Articles by FX Markets Staff
UBS move to Zurich starts this week
ZURICH & LONDON – UBS starts moving its trading operation to Zurich this week in a process that will continue through to August ( FX Week , May 1).
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
RFXA and Gain abandon their negotiations
NEW YORK – Refco FX Associates (RFXA) and futures commission merchant Gain Capital have abandoned negotiations for the sale of the former's retail customer account information and related assets to Gain.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
StanChart offers sharia swap
KUALA LUMPUR – Standard Chartered has structured what it claims to be the first cross-currency swap compliant under sharia (Islamic law) in Malaysia.
Reserve diversification
Simon Derrick, chief currency strategist at the Bank of New York in London, suggests a simple, low-cost method to take advantage of any move by the Chinese authorities to diversify
China hits the right note on free currency
The Chinese authorities are famous for being fiercely independent and reluctant to bend to external pressure. Understandably, they do not like being told how to manage their affairs by outsiders who have their own interests at heart.
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
Treasuries 'still manual'
BOSTON – Most companies still rely on manual processes for treasury and cash management, according to a survey of 160 companies by research firm Aberdeen Group. As a result, these firms miss out on a "strategic goldmine" that implementing automated…
New front-end technology unveiled for FXMarketSpace
CHICAGO & LONDON – Chicago Mercantile Exchange (CME) and Reuters' FXMarketSpace initiative is set to use a new front-end from Reuters that will be integrated into its 3,000 terminals.
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
Merrill Lynch rebuilds in sales
LONDON – Merrill Lynch has made two new hires in London, following departures from the US investment bank over the past few months.
Strong second quarter for US banks
NEW YORK – US banks have posted strong results for the second quarter, with many attributing growing revenues to the FX business.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Middle East violence boosts US dollar
Conflict in the Middle East contributed to a surge in the dollar and a big drop in the value of Asian currencies last week.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
First FX derivatives deal in Bangladesh
DHAKA – Standard Chartered has closed the first foreign exchange derivatives deal in Bangladesh, it announced last week.
Fix guidelines for FX
NEW YORK – The Fix Protocol Limited (FPL) association released guidelines on how to implement the protocol for FX trading activities earlier this month.
Watch out for those retail risks
This week sees yet another tale of greed and unscrupulous behaviour, with two Miami residents being fined millions of dollars by the CFTC for foreign exchange fraud.