Trading
Corporates remain lukewarm on offshore RMB, despite reported growth
Data released from Swift this week suggests international trade settlement in RMB continues to grow, but corporates aren't so sure
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
Digital Vega to add non-deliverable options to Medusa
NDOs in testing on Medusa platform as some market participants begin to consider alternatives to deliverable FX options that could be more easily cleared
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
Tradition-Icap ramps up FX options offering with RFQ product
Broker is adding VolCall to its Volbroker platform in the hope of taking more of its options business electronic
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
Retail brokers concerned about capital hit to CFDs
Brokers offering CFDs face the prospect of having to raise additional capital to hold against CFDs, leading them to question the product's future
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
FX Week USA: Speed bumps not the way forward for platforms
The use of randomisation to effectively insert a speed bump into incoming orders on platforms is dismissed by panellists at New York conference
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
Market conditions point to uneven global recovery, says Treasury official
Speaking at FX Week USA conference, Daleep Singh acknowledges the improvement in economic conditions in the US but calls for a more balanced global recovery
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
Best retail platform: Spotware Systems' cTrader
Spotware Systems wins the retail award having successfully launched a platform that challenges the dominance of MetaTrader in the retail market
Best algorithmic trading technology provider: BNP Paribas
BNP Paribas successfully breaks into the increasingly competitive market for algorithmic execution in foreign exchange
Options platform of the year: Digital Vega
Despite the challenges faced by multibank options platforms as a result of delays in regulation, Digital Vega has managed to build consistent liquidity on its Medusa platform
Best transaction cost analysis technology: ITG
Investment Technology Group (ITG) takes the inaugural award for best FX TCA provider, having successfully leveraged its experience in the delivery of TCA in equities
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
EBS Direct on-target for full launch, says Icap
Beta testing has been successful and the new disclosed liquidity pool will be fully rolled out later this year, says Michael Spencer
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
FX investors struggle to exit illiquid EM currencies
A rush to sell certain EM currencies in recent weeks has led to a dearth of liquidity and heightened the risk for buy-side firms
Regulation deters currency managers from retail FX
Mifid requirements for enhanced transparency and due diligence for retail investors makes retail FX less attractive for some currency managers
No CVA exemptions in US Basel III rules
Europe isolated as US regulators opt for broad counterparty risk charge