Trading
RBS loses Usher but gains Gething
LONDON – Royal Bank of Scotland has lost Richard Usher, London chief dealer and EUR/USD spot trader, in a further senior departure from the bank.
Deutsche fined for Hungarian FX swaps
BUDAPEST - Deutsche Bank has been fined $455,441 by the Hungarian regulatory authorities for manipulating the forint to profit from foreign exchange swaps trades entered with local banks.
Euro loses as markets play it safe
Greece continues to dominate the headlines. However, the contagion effect to other eurozone peripherals as well as concerns over Chinese monetary tightening and proposed financial regulatory reforms have been driving financial markets recently –…
Singapore Exchange moves into clearing
SINGAPORE - The Singapore Exchange (SGX-DC) became the latest to pitch clearing for foreign exchange products last week, with a proposal to clear financial derivatives, including Asian FX forwards contracts settled in US dollars.
Banks widen scope of IT budgets
Speakers at the FX Week webinar, FX technology arms race: the battle for market share, last Tuesday (April 20) covered a wide range of issues facing the industry post-crisis, including regulation, customers' increased demands and post-trade processing.
JP Morgan in e-FX build
LONDON – JP Morgan is continuing to build up product capabilities on its internally developed single-dealer system, MorganDirect, after switching off the pre-existing AVT-based system JPex last month.
Szucs and Shiff join BAML
LONDON - Bank of America Merrill Lynch (BAML) continues to build up its foreign exchange franchise with the hire of a senior institutional salesperson from Morgan Stanley in London.
TD Securities brings in Goodacre
LONDON - TD Securities has hired Paul Goodacre as its London head of foreign exchange options, according to market sources.
CME speeds up product identification
CHICAGO – CME Group will release version 2.0 of its Fix/Fast market data messaging format in June, which aims to make it easier for user firms’ data and trading systems to identify updates for specific traded products among messages distributed by the…
Mass exodus from BarCap in New York
NEW YORK - Barclay Capital (BarCap) continues to haemorrhage forex sales staff as below-average compensation makes the bank’s employees prime recruitment targets, according to market sources.
Trading Places, April 26, 2010
This week's people moves across Europe, Asia and the US.
Lloyds TSB: USD will win G-3 currency race
Lloyds TSB has topped the three-month currency forecast rankings this week by maintaining its dollar-bullish stance, according to Trevor Williams, chief economist at the bank in London.
FX technology arms race: the battle for market share
Seismic shifts in the foreign exchange industry as a result of the credit crisis has opened up the competitive playing field to rivals willing to invest in technology.
Icap extends market data deal with Quick in Japan
Japanese market data vendor Quick has extended its partnership with interdealer broker Icap to include redistribution rights for the Icap Fix data service, which was launched at the end of last year to meet demand driven by growing regulatory and risk…
What the global power shift means for FX
A reoccurring theme prevailing among the buy side is the implications of a shift in power from the developed markets to the emerging economies.
Data availability lags behind market growth
TORONTO - Limitations on the availability of market data is one of the biggest challenges to growing buy-side volumes, said speakers at the FX Invest North America congress in Toronto last Tuesday (April 13).
Tactics come to fore amid heightened intervention
TORONTO - The increasing politicisation of currencies is forcing currency managers to operate more tactically, said speakers at the FX Invest North America congress in Toronto last Tuesday (April 13).
Sterling staid but skewed
The most likely outcome for sterling is a modest appreciation from current levels, reflecting an ongoing recovery in the UK economy and the likelihood of Bank of England tightening into the end of 2010.
DGCX adds three currency futures
DUBAI - The Dubai Gold and Commodities Exchange (DGCX) will launch three additional currency futures contracts in June, to take advantage of the growth momentum in incumbent products.
Russia targets CLS inclusion by 2015
Settlement risk in Russia's ruble is preventing the currency realising its global ambitions
Saxo preps for slowing global growth
Saxo Bank has topped this week's three-month currency forecast and the 12-month year-to-date index by focusing on scenario analysis.
Nomura to launch multi-asset trading
Nomura plans to add trading in interest rates swaps, credit and cash bonds onto its upgraded proprietary trading platform this year, as it introduces multi-asset trading capabilities, officials tell FX Week.
The UK election: Lessons from the past
Pete Luxton, economic adviser at Informa Global Markets in London, looks at past UK elections in an effort to predict the upcoming May 6 election's impact on the sterling