Regulation
Ipam banned for audit failures
WASHINGTON, DC - The US National Futures Association (NFA) banned Orlando-based introducing broker Income Plus Asset Management (Ipam) from NFA membership on October 28, after it failed to comply with a regulatory audit.
The central clearing backlash continues
As the foreign exchange industry continues to get its house in order to prevent any undue regulatory scrutiny, cracks persist in the arguments extolling the virtues of central clearing facilities.
Industry reaffirms CLS as FX data repository
NEW YORK - The foreign exchange industry has reaffirmed industry utility CLS Bank as the FX trade data repository, as US and European authorities push to introduce similar facilities in the derivatives market.
JP Morgan names EMEA head
LONDON - JP Morgan has named a new head of Europe, the Middle East and Africa (EMEA) in London, market sources tell FX Week .
Bank of Canada: no intervention without strong policy
OTTAWA - Mark Carney, governor of the Bank of Canada, has told the country's House of Commons that the Canadian dollar's high exchange rate against the US dollar is depressing prices and economic activity.
Nomura continues to profit from Lehman
TOKYO - Nomura has recorded profits for two consecutive quarters, reporting net revenues of ¥300 billion in the second quarter, 2010, of Japan's financial year.
Bo Li returns to BoA Merrill Lynch
HONG KONG - Bank of America (BoA) Merrill Lynch has appointed Bo Li from Standard Chartered in Hong Kong, to head north Asia institutional foreign exchange sales, according to market sources.
State St case puts FX deals under scrutiny
LONDON & NEW YORK - Banks will come under increased pressure to provide greater transparency on foreign exchange transactions, following the California state attorney-general's FX fraud lawsuit against State Street, according to market participants.
US passes OTC derivatives reform bill
Regulatory change is coming to the over-the-counter derivatives industry in the United States.
Central banks walk the 'not buying dollar' walk
Central banks are increasingly reluctant to accumulate US dollars, and are shifting out of the unit into other G-10 currencies, says Steven Englander, currency strategist at Barclays Capital in New York
