Foreign exchange
Compressed margins put tight squeeze on FXPB
The combination of rising costs and increased competition in FX prime brokerage has led to a squeeze on margins, but as the business attracts a wider range of clients than ever before, there is still clear demand for those that can afford to keep…
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
Crédit Agricole wins with moderate stance on yen
French bank weathers volatile yen conditions and tops three-month rankings with conservative view on yen weakness
Industry set to miss CFTC deadline on intermediated FXPB
The deadline for FX agency desks and prime brokers to find a solution to the allocation of Dodd-Frank external business conduct responsibilities expires today
FX Week USA: CLS expansion will be key to EM currency growth
EBS is 'holding its breath' for the ruble to be added to CLS, but regulatory affairs head cautions the addition of new currencies will take time
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable FX products, Mandy Lam of the global FX division suggests more products could become financially settled in the future
Traditional reserve currencies on the decline, says Pimco
Pimco's chief operating officer is bearish on major currencies, expressing the fund's preference for emerging markets, particularly the ruble and renminbi
E-FX Awards: Coming full circle in technology
Traiana, Deutsche Bank, BNP Paribas, EBS and Citi's Jeff Feig are among the winners of the 2013 e-FX awards, which recognise excellence and innovation in FX technology
CFTC-EC cross-border agreement causes concern
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime, and regulators have still not fully aligned on treatment of FX swaps
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have FX derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
Consensus lacking on optimal length for randomised pause
The concept of applying a randomised pause to FX trades as a means of deterring disruptive behaviour has garnered support from the users of both EBS and ParFX. But how long should the pause be in order to be effective but not damaging to genuine…
Single-dealer platforms will hold their own in the e-FX future
As banks jostle for position in the new electronic environment by launching and upgrading their single-dealer platforms, how they will fare against their multi-dealer rivals?
Local factors will decide carry trade winners
Weaker US data, coupled with the Fed's quantitative easing, supports carry trades generally, but particularly where local factors are favourable
BAML reshuffles rates and currencies
US dealer hires from Goldman Sachs, JP Morgan, Morgan Stanley and Deutsche Bank as it expands global footprint
Breakdown in correlations leads to forex discrimination
Risk aversion has returned, breaking down correlations between assets and leading to investor discrimination between currencies. Mitul Kotecha looks at who stands to gain from this shift in appetite
Identifying the winners from Bank of Japan easing moves
Japanese investors will diversify overseas as the BoJ steps up its quantitative easing. Adam Cole follows the capital outflow to identify the currencies most likely to benefit
US domestic oil production provides energy boost for the dollar
Cheaper available energy in the US could attract foreign direct investment to the country, making the structural outlook for the dollar much brighter
Jefferies embarks on ambitious expansion in FX
Ben Welsh at Jefferies talks about the US investment firm's plans to build its FX offering
Saxo Bank renews focus on e-FX technology after poor 2012 results
Saxo's profits nose-dived last year, due to poor market conditions and a loss of focus. But the retail provider believes the changes it has made have given the business renewed direction
Brics leaders agree to set up $100 billion ‘financial safety net'
Contingent reserve agreement will allow Brics countries to provide each other financial support and will 'contribute to strengthening the global financial safety net'
Foreign exchange market set for growth in 2013
Drop in global asset correlation and regulation set to favour foreign exchange
Currency investors discuss strategies for 2013
FX Invest asks industry experts to describe their experiences during 2012, and what they are looking forward to in 2013
Russia remains slow to adopt real-time settlement
Participants believe the development of Russian ruble trading could be in deadlock as a result of the slow adoption of real-time gross settlement by Russian banks