Post-trade
Libor gets an overhaul
LONDON - The British Bankers' Association (BBA) has announced changes to the governance of the London Interbank Offered Rate (Libor).
Standard Chartered gains French foothold
PARIS - Standard Chartered opened a branch in Paris on June 5 in response to the growth in its global corporates and financial institutions business in France.
Rising dollar brings Parker FX down
STAMFORD, CT - The Parker FX Index produced a 0.01% loss in April, as the US dollar rose against a basket of G-6 currencies for the first time in several months.
Cultural change needed post-crisis
BOSTON - As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.
Between a rock and a hard place
Patrick Lefler, foreign exchange consultant at Wall Street Systems in New York, looks at the future of CLS as demand grows for bilateral netting
Global heads quit StanChart
SINGAPORE - Standard Chartered has been hit by senior management departures in Singapore, amid the bank's continuing restructuring, launched at the end of last year.
Ex-EBS chief now at SuperD
LONDON - Jack Jeffery, former chief executive at electronic spot broker EBS, has resurfaced at options pricing and risk management software vendor SuperDerivatives.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering
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.
WallStreet FX upgrade ups processing speed to 72 trades a second
NEW YORK – New York-based trading technology vendor Wall Street Systems has upgraded its trade-processing system Wallstreet FX to make it faster, it said last week (May 19)
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.
China's FX derivatives protocols 'must be clarified', say speakers
BEIJING - China's FX derivatives market must find a way to clarify differences and overlaps between the country's two major protocols on entering into derivatives transactions, said industry observers.
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.
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
IMF's policy advisory chair resigns
ROME - International Monetary and Financial Committee (IMFC) chairman Tommaso Padoa-Schioppa has tendered his resignation from chairmanship of the International Monetary Fund's policy advisory committee.
Eurobase enhances limit order support
LONDON - London-based trading technology vendor Eurobase has expanded the foreign exchange limit order processing in its Siena e-Trading system to include more order capture and processing support for non-deliverable forwards, FX spot, outright and swaps.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
Deutsche loses McGowan to Barclays Capital
LONDON & SINGAPORE - Adrian McGowan, a managing director in the foreign exchange complex risk group at Deutsche Bank in London, has left the bank.
A call for old-fashioned banking?
Over the past few years, buy-side traders have been demanding a levelling of the playing field as they increasingly make markets in foreign exchange like their sell-side peers. So it was surprising, and even refreshing, to hear some calls for old…
Saxo launches Webtrader
COPENHAGEN - Saxo Bank plans to introduce version 2.0 of its web-based platform, Saxo WebTrader, at the end of the second quarter.
Isda AGM: Cautious OTC traders increase collateral use
VIENNA - As the credit crisis gathered strength in 2007, dealers became increasingly likely to demand collateral from their counterparties, according to a survey released today by the International Swaps and Derivatives Association (Isda).