Societe Generale
SG CIB expands in FX sales
Darren Charnock and David Brickell join Société Générale Corporate and Investment Banking in senior FX sales roles
SG CIB joins ParFX as latest bank member
The French bank has become the 12th founder member of ParFX, while Bank of America Merrill Lynch started trading last month without becoming a member
FX Week Europe: Fed is in ‘La La Land’ on monetary policy
SG CIB's chief currency strategist hits out at Federal Reserve's failure to appreciate the implications of its QE and interest rate policies
Credit Suisse loses two in FX sales
Other moves at Société Générale Corporate and Investment Banking, the CFTC and BAML
EBS Direct launch could reverse volume decline, say participants
The full launch of EBS Direct opens up a new market segment that could be an opportunity to claw back market share lost in recent years
SG CIB’s Escoffier takes the reins at Newedge
David Escoffier has been appointed chief executive of Newedge as Société Générale negotiates with Crédit Agricole to take full control of the firm
Banks eye new protocol to streamline platform connectivity
A working group backed by seven banks is looking to create an automated protocol to streamline the process by which clients connect to FX trading platforms
Banks push for greater adoption of two-way CSAs
The Bank of England's decision in 2012 to start using two-way collateral model fails to spur change, and traders are calling for more to adopt the model
New chief executive brings multi-asset focus to ECU
ECU Group offers clients access to its high-powered investment committee as it moves into the global macro advisory space
Industry forced to rethink reporting after Esma rejects GFMA proposal
FX participants must reconsider their approach to dual reporting under Emir, possibly at considerable cost to those already building towards the proposed model
Corporates reluctant to add single-dealer platform connections
New electronic execution platforms for corporate clients face a challenge to win new business, with many firms preferring to minimise the single-dealer platforms they connect with
Three down at SG CIB in London
Diana Kiluta Amoa, Benoit Duhil de Benaze and Yassine Rhalib have all left their roles at Société Générale Corporate and Investment Banking
Barclays FX flow options head departs
Gugesh Guganeswaran has left the bank in London; other FX hires at RBC and SG CIB, while BNP Paribas reshuffles in strategy and Credit Suisse appoints a new chief risk officer
Weaker franc leads to speculation over future of SNB floor
Volatility has picked up in EUR/CHF this year, but traders believe the franc needs to weaken a lot more before the Swiss National Bank would consider easing its policy
FX platform pricing needs a rethink, say banks
Greater transparency on fees at some new trading platforms is a welcome development, with banks calling on incumbent platforms to rethink their fixed costs, as well as the discounts they offer to incentivise volume
Trading places, June 17, 2013
Multiple hires at technology vendor Misys, while SG CIB loses in FX sales and Credit Suisse in trading
ACI to develop new spot FX standards
Industry association plans to complete project by year-end to bring greater clarity to the definition of spot FX across currencies and geographies
Banks struggling with European reporting rules
Reporting infrastructure built to fulfil Dodd-Frank requirements will need to be revamped to meet Emir standards, say banks
Banks beef up in real-money sales
Westpac sales head Corinna Wong joins Morgan Stanley, while Craig Weiner moves from JP Morgan to Standard Chartered
Buy-side take-up of execution systems threatens ECNs
As buy-side firms reorganise their execution desks, multi-dealer platforms may need to rethink their position in the FX market
Trading Places, May 6, 2013
Lloyds gains in corporate FX, while trading technology vendor Integral establishes marketing role and BNY Mellon beefs up in derivatives clearing
Euro bearishness reawakened post-Cyprus
Long euro positions have been unwound following the bailout of Cyprus and many participants now foresee further trouble ahead for the eurozone
FX sales director departs SG CIB
Julia Westcott-Hutton, a director in FX sales in London, is leaving the bank after 15 years
Lloyds hires ex-SG CIB Christophe Coutte
The former co-head of Ficc at SG CIB is joining Lloyds to run the bank's rates business in London