Foreign exchange
FX Concepts teeters as clients exit and AUM plummets
Assets under management at FX Concepts have continued to fall and the fund's chief strategist confirms the board's ideas haven't worked so far
Citi to donate a dollar per million of platform volume to charity
E for Education initiative will see a proportion of revenue from Velocity in the fourth quarter handed over to six charities globally
CLS same-day settlement 'positive' for CAD market, says FX committee chair
Canadian FX committee chair Donna Howard welcomes launch of same-day settlement through CLS for USD/CAD, but acknowledges associated challenges
CFDs gain reprieve from CVA threat
The reports of CFDs’ demise were greatly exaggerated, writes Michael Watt. Far from being killed off by the CVA charge, they have probably been saved by one of the clauses in the new rule
State Street's Collin Crownover talks to FX Invest
State Street Global Advisors’ head of currency management talks to Michael Watt about his view of 2013 so far, the future of central bank involvement in the direction of major global currencies, and the impact of new regulation on the FX market
Volcker rule curtailing FX liquidity, say buy-side participants.
Investors say foreign exchange market-makers are already trimming risk appetite ahead of the Volcker rule ban on proprietary trading in the US. But, while liquidity in emerging market and frontier currencies has suffered, other market participants…
FXCM buys majority stake in Faros Trading
FXCM continues its aggressive expansion as it acquires a 50.1% stake in FX agency firm Faros Trading, four years after it was established by Ray Kamrath
Aviva chooses collared options to hedge balance sheet
Tom Moore, head of group treasury management at Aviva, talks about the challenges of managing currency risk while meeting capital requirements, and outlines the firm's hedging strategies
Citadel pushes fixed-income expansion into FX
Fixed-income business heads Derek Kaufman and Richard Mazzella explain their strategy in expanding Citadel's growing fixed-income business into foreign exchange. Robert Mackenzie Smith reports
FX Week Forum: The challenges of clearing options
In the first in a series of video features addressing key themes in the global FX industry, editorial director Nick Sawyer talks to FX Week editor Joel Clark about the complex issues that have delayed central clearing of FX options
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
Marex Spectron pushes forward after FX overhaul
Recently recruited sales team are fired up and seeking to expand Marex's footprint in agency FX business following recent restructure
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
Thomson Reuters acquires start-up options technology vendor
SigmaGenix, a London-based provider of FX options technology, has been acquired by Thomson Reuters and its chief executive Jeremy Gelber becomes global head of FX options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
ACT hires two from Citi to run platform for high-net-worth clients
Patrick Haberstock and Thomas Walcher have joined ACT Currency Partner in Zurich to get a new platform off the ground
Integral sought investment from EBS, court documents reveal
During preliminary talks, EBS chief executive refused to sign a non-disclosure agreement, which would have prevented it from hiring Integral executives, according to testimony in the legal battle between Integral and its co-founder, Viral Tolat
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