Articles by FX Markets Staff
October 2006 - AIB to pay €30m for overcharging
DUBLIN – Allied Irish Bank (AIB) is to pay over €30 million in further damages relating to foreign exchange overcharging, ending a two-year investigation into the matter.
November 2006 - RBS and JP Morgan scale back prop trading
LONDON & NEW YORK – November saw mixed fortunes for FX traders. Just as volatility returned to the market, two major banks made cuts to their prop trading desks.
Sterling and the phantom menace – EUR/GBP will rally in 2007
Adrian Hughes, currency strategist at Société Générale Corporate & Investment Banking in London, assesses the prospects for sterling in 2007
December 2006 - City Index plans new FX brand
LONDON – Spread betting firm City Index told FX Week that it is set to launch a new FX business in the New Year, as it integrates the IFX business it bought in the summer.
Taiwan quake hits e-trading in Asia
ASIA – Trading over electronic foreign exchange dealing systems was disrupted during Asian hours, after an earthquake hit Taiwan on the night of December 26.
May 2006 - Reuters and CME to set up FXMarketSpace
CHICAGO & LONDON – Industry heavyweights Reuters and the CME announced plans to establish a centrally-cleared FX market-place for early in 2007.
Reuters to deliver algorithmic news
LONDON – Reuters last week launched two products that could help the spread of algorithmic trading, said market participants.
JP Morgan launches implied volatility indexes
LONDON – JP Morgan has launched indexes tracking the level of G7 and emerging-market implied volatility, which it says will appeal to the wider institutional investor community.
The changing face of liquidity
Paul Ronan and Nicholas Hodder , of technology vendor City Practitioners, consider the impact the increasing prevalence of auto-trading capabilities is likely to have both on banks' efficiency and on spot traders themselves
CME expands options coverage
CHICAGO – The Chicago Mercantile Exchange has expanded the range of European style options it offers on futures contracts. The exchange will now offer these contracts on sterling, Canadian dollar and Swiss franc contracts, adding to the euro and yen…
NAB options saga closes
MELBOURNE – National Australia Bank (NAB) said last week the final remaining remedial actions imposed on it following the A$360 million (US$283 million) FX options scandal had ended.
Salesmen and structurers are in demand, survey finds
LONDON – Forex sales professionals and options traders saw the highest turnover this year, and demand for these staff is set to increase in 2007.
Weighing up the alternatives
Jeffrey Lins , Executive Director of Quantitative Analysis at Saxo Bank in Copenhagen, evaluates the pitfalls of using maximum drawdown-based performance measures, and points to recent advances that may help to expand opportunities for investment…
CLS moves into OTC derivatives
NEW YORK – Settlement system CLS has begun working with the Depository Trust & Clearing Corporation (DTCC) to provide central settlement of payments for over-the-counter (OTC) derivatives.
HSBC trades non-deliverable swaption
HONG KONG – HSBC last week traded the first ever option on a renminbi non-deliverable interest rate swap.
EBS moves into netting
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.
Flat markets dent record revenues
NEW YORK – Flat markets in the latter part of the year meant that FX acted as a drag on investment bank results reported last week.
Fraudsters fined $19m for currency options scam
WASHINGTON DC & BARCELONA, FLORIDA – The spate of FX fraud busts in Florida continued last week, with three companies involved in a currency options scam facing a $19 million fine.
The evolution of the market-place
The end of 2006 has brought some welcome relief to FX traders, with volatility rearing its head for the last two months of the year.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
Senior changes at US banks
LONDON & NEW YORK – JP Morgan and Goldman Sachs have made senior management changes that will come into effect early next year.
Deloitte and Touche takes SD-Revaluation
NEW YORK – Consulting firm Deloitte and Touche is using SuperDerivatives' SD-Revaluation service for derivatives when conducting audits for buy-side customers. Deloitte is using the revaluation service for external independent verification of the…