Trading
SocGen strengthens strategy team
Société Générale has strengthened its foreign exchange strategy team with three new hires in London, following the departure last year of senior FX strategist Valentin Marinov in London.
Post-restructuring movement at BarCap
Barclays Capital continues to reorganise its foreign exchange business with a promotion, while news of more departures from the business emerge.
Citi takes hit in rates and currencies
Citi and JP Morgan began the US quarterly results round, reporting a year-on-year drop in fourth-quarter fixed-income business revenues, with Citi citing falls in rates and currencies revenues.
Marex signs up to CME and Ice
Institutional broker Marex has joined exchanges CME and Ice as a full clearing member, it announced on January 18. Hunter Baldwin, managing director at Marex North America, said the move was in response to customer demand and Marex’s expansion into North…
China tests further easing of renminbi convertibility of capital account
China's State Council is advising the Shenzhen municipal government and local regulators about permitting renimibi conversion outside of currency restrictions
New CFTC documentation rules could force Isda master modifications
Proposed US rules might require changes to standardised global derivatives agreement
Connors out of Goldman Sachs
Senior foreign exchange manager leaves US bank for alleged compliance irregularities
Bayer warns EC: Don’t force us to slash jobs in EU
Christian Held, head of corporate treasury at pharmaceutical giant Bayer, threatened to move jobs abroad unless the European Commission “lets common sense prevail” over FX derivatives regulation.
Pension funds need exclusion from clearing, says Record
Mandatory clearing of FX forwards will seriously disrupt the investment strategies of pension funds, according to Neil Record, chairman at Record Currency Management.
UBS: FX CCPs will be “too big to fail”
Foreign exchange central counterparties (CCPs) will automatically be “too big to fail” because the consequences of failure are too terrible, according to Huw Evans, managing director and chief operating officer of FX at UBS.
Thomson Reuters’s time in the spotlight?
The old rivalry between EBS Spot and Thomson Reuters might be getting a new lease of life, as Thomson Reuters positions the Thomson Reuters Dealing system as a Sef and MTF-compliant platform for bespoke product trading. And now the Matching Host…
Thomson Reuters Dealing targets Sef and MTF compliance by Q4
Thomson Reuters aims to make the Thomson Reuters Dealing peer-to-peer conversational trading application compliant under swaps execution facility (Sef) and multi-lateral trading facility (MTF) rules by Q4, the vendor tells FX Week.
China key to euro fortunes
Simon Derrick, global head of FX strategy at Bank of New York Mellon in London says China’s fortunes are tightly entwined with those of the euro
BarCap departures on both sides of the Atlantic
Barclays Capital saw departures in London and New York last Wednesday (January 12) as the bank undergoes a series of cutbacks, according to market sources.
Taylor calls it quits at CZ
Jason Taylor is leaving Commerzbank in London at the end of the month, according to internal sources at the bank.
CBA hires in spot and trading in NY
Commonwealth Bank of Australia has made two new hires in sales and trading in New York.
4Cast wins out with euro risk
4Cast topped the one-month currency forecast rankings by predicting that the euro bounce at the start of the year would take a hit from the return of concerns over euro sovereign debt.
Trading Places, January 17, 2011
Read this week's Trading Places to catch up on people moves across the FX world.
EC: Prepare for FX clearing in US and EU
Senior figures from the European Commission (EC) and European Parliament signalled that an outright clearing exemption for forex was unlikely, at an Association for Financial Markets in Europe conference in Brussels held on January 12.
Saxo hires Citi vet
Saxo Bank has hired Citi’s former global head of client management as it expands its front-office business in London.
Brown returns to market at BBVA
HSBC veteran returns to market in key role for Spanish dealer
Yield strategy wins out in 2010
Currency managers using the yield strategy would have been top performers in 2010, indicates research from Royal Bank of Scotland. The bank’s naive simulations of currency strategies found that the yield strategy generated 8.9% last year and 5.3% in…
ParkerFX loses out in November
The Parker FX Index reported a –0.39% return for November as the risk-aversion based US dollar rally caught out the majority of currency managers.
Eurozone faces “intractable” problems, says BarCap economist
Eurozone faces stunning economic and financial challenges, said Julian Callow, chief European economist at Barclays Capital.