Foreign exchange
January 2006 - Acquisitions in e-FX take precedence
LONDON – The year started with a bang with two high-profile acquisitions in the electronic trading space.
February 2006 - BoA builds algorithmic forex capabilities
CAMBRIDGE, MASSACHUSETTS – Bank of America (BoA) took a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.
March 2006 - FXCM abandons Refco negotiations
NEW YORK – Forex Capital Markets (FXCM) abandoned negotiations with Refco creditors to acquire the assets of the defunct brokerage's unregulated currency trading operation.
Bank of Thailand backtracks on reserve requirements
BANGKOK – The Bank of Thailand (BOT) went back on regulations introduced on December 18, by removing the 30% foreign currency reserve requirements on current account activities and equity investments.
October 2006 - Flextrade to launch block trading platform
CHICAGO, NEW YORK AND LONDON – October was a month where new players looked to make their mark on the industry. Reuters CME joint venture FXMarketSpace announced 20 more banks signed to be clearing prime brokers while it emerged trading technology vendor…
July 2006 - FXall stake sold to TCV for $77.5 million
NEW YORK – FXall sold a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
February 2006 - Refco saga continues with veto of FXCM deal
NEW YORK – Refco creditors vetoed a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
August 2006 - FXall to launch anonymous platform
NEW YORK – It emerged in August that FXall was looking to launch an anonymous trading platform to target both buy-side and sell-side market participants. The multi-bank portal sent details to banks outlining how the new platform was set to work.
Wooden Nickel scammers fined $25 million
NEW YORK – Individuals and companies involved in the Operation Wooden Nickel trading scam have been ordered to pay some $25 million by the Commodity Futures Trading Commission (CFTC).
August 2006 - ABN Amro trader faces execution in Vietnam
HAI PHONG – August saw an ABN Amro FX trader face possible execution in Vietnam after participating in activity that lost a state bank $5.4 million after participating in allegedly unauthorised prop trading.
March 2006 - FXall agrees to sell 20% stake to TCV
NEW YORK – FXall agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, sources told FX Week .
New Year and new beginnings
This is my final issue of FX Week. After more than two years in the editor's chair, the time has come for me to move on. It's been an interesting and challenging job and one which has taught me a lot about global markets.
April 2006 - FX business restructures
LONDON & HONG KONG – April was the month for business restructures, with ABN Amro, JP Morgan, HSBC and Royal Bank of Scotland (RBS) altering their FX business operations.
February 2006 - JP Morgan forex salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested, making the US bank the latest to be embroiled in a trading scandal. Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on…