Foreign exchange
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…
Forex fraud spreads to Asia-Pacific
Meanwhile, last week saw a US company fined more than $12 million for defrauding customers in Japan and China.
July 2006 - NAB saga heads towards closure
MELBOURNE – The final chapter of the National Australia Bank (NAB) trading scandal unearthed in 2004 drew close to its conclusion in July, with the last two forex options traders jailed.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
The evolution of the market-place
The end of 2006 has brought some welcome relief to FX traders, with volatility rearing its head for the last two months of the year.
Fraudsters fined $19m for currency options scam
WASHINGTON DC & BARCELONA, FLORIDA – The spate of FX fraud busts in Florida continued last week, with three companies involved in a currency options scam facing a $19 million fine.
EBS moves into netting
LONDON – EBS is to establish a netting service to enable prime customers to net trades with their banks, as the spot broker looks to adapt to the changing landscape.
HSBC trades non-deliverable swaption
HONG KONG – HSBC last week traded the first ever option on a renminbi non-deliverable interest rate swap.
Weighing up the alternatives
Jeffrey Lins , Executive Director of Quantitative Analysis at Saxo Bank in Copenhagen, evaluates the pitfalls of using maximum drawdown-based performance measures, and points to recent advances that may help to expand opportunities for investment…
Salesmen and structurers are in demand, survey finds
LONDON – Forex sales professionals and options traders saw the highest turnover this year, and demand for these staff is set to increase in 2007.
The changing face of liquidity
Paul Ronan and Nicholas Hodder , of technology vendor City Practitioners, consider the impact the increasing prevalence of auto-trading capabilities is likely to have both on banks' efficiency and on spot traders themselves
JP Morgan launches implied volatility indexes
LONDON – JP Morgan has launched indexes tracking the level of G7 and emerging-market implied volatility, which it says will appeal to the wider institutional investor community.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
High volatility sparks trading records
LONDON & CHICAGO – High volatility over the past three weeks saw record trading flow transacted across the major trading venues.
Quick, look busy! Here comes Mifid
Chip Lowry , senior managing director of State Street Global Link in Europe, looks at what Mifid will mean for the foreign exchange industry