Articles by FX Markets Staff
December 2006 - Spotlight shines on emerging markets
LONDON – Icap moved voice brokers to its central European franchise away from the majors as falling margins in the majors and the purchase of EBS changed the company's strategy.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
November 2006 - Icap pushes into non-deliverable forwards
LONDON – Icap plans to launch non-deliverable forwards and develop an electronic FX options trading platform, CEO Michael Spencer told the FX Week annual congress in his keynote address.
July 2006 - NAB saga heads towards closure
MELBOURNE – The final chapter of the National Australia Bank (NAB) trading scandal unearthed in 2004 drew close to its conclusion in July, with the last two forex options traders jailed.
Forex fraud spreads to Asia-Pacific
Meanwhile, last week saw a US company fined more than $12 million for defrauding customers in Japan and China.
December 2006 - EBS moves into netting following Traiana deal
LONDON – EBS is to establish a netting service to enable prime customers to net trades with their banks, as the spot broker looks to adapt to the changing landscape.
October 2006 - Bank of China broadens CLS horizons
HONG KONG & BEIJING – Bank of China (BoC) became a shareholder in CLS Group, as the world's largest emerging economy took another step towards integration into global capital markets.
January 2006 - PBoC gives OTC foreign exchange go-ahead
BEIJING – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades and authorised the China Foreign Exchange Trading System (Cfets) to determine the daily central parity rate for the RMB against foreign…
CLS Bank reports record volumes
NEW YORK – CLS Bank set a new record for the value and volume of payment instructions settled in a single day, on the back of increased fund participation.
February 2006 - JP Morgan forex salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested, making the US bank the latest to be embroiled in a trading scandal. Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on…
September 2006 - Xinhua filters foreign news
BEIJING – China's plans to delay the information flow from foreign news agencies by filtering it through Xinhua news agency led to fears about the future of FX trade in the region.
April 2006 - FX business restructures
LONDON & HONG KONG – April was the month for business restructures, with ABN Amro, JP Morgan, HSBC and Royal Bank of Scotland (RBS) altering their FX business operations.
New Year and new beginnings
This is my final issue of FX Week. After more than two years in the editor's chair, the time has come for me to move on. It's been an interesting and challenging job and one which has taught me a lot about global markets.
August 2006 - ABN Amro trader faces execution in Vietnam
HAI PHONG – August saw an ABN Amro FX trader face possible execution in Vietnam after participating in activity that lost a state bank $5.4 million after participating in allegedly unauthorised prop trading.