Trading
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May
EM exodus continues ahead of imminent QE tapering
The Indian rupee and Indonesian rupiah have continued to fall this week as tapering of quantitative easing in the US looms in the coming months
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
Saxo Bank adds ruble pairs to options platform
USD/RUB and EUR/RUB will be added today as the Danish bank answers increasing client demand for the ruble
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
Buy side scales back on yen positions as volume dips
Market participants report a significant decline in investor and corporate appetite for the yen, following the rush to the currency in the first quarter
Rupee sell-off continues, despite repeated RBI efforts
Efforts by the Reserve Bank of India to stabilise the currency's depreciation have failed, as the rupee falls to a record low
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants
Legal & General's FX trading head tasked to grow derivatives
Newly appointed to head FX trading at Legal & General Investment Management, options trader Virginie Queval is looking at ways to grow the firm's small FX business
Credit hubs vie to increase Sef and FCM participation
Several banks and platforms have backed both of the new pre-trade credit hubs that handle credit screening and clearing certainty, but MarkitServ and Traiana are now locked in a race to sign up more participants
Russia's ruble expected to become major currency by 2015
Market participants are bullish about the ability of the ruble to quickly penetrate the group of top global currencies, but settlement issues remain the biggest obstacle
FX markets in mid-year lull as yen volatility dries up
The yen has become more range-bound following its dramatic fall earlier in the year, creating a lull in FX market activity during the western summer weeks
Thomson Reuters reduces price granularity in three currencies
Mexican peso, South African rand and Russian ruble are now priced at a minimum tick size of five pips rather than single pips, taking Thomson Reuters Matching a step further away from decimalisation
Future of e-FX will be cross-product, says Citi’s Bibbey
Richard Bibbey, Citi's new head of e-FX trading, believes the landscape is changing and successful banks will be those that can leverage technology across products and asset classes
Flight from EUR/USD leads to record low volume on EBS
Summer downtime and poor dollar performance combine to give EBS its worst set of figures for seven years
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
Dion rolls out RFQ system for FX options
Technology vendor aims to help clients, particularly second-tier banks, meet new regulatory requirements for options
FX platform pricing needs a rethink, say banks
Greater transparency on fees at some new trading platforms is a welcome development, with banks calling on incumbent platforms to rethink their fixed costs, as well as the discounts they offer to incentivise volume
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
State Street's Bond fixes sights on new initiatives
Appointed as Cliff Lewis’s deputy last year, Martine Bond has since stepped up to run trading and clearing within State Street’s Global Exchange business, managing both Currenex and FX Connect
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across forex products in the UK and US in April 2013, with just over $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Liquidity mirage continues in FX, despite platform efforts
Several FX trading platforms have taken steps to prevent price flashing and other disruptive practices, but some participants remain concerned about the quality of liquidity that is shown by platforms and aggregators
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…