Regulation
Turnover continues at RBS in sales and structuring
LONDON & GREENWICH – Royal Bank of Scotland (RBS) has seen two changes in sales and structuring in London, with one hire and a departure.
CFTC fines SA resident for forex fraud
WASHINGTON, DC – A New York court has fined a South African resident over $1 million for FX fraud, in an action brought by the Commodity Futures Trading Commission (CFTC).
Currenex adds precious metals
NEW YORK – Currenex is expanding its footprint into precious metals with the addition of gold and silver trading.
UBS maintains results trend
ZURICH & BASEL – UBS has continued the trend of strong FX results posted by US and European banks with record results for the second quarter.
Rouble hits seven-year peak against dollar
MOSCOW – The rouble hit its highest level against the US dollar for seven years last week, as the soaring price of oil boosted the Russian unit.
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
BoA adds to London staff
LONDON – Bank of America (BoA) has made a number of hires in London as it continues to expand its forex capabilities in the City.
FXpress enhances web treasury product
BALA CYNWYD, PENNSYLVANIA – FXpress Corporation, the treasury solutions provider, has released First S6, the latest version of its web-based treasury software for corporations worldwide.
Reserve diversification
Simon Derrick, chief currency strategist at the Bank of New York in London, suggests a simple, low-cost method to take advantage of any move by the Chinese authorities to diversify
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Watch out for those retail risks
This week sees yet another tale of greed and unscrupulous behaviour, with two Miami residents being fined millions of dollars by the CFTC for foreign exchange fraud.
Middle East violence boosts US dollar
Conflict in the Middle East contributed to a surge in the dollar and a big drop in the value of Asian currencies last week.
Strong second quarter for US banks
NEW YORK – US banks have posted strong results for the second quarter, with many attributing growing revenues to the FX business.
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
WestLB builds in structuring
DUSSELDORF – WestLB has increased its FX and interest rate structuring business in London to meet demand from German savings bank clients.
CME takes Swapstream for $15m
CHICAGO – The Chicago Mercantile Exchange (CME) is acquiring multi-dealer interest rate swaps trading platform Swapstream for $15 million.
BoA launches streaming FX options
NEW YORK – Bank of America has launched streaming options on its FXtransact web-based platform.
Asia Pacific: Intervention still a factor
BASEL – Reserve accumulation by the Asian FX market failed to stem the appreciation of a number of Asian currencies, according to the BIS's 76th annual report published last week.
FX investors defrauded
FLORIDA – Some 250 retail FX investors are set to receive $2.7 million in compensation, after a fraud committed by Gibraltar Monetary Corporation was uncovered by the CFTC.
Creating an algorithmic safeguard
Stuart Crooks, vice-president, sales for FlexFX in London, points to algorithmic trading as a way to keep up with the increasing speed at which the market moves
SunGard launches liquidity management solution
LONDON – SunGard last week launched a liquidity management solution to help corporates and banks make funding decisions based on their cash positions.
Growth in derivatives trading speeds up, reports BIS
BASEL – Trading on international derivatives exchanges has continued to pick up pace, according to the latest Bank for International Settlements (BIS) Quarterly Review, which was released last week.
Cost cutting, cutbacks and departures at West LB
LONDON - West LB is to close its trading operations in London as it transfers more of its business to Dusseldorf. There have been two senior departures following a decision to cut costs.