News/Wholesale
Buy-side traders cannot be passive with algo execution
Traders need to be proactive and ensure in-depth monitoring throughout life of an order, panellists say
Electronic trading differentiates dealers competing for market share
Technology and business scope keep JP Morgan and Citi at the top, but selectivity has some dealers gaining momentum
HSBC brings in fintechs to strengthen its FX muscle
Bank quietly enlists fintechs to work within its fold, both to expand its capabilities and to let it focus on “superstar” technology in-house
RBI forms task force on offshore rupee
Task force will examine the effects of the offshore market on exchange rates and domestic liquidity
BNY Mellon opens Program Trading Desk in FX business reshuffle
Bank adds segregated execution desk to boost confidentiality for clients with high-level transactions
LMAX adds credit intermediation for spot FX trading
BNP Paribas and JP Morgan are working with the firm as credit intermediaries
Advanced Markets adds Standard Chartered as prime broker
UK bank becomes Advanced Markets’ second prime broker after UBS
Record brings ESG into currency management
Specialist currency manager develops database and methods for improving ESG credentials of its product
European FX lawsuit may follow soon, says source
Institutional investors filed a lawsuit in NY against 16 banks on November 7, which could be followed by European complaint
Advanced Markets launches London operation
Nina Baksh will lead the London office for the FCA-regulated firm
NatWest Markets’ FXmicropay takes to SAP cloud
It automates currency conversion and guarantees exchange rates
Barclays gives Specs to FX participants
The client portal originally launched for equities in 2015 is now available for foreign exchange
Marex Spectron re-enters FX with new platform
After a four-year hiatus, the broker rolls out offering geared at smaller players that large banks find relatively unattractive
European corporate FX losses triple
Currency losses at their highest since the first quarter of 2017, reports FiREapps
Venue competition heats up as e-FX volumes plateau, says Greenwich
Following 74% growth in electronically executed FX in 2007-14, volumes flattened for four years
NYDFS fines Deutsche Bank $205m for FX
Fines relate to practices between 2007 and 2013, when Deutsche was the world’s largest dealer by market share
Northern Trust partners Lumint for FX solutions
The partnership supports further innovations in hedging programme management and analytics
Phil Weisberg joins oneZero’s advisory board
The firm hopes to use his institutional market insight as it seeks new opportunities
Mark Johnson’s attorneys point to Isda agreement in appeal
“How are FX traders supposed [to] know what trading constitutes wire fraud when the government cannot even answer that question?” attorneys ask
Russell Investments calls on peers to commit to FX Code
Chief investment officer for currency says FX Global Code of Conduct embodies good fiduciary standards
RJ O’Brien closes FX business, effective immediately
The firm no longer finds the space strategically attractive