Articles by FX Markets Staff
US meltdown spurs central clearer debate
LONDON & NEW YORK - The fallout from the collapse of Lehman Brothers and implosion of insurance company AIG has spurred renewed debate over the central-counterparty model for spot foreign exchange, as concerns over counterparty risk take centre stage.
Tullett Prebon loses senior Asia staff
SINGAPORE - Tullett Prebon has lost two senior executives in Asia.
Nomura builds in emerging markets
LONDON - Nomura has hired a five-strong emerging markets foreign exchange team, four of whom formerly worked at Bear Stearns.
JP Morgan replaces AIG on Currenex
NEW YORK - JP Morgan replaced AIG as the central clearer on Currenex's anonymous trading platform on September 17.
Norges holds emergency swap auction
OSLO - The Norwegian central bank stepped in on September 16 to kick-start the local money market with an emergency issue of dollar-krone swaps totaling a notional value of $5 billion.
RealStream Margin introduces forex newsfeeds
LONDON - Cognotec went live with a newsfeed feature on its web-based margin trading system RealStream Margin last month, in response to client demand for market intelligence.
Sibos: market must clear processing bottleneck
VIENNA - During a panel discussion at last week's Sibos conference, CLS Bank, Credit Suisse, Traiana and Bloomberg agreed collective action was needed to avoid a serious processing bottleneck in the foreign exchange market.
CLS sets record post-Lehman
LONDON & NEW YORK - The collapse of Lehman Brothers highlighted the importance of settlement system CLS in shielding the foreign exchange industry from Herstatt risk.
Banks cherry-pick from redundancy fallout
LONDON - Opportunities in foreign exchange continue to provide solace to traders and salespeople who have lost their jobs at collapsed banks Bear Stearns and Lehman Brothers.
FX clearing house fails
NEW YORK - An emergency third-party information clearing house established to facilitate the unwinding of open foreign exchange positions has been abandoned a day and a half after its Sept 14 launch, market sources tell FX Week .
Volatility pushes up prices for short-dated forex options
LONDON - Short-dated foreign exchange option prices have skyrocketed as liquidity in the derivatives market dried up amid turbulent market conditions last week.
UniCredit hires in HK, loses in NY
HONG KONG - UniCredit has hired Danny Khoo in a senior position at its spot desk in Hong Kong.
FXCM set for auction, again
NEW YORK - The collapse of Lehman Brothers last Sunday (September 14) is likely to force online retail trading company FXCM to enter another round of auctioning.
Strong Q3 for Goldman and Morgan Stanley
LONDON - Goldman Sachs and Morgan Stanley revealed strong third-quarter performances for their currencies operations, despite analysts casting doubt over the future of both businesses as standalone investment banks.
Fenics Enterprise takes off
NEW YORK & LONDON - GFI is today (September 22) announcing the launch of Fenics Enterprise through Fenics FX 11.1, the latest version of its pricing and risk management software.
Wacker joins JP Morgan
LONDON - JP Morgan is understood to have strengthened its senior foreign exchange salesforce in London by recruiting a former sales head from Dutch rival ABN Amro.
EMs batten down the hatches
LONDON - The US Federal Reserve fronted up with $265 billion last week to help the ailing US economy, and analysts expect the trend of government intervention to continue globally.
Lehman derivatives trading 'light'
NEW YORK - The International Swaps and Derivatives Association's emergency trading session, held on Sunday, September 14 to reduce banks' exposure to Lehman Brothers, received a low response, said a New-York based official that participated in the co…
One bank's loss is another bank's gain
The reality is that, when a bank collapses, an opportunity is created for others to pick up its business. In the past week, evidence has emerged as to who is winning Lehman Brothers' foreign exchange client base.
Lehman's fall leads to liquidity drought
GLOBAL - Heightened concerns over counterparty credit risk caused a dry-up of liquidity in the currency markets last week, as dealers feared a domino effect from the collapse of Lehman Brothers on Sunday, September 14.
OCBC cashes in on Asian DCR growth
SINGAPORE - OCBC Bank expects to see 20% growth in its dual currency returns (DCR) business in Singapore next year, following implementation of a structured deposit pricing and processing system from FinIQ, said bank officials.
CFTC exposes forex options scam
WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) has ordered Frank Anthony DeSantis III and Doreen Rose Valko to pay $8 million for defrauding retail customers in a foreign exchange options scam.