Regulation
Saxo Bank gains French foothold
PARIS - Saxo Bank plans to acquire Paris-based online foreign exchange broker Cambiste in a seven-figure deal, in anticipation of demand for forex and contracts-for-differences (CFDs) trading in the local French market.
BoA’s Gotelli joins Wells Fargo
SAN FRANCISCO – Wells Fargo has hired Bob Gotelli as head of global sales for corporate foreign exchange in San Francisco.
Five go to Deutsche in North America
NEW YORK – Deutsche Bank Securities has made five hires in its foreign exchange sales and trading team for North America.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Why you should know your customers
If market rumours are anything to go by, Currenex, Fixi and an FX prime broker could be locked in bitter recriminations after an algorithmic trading client of London-based investment house Fixi blew up last month.
Cfets-CME partnership to aid China trade
BEIJING - The China Foreign Exchange Trade System (Cfets) and the Chicago Mercantile Exchange (CME) are in the final stages of launching FX and interest rate futures trading in the Chinese market, said a senior official.
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
BoA names global sales head
SINGAPORE & NEW YORK - Bank of America (BoA) has appointed a new global head of currency sales, over a month after the announced departure of former foreign exchange sales chief Bob Gotelli.
Euro threat remains, says UK's House of Lords
LONDON - The euro has managed to avoid an initial quick collapse predicted by many, but the threat has not yet passed, according to the UK's House of Lords.
SEC cracks down on Ponzi scheme
WASHINGTON, DC - The Securities and Exchange Commission is cracking down on an alleged $27.9 million Ponzi scheme involving foreign exchange trading firm Gold-Quest International (GQI).
Merrill steals two traders from BoA
NEW YORK & LONDON - Merrill Lynch has hired David Catalan and Lee Cantor, two former currency options traders at Bank of America (BoA) in New York.
RBI releases details of rupee futures plans
MUMBAI - The Reserve Bank of India (RBI) has recommended a single dollar-rupee contract of $1,000 for the introduction of exchange-traded futures into the country.
CFTC slams Alaron Trading
CHICAGO - Chicago-based futures trading company Alaron Trading is due to pay $299,000 in penalties by today (April 28) for failing to supervise employees.
Carry trades added to UBS subprime woes
ZURICH & BASEL - Carry trades might have contributed to an almost $1.9 billion writedown in a UBS foreign exchange/cash collateral trading (FX/CCT) subprime portfolio, as profit and compensation incentives overrode liquidity risk, an internal report has…
FX fraud leads to $11m payment order
WASHINGTON, DC - Two New York residents and New York-based First Lexington Group (FLG) have been ordered to pay more than $11 million in civil monetary penalties, disgorgement and restitution monies for defrauding investors in illegal FX futures schemes.
4th Story releases algo trading tool
SAN FRANCISCO - Technology vendor 4th Story last week (April 14) officially launched automated trading software 4S.Blue Ridge.
Senior forex managers lower their sights
LONDON - Senior level foreign exchange executives are radically reassessing their career options in light of the current credit crisis, according to recruitment firms in London.
CFTC fines firm $260,000 for lack of capital
WASHINGTON & VIRGINIA - The Commodity Futures Trading Commission (CFTC) has ordered a US retail foreign exchange trading company to pay $260,000 to settle charges relating to undercapitalisation.
SuperD offers exit pricing
LONDON - Market turmoil and increased regulation has prompted data and software vendor SuperDerivatives to add liquidation, or exit, pricing to its portfolio revaluation services.
Swiss retail FX rules spell consolidation
BERN - Recent amendments by the Swiss Federal Banking Commission (SFBC) to the banking ordinance concerning foreign exchange dealers could lead to consolidation of the retail FX market in the country.
CFTC wary of Fed's merger proposal
WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) has urged US Treasury to proceed with caution over its recommendation to merge the US futures regulator and its securities market counterpart, the Securities and Exchange Commission (SEC).
Watching the market in 3D
Chip Lowry, senior managing director of Currenex, and John Vause, managing director of State Street's Global Link business for Europe, the Middle East and Africa, evaluate the evolution of the FX market's structure
Trading records fall during turbulent month
NEW YORK & LONDON - Records tumbled on foreign exchange trading platforms last month, with EBS and Currenex reporting record trading volumes for the month and FXall a record quarter.