Regulation
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.
Philips Electronics trades 98% of FX electronically
MONTE CARLO – The e-FX market received a strong endorsement last week, with Philips Electronics revealing that nearly all its FX is transacted electronically.
Regulators stifle Basel II
MONTE CARLO - Banks may be unable to benefit from regulatory capital reductions under the Basel II reforms because of local rules and the requirements of rating agencies, according to Capital One's director of economic capital, Geoff Rubin.
Speculative positions for all currency pairs
Senior portfolio strategist Henrik Degrér at SEB in Stockholm develops a proxy to gauge speculative positions for all currency pairs
SuperD adds hedging
NEW YORK – Online options trading platform SuperDerivatives has added a number of features to its SD-FX currency option platform.
BoA boosts sales and trading
NEW YORK – Bank of America (BoA) has boosted its global FX business with three hires in New York and Singapore, it has confirmed.
A simple strangle for EUR/GBP vol
Currency managers can insure against unexpected moves in the EUR/GBP using a simple low-cost method, says Neil Mellor, currency strategist at the Bank of New York in London
Looking at the past with an eye to the future
Saturday MANILA – Saturday kicks off with a long view of the FX market, as a panel discusses how currencies have developed in recent times. The session entitled 'Evolution of currencies fixed to floating/ national to regional will be moderated by…
EBS adds rand to spot trading
LONDON – Interdealer broker EBS has added the South African rand to its spot matching system in conjunction with South Africa's largest liquidity providing banks.
Nutland takes on larger role at Calyon
LONDON – French bank Calyon has named Steve Nutland as global head of trading, spot and options in London.