Articles by FX Markets Staff
Proprietary traders leave banks in search of 'hard cash'
LONDON - Foreign exchange and rates traders make up the majority of those looking to leave proprietary trading roles at banks, said Grant Ashton, managing director of London-based proprietary trading firm Infinity Capital Markets.
TraderTools LMP works with FXMS
NEW YORK - TraderTools is enabling users of its liquidity management platform (LMP) to access liquidity from electronic trading platform FXMarketSpace (FXMS).
Banks scale back options market-making
GLOBAL - Risk aversion and a sharp rise in foreign exchange options volatility is prompting banks to scale back their market-making activities in foreign exchange options, say traders.
Calyon cuts back in derivatives to survive downturn
PARIS - Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.
FXCM chooses NetLink for ticket netting
NEW YORK - FXCM has gone live with post-trade technology vendor Traiana's NetLink, to provide a retail ticket netting solution for its liquidity providers and prime brokers.
BoA's Mandell joins RBS
NEW YORK - The Royal Bank of Scotland (RBS) has hired Bank of America's former head of sales for global rates, currencies and commodities (GRCC) and head of foreign exchange to spearhead the growth of its FX franchise in the Americas.
RBS and Simplex launch RBS Swift
LONDON - The Royal Bank of Scotland (RBS) has teamed with technology provider Simplex Consulting to launch an RBS Swift Service Bureau for corporates requiring outsourced services connecting to the Swift network.
Cognotec broadens FX analytics
LONDON - Cognotec is offering users of its web-based margin trading platform access to charting software developed by Boulogne Billancourt-based IT-Finance.
NSE FX futures take off in India
MUMBAI - Foreign exchange futures trading on India's National Stock Exchange (NSE) reached 70,000 contracts on the first day of trading, as institutions seek to gain from futures amid a plummeting rupee.
Algo FX: the battle for market share
Algorithmic trading in foreign exchange is tipped to experience continued growth, but the uptake is not without its obstacles. Susanna Robinson reports
China cracks down on compliance
BEIJING - Chinese regulators have announced plans to monitor domestic and foreign banks' implementation of foreign-currency controls, in a move some analysts say is aimed at keeping speculative money out of the market.
Dresdner FX team could escape Commerz axe
LONDON - Dresdner Kleinwort's foreign exchange team might well escape the 9,000 job cuts arising from Dresdner Bank's €8.8 billion acquisition by Commerzbank, say market sources.
UBS hires new fixed-income head
LONDON - UBS has hired Carsten Kengeter from Goldman Sachs as global head of fixed income, currencies and commodities (FICC).
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
Chicago Mercantile Exchange sets non-roll month record
CHICAGO - The Chicago Mercantile Exchange set a non-roll month record in August, with total notional value reaching $1.89 trillion from 13.84 million foreign exchange contracts traded, marking a 3% rise on August last year.
BMO boasts booming Q3
TORONTO - BMO Financial Group has achieved a strong quarter for forex trading, according to the Canadian dealer's third-quarter earnings statement.
FX trio quits IG
LONDON - London-based spread-betting company IG Index has lost three members of its FX desk in London.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
Parker FX returns drop in July
STAMFORD, CT - The Parker FX Index fell 0.11% in July, down from a return of 0.17% in June, as the big drop in energy prices helped the US dollar appreciate.
Yield strategy results hit 15-year low
LONDON - Currency managers using the yield strategy would have suffered their biggest blow in 15 years last month, according to research by the Royal Bank of Scotland.
Saxo suspends trading head
GENEVA - Saxo Bank has suspended Charles-Henri Sabet, global head of trading for the bank in Geneva.
Managing mismatches
Tolga Ediz and Ivan Tchakarov at Lehman Brothers in London illustrate the net foreign assets approach as another metric to uncover mismatches in currency valuation