Societe Generale
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
Spotlight on: Max Smith, Newedge
In a world where market participants are seeking to reduce risk in trading and ensure efficient clearing, Newedge's global head of FX, Max Smith, believes the firm is uniquely positioned
Increased risk appetite causes spike in relative value FX trades
Investors are turning to relative value trades to provide low-premium, guaranteed downside and good leverage to the upside, traders say
Jefferies hires e-FX sales head
Former head of e-FX sales for the Americas joined Jefferies in New York last week to build out its e-FX business
Traders braced for further yen weakness ahead of BoJ meeting
Many market participants were caught unawares by the sharpness of the yen's fall in recent weeks, but all eyes will be on the currency's reaction to this week's Bank of Japan meeting
Trading places, January 7, 2013
New hires at Commerzbank, SG CIB, C-View and Progress Software
Review of 2012: July - September
FX Week looks back on the biggest stories of 2012, continuing with the third quarter. To read the original stories, click on the links in black