Trading
FX benchmark manipulation: a buy-side perspective
Banks have been caught at the centre of the regulatory probe into manipulation of benchmark exchange rates in recent months, but the scandal could also affect buy-side firms that rely on benchmark fixes. Kathy Alys talks to Patrick Fleur, head of trading…
Chat room bans could drive traders back to the phone
Several banks have banned the use of chat facilities in response to the FX fix investigations, but some believe the ban may only make communication less transparent
Industry should be ready for reporting deadline, warns Esma
Despite ongoing challenges relating to European trade reporting, the industry has had 13 months to prepare and should be ready for the February 12 deadline, says European regulator
Mercury Forex diversifies from spot, takes over FX24
Swiss currency manager has collaborated with FX24 to launch a new discretionary trading programme
Perspectives on 2014: Simon Wilson-Taylor, Molten Markets
Algorithmic execution might have seemed implausible in the FX market a few years ago, but this will be the year when the market structure shifts further in a direction that favours algos, says Molten Markets chief executive Simon Wilson-Taylor
Perspectives on 2014: Simon Jones, Mako FX
This will be a year when banks face up to the reality of regulation, constraining their ability to innovate and provide consistent liquidity, but there is an opportunity for regional banks to gain an edge, says Simon Jones, managing partner at Mako FX
Perspectives on 2014: Andrew Coyne, Traiana
With less than six weeks to go until European trade reporting requirements come into effect under Emir, getting the necessary plumbing in place must be front and centre for all market participants, says Traiana’s chief executive
Perspectives on 2014: Roger Rutherford, ParFX
With 12 banks now trading on ParFX as members, the platform will open up to the buy side in the coming months, which will test the strength of its business model and trading rules
Perspectives on 2014: David Puth, CLS
Working with dealers and central counterparties on settlement of centrally cleared FX options is a ‘high priority strategic objective’ for 2014, says CLS chief executive David Puth
Offshore RMB market booming in London, report finds
A study by the City of London Corporation reveals the City's efforts to become a global hub for renminbi business are paying off, with daily spot value reaching $4.8 billion last year
Extent of Sef-driven fragmentation revealed in Isda survey
Almost 80% of respondents indicate that Footnote 88, which required all platforms to register as Sefs by October 2, has resulted in fragmentation of liquidity in FX options and NDFs
Industry bets on clearer FX trends for 2014
As banks and investors cast their bets on the major currency movements to watch out for in 2014, FX Week presents the highlights of forecasts for the dollar, euro, yen and EM currencies
FX Week Europe: Industry outlook for 2014
Senior market participants, including Paul Chappell from C-View, Will Patrick from CME Group and David Mercer from LMAX Exchange, tackle the key trends of 2013, and their expectations for 2014
Inequality and deflation will be key trends in 2014, Saxo predicts
Danish bank publishes its 10 'outrageous' predictions for 2014, mooting the possibility that five fragile EM currencies could fall by as much as 25% against the dollar
Perspectives on 2014: Nigel Khakoo, Nomura
The market is now better prepared for the Fed to scale back quantitative easing than it was when the idea was first mooted in May, but concerns remain over regulatory issues and the buy side should be more involved, says Nigel Khakoo, head of Emea FX at…
Perspectives on 2014: James Kemp, global FX division
As the regulatory pendulum shifts from the US to Europe next year, there will be new challenges ahead, particularly as new trade reporting requirements come into force in February, says James Kemp, managing director of the GFMA’s global FX division
Perspectives on 2014: David Tait, Credit Suisse
By integrating FX, rates and commodities under a single umbrella, global macro products, Credit Suisse hopes to embed a radical change of culture that will cater more directly to the cross-asset needs of its clients, says business co-head David Tait
Perspectives on 2014: Axel Merk, Merk Investments
The timing of QE tapering will remain a dominant theme in the coming months as many currencies remain beholden to central bank decisions, while the eurozone crisis is still far from over, warns Axel Merk, president and chief investment officer of Merk…
Integral to roll out second-by-second FX benchmark rates
New product is to be introduced in January amid the international regulatory probe into alleged manipulation of the FX benchmarks by traders at top-tier banks
Thomson Reuters ‘considering’ randomisation on Matching platform
The largest FX trading platform by volume could be the latest trading venue to apply randomised pauses, following EBS and ParFX
Caplin launches hosted single-dealer platform service
Caplin Direct managed service is designed to provide an out-of-the-box platform for banks looking to distribute FX liquidity
Sberbank looks to FX growth as ruble accelerates
As Russia's central bank looks to a free-floating currency regime by 2015 and CLS pushes the addition of the ruble, Sberbank's new FX trading head Steven Weller sees significant growth opportunities
Buy side could miss Emir reporting deadline
Banks are racing to meet a February 12 deadline for trade reporting under European rules, but buy-side firms might not be ready to meet their obligations in time
SG CIB joins ParFX as latest bank member
The French bank has become the 12th founder member of ParFX, while Bank of America Merrill Lynch started trading last month without becoming a member