and mouse switch aimed at reducing complexity in foreign exchange trading rooms as well as other asset classes.
FlexTrade signs Traderforce deal
NEW YORK – US vendor FlexTrade has acquired a 72% majority stake in FIT-Traderforce, a French vendor, in an all-cash deal.
BGC poaches seven from IFX
LONDON – A seven-strong sales and trading team are understood to have quit IFX Markets – the London-based financial trading and spread-betting company – last Friday.