Regulation
FXMS embarks on global push
LONDON, CHICAGO & NEW YORK – Eight new roles have been created at Reuters and CME joint venture FXMarketSpace (FXMS), to drive the platform's continued global expansion.
CFTC charges Florida firm with FX options fraud
The Commodity Futures Trading Commission last week (May 25) charged Addison Enterprise with illegally selling FX options and defrauding customers.
BIS review reveals slowing growth in OTC derivatives
BASEL – Growth in over-the-counter FX derivatives slowed in the second half of 2006, rising only 5% versus 21% in the first half of the year, according to research released last week.
GCC currency uncertain after Kuwait abandons dollar peg
SAFAT, KUWAIT – The decision to abandon the Kuwaiti dinar’s peg to the US dollar in favour of a basket of major currencies has brought into question plans to introduce a single currency for the six Gulf Cooperation Council (GCC) states.
BNP hires in structuring
LONDON – BNP Paribas has created four fixed-income structurer roles in London as part of a drive to build this area of the bank's business.
Retail investors drive strong FX trading volumes
GREENWICH, CT – Retail FX trading volumes accounted for around $11 trillion of the $70.6 trillion global FX market in 2006, according to research released last week.
NFA fines Gain Capital over AML and promos
CHICAGO – FX trading company and futures commission merchant Gain Capital Group has been fined $100,000 by the National Futures Association (NFA).
FXMS chief relocates to London
LONDON – Mark Robson, chief executive of Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace, is relocating to London from New York.
BoA creates London team
LONDON – Bank of America (BoA) has created a proprietary rates trading team to manage strategic positions for Europe, the Middle East and Africa (EMEA).
Feeling the strain of high-volume trading
The decision to roll out netting services by electronic communications network Hotspot FXi demonstrates initiative on the platform's part.
Mifid and forex in a nutshell
The Markets in Financial Instruments Directive is placed under the microscope by Richard Hartheimer , managing director at Currenex, Europe in London
How Mifid affects the global FX market
Mifid will create an even more efficient market for FX services that can be delivered quickly, inexpensively and globally, says Chris Pickles , chair of its Joint Working Group in London
Extending forex market reach
There is great scope for further integration between FX and interest rate swap markets, says Philip Whitehurst of independent developer MID Analytics in London
Clariden centralises forex pricing data
LONDON – Swiss private bank Clariden Leu has rolled out an FX pricing solution to centralise pricing and distribution of FX rates throughout the organisation.
ABN Amro departures highlight staff jitters
HONG KONG – ABN Amro continues to suffer departures in FX sales and structuring in Hong Kong, as rival banks target talent at the regional operations of the Dutch bank.
Commodities to become a core asset class, FSA predicts
LONDON – The UK Financial Services Authority (FSA) predicts commodities will become a core asset class for all diversified portfolios.
CFTC charges unregulated futures brokers
WASHINGTON DC – The US futures regulator is continuing to battle FX fraud in the country, with charges hitting unregulated FX futures brokers and online retail trading platforms.
Bank of America joins index bandwagon
NEW YORK – Bank of America (BoA) has launched 73 indexes that track the performance of 30 developed and emerging market currencies against the US dollar.
Banks gear up to pursue forex opportunities in India
MUMBAI – Banks are realigning and expanding FX desks in India, in response to the growing business opportunities in the country.
Banks warn to stress test
CHICAGO – At last week's FX Invest congress in Chicago, Barclays Capital, Citi and Morgan Stanley warned of the pressures being placed on back-office systems by rising FX volumes.
Forefront Investments faces suit from CFTC
WASHINGTON DC – The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Richmond, Virginia-based futures broker Forefront Investments, for failing to hold adequate net capital.
Retail FX platform attracts $100 million from PE firm
SADDLE RIVER, NEW JERSEY – Online trading platform FX Solutions has received more than $100 million from Francisco Partners, a technology-focused private equity investment firm.
JP Morgan loses three, hires one in forex
NEW YORK & SINGAPORE – JP Morgan has lost three members of its FX team in New York and London.