Regulation
Quick, look busy! Here comes Mifid
Chip Lowry , senior managing director of State Street Global Link in Europe, looks at what Mifid will mean for the foreign exchange industry
Forex fraudster fined $29 million and jailed
WASHINGTON DC & SAN DIEGO – The owner of a forex trading company has been fined $29 million and imprisoned for defrauding.
Deloitte and Touche takes SD-Revaluation
NEW YORK – Consulting firm Deloitte and Touche is using SuperDerivatives' SD-Revaluation service for derivatives when conducting audits for buy-side customers. Deloitte is using the revaluation service for external independent verification of the…
ASIA PACIFIC NEWS: ABN Amro pays $4.5m settlement in Vietnam forex trading case
HANOI – Dutch bank ABN Amro has paid $4.5 million to police to settle a dispute over allegations by the Vietnamese government that its traders broke FX trading regulations.
More top changes at BoA
LONDON & NEW YORK – Bank of America (BoA) is undertaking a further restructuring of its senior FX management team, as the bank seeks to drive its growth to the next level.
Tullett Prebon launches multi-asset market data service
LONDON – Tullett Prebon Information, the market data division of interdealer broker Tullett Prebon, last week launched its market data service, Mark2Marker.
Safe approves four banks to join forward market
BEIJING – China's State Administration of Foreign Exchange (Safe) has approved four new banks to join the interbank foreign exchange forward market.
RBS expands emerging market capabilities
LONDON – Royal Bank of Scotland (RBS) is expanding its portfolio of emerging markets products, with plans to launch interest rate options and exotics.
Proportionate regulation is the key
The move by the US and UK regulators to work in closer co-operation can only be a good thing for the market as a whole.
US and UK regulators sign MoU to improve market surveillance
LONDON & WASHINGTON DC – The UK Financial Services Authority (FSA) and the US Commodity Futures Trading Commission (CFTC) signed a Memorandum of Understanding (MoU) to strengthen market communication oversight last week.
Asia to support global growth
LONDON – Asia holds the key to global growth amid a US slowdown, Marios Maratheftis, FX strategist at Standard Chartered in London told delegates at last week's FX Week Europe Congress.
Fimat expands in Hong Kong
SYDNEY & HONG KONG – Fimat's decision to open a bank branch in Hong Kong will enable it to substantially increase its FX operations, the Société Générale-owned broker said.
Vietnam PM orders quick trial in ABN Amro case
HANOI – Vietnam's prime minister, Nguyen Tan Dung, ordered a speedy trial of ABN Amro last week over allegations that the bank's traders broke FX trading regulations.
E-commerce source of best forex talent, says market
GLOBAL – Forex staff with e-FX skills and experience are the new recruitment market 'sweet spot', according to banks and headhunters.
US banks report profits down in third quarter
NEW YORK & CHARLOTTE, N CAROLINA – Citigroup, Morgan Stanley and Bank of America released positive earnings reports for the third quarter, but all failed to profit from their FX businesses.
Fimat opens banking branch in Hong Kong
HONG KONG – Brokerage firm Fimat International Banque opened a bank branch in Hong Kong last week, which will act as a regional hub for the firm.
Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
How to play gravity-defying USD/JPY
Peter Luxton, Global Markets Adviser and Shant Movsesian, Senior Options Analyst at Informa Global Markets advise taking dollar bulls into account when trading on potential weakness
Banca Aletti takes Risque approach
PARIS – Banca Aletti is going live with technology vendor Sophis' Risque front- to back-office system for its FX derivatives business.
UK business unprepared for hedging changes
LONDON – Medium-sized UK companies are unprepared for forthcoming rule changes on accounting standards that require more rigorous reporting of FX exposure, according to forex specialist HiFX.
'Boiler room' retail FX fraudsters face US court for high-pressure techniques
NEW YORK – The retail foreign exchange market suffered another blow at the end of last month, as 11 men were indicted by a US court on charges of ‘boiler room’ fraud.
BIS: debt now bigger problem than inflation
BASEL – The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).
BarCap joins algo bandwagon
LONDON – Barclays Capital (BarCap) has joined a select group of banks that has started offering algorithmic trading for forex over their single-bank platforms.
More fraud uncovered by CFTC
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has settled a forex fraud action resulting in over $2.5 million in civil penalties.