Currency
CIBC continues FSG build
TORONTO - CIBC has made four key hires in its financial institutions group (FSG) in London, Toronto and Hong Kong, as it builds up its global capabilities.
Nomura becomes settlement member of CLS
LONDON - Nomura has gone live as a CLS settlement member and shareholder as of July 12, having previously used third-party settlement services from Citi, the bank announced on July 19.
Post-trade innovation set to drive up volumes
NEW YORK - Post-trade functions will become more important in foreign exchange trading operations as the FX market evolves through greater use of high-frequency trading, according to speakers at the FX Week USA conference on July 13.
ParkerFX makes small gain in May
STAMFORD, CT - The Parker FX Index has reported a return of 0.14% for May, as currency markets were marked by risk aversion amid fears of a double-dip recession, increased risk contagion from the European sovereign debt crisis and significant declines in…
RBS adds in e-sales
STAMFORD, CT – Royal Bank of Scotland (RBS) is increasing coverage of electronic sales to financial institutions with a hire from Barclays Capital in the US.
Exshaw signs up former colleague
NEW YORK - Christian Exshaw, head of distribution and global derivatives at CIBC, has recruited former Dresdner and Deutsche Bank colleague Ricardo Zulliger in New York.
Portware eyes streaming liquidity, TCA in FX upgrade
NEW YORK - Execution management system (EMS) vendor Portware has targeted liquidity management, extended algorithmic execution and transaction cost analysis (TCA) with version 5.0 of its Portware FX trading platform, released on July 13.
Short volatility up in June
LONDON - Currency managers going short volatility would have been top performers in June, benefiting from European market stress, indicates research from Royal Bank of Scotland (RBS).
FX central clearing: A work in progress
No-one’s the wiser about the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act on forex options. And perhaps it won’t even matter by the time the legislation becomes fully scripted.
BlackTree live on dbSelect
LONDON - BlackTree Investments, a London-based currency manager founded by an ex-Lehman Brothers fixed-income team, has gone live on Deutsche Bank’s multi-manager managed account platform, dbSelect.
The challenges of CVA
The onset of the financial crisis spurred banks to charge for counterparty credit risk in their forex dealings. But how to do that is proving theoretically and practically challenging. By John Ferry
Morgan Stanley looks to extend Matrix
LONDON - Morgan Stanley is set to launch streaming Asian and Latin American non-deliverable forwards (NDFs) next month, on its cross-asset front end, Matrix, following its recent global launch.
BNPP eyes European FXPB business
BNP Paribas moved steadily to launch into the foreign exchange prime brokerage market with the acquisition of staff and infrastructure from defunct insurance company AIG last year. But with that business focused on the US, rivals argue the French dealer…
EU regulation will force insurers to up FX hedging programmes
BRUSSELS - The EU’s current proposals for risk-based insurance regulation – referred to as Solvency II - will result in firms based in countries with shallow domestic bond markets ramping up up their FX hedging programmes, according to Lars Oswald Dahl,…
Credit Suisse continues Asia build
HONG KONG - Credit Suisse made a significant push to expand its presence in the foreign exchange market in the Asia-Pacific, with six sales hires in Japan, Singapore and Hong Kong.
Swings and roundabouts
Howard Friend, chief market strategist at MIG Bank, explains the ‘2F pattern’, a system he has developed to identify the characteristics of a trend and calculate where to enter a position in its direction
Hotspot continues volume growth
JERSEY CITY – Hotspot FX reported a record month in May, with average daily volumes reaching $48.7 billion – double count [??] – up from $19.4 billion in May last year.
Real outpaces euro in exchange trading
BASEL - The Brazilian real outpaced the euro as the second most actively traded currency contract on exchanges, due to an under-developed over-the-counter market, according to the Bank for International Settlements.
Deutsche rings in changes: promotes Altunis
LONDON - Deutsche Bank has made Kenan Altunis European head of institutional foreign exchange sales in London amid promotions in the business announced on Tuesday (June 16).
FXall gains Prime client in Japan
TOKYO - Tokyo-based retail forex broker FX Prime Corporation began using FXall’s graphical user interface-based trading platform to access liquidity last week (June 10).
BNP Paribas boosts Asia electronic trading capability
TOKYO - BNP Paribas plans to launch electronic trading in won and Taiwan dollar non-deliverable forwards (NDFs) on its single-bank system, FX eTrader, this year, according to a senior official in Tokyo.
New rules for new markets
It’s all about the emerging markets managing their exposure to the eurozone. Last week, Hong Kong and Malaysia also moved to offer a common bond-settlement system.
Euro decline continues
LONDON - The euro hit a four-year low against the dollar last Friday (June 4), sparking a rise in options prices as the unit edges further towards the 1.2000 barrier.
Fixnetix connects to Hotspot; partners with MarketFactory
LONDON - Low-latency data and trading technology vendor Fixnetix has established co-located trading and market data connectivity to the Hotspot FX trading platform, a subsidiary of Knight Capital Group.