Articles by Saima Farooqi
Retail brokers build up product range amid regulatory change
SYDNEY & TOKYO - Retail trading companies are diversifying the range of products tradable via contracts-for-difference (CFDs) as regulators continue to crack down on retail forex margin trading globally.
Gain responds to NFA complaint
BEDMINSTER, NJ - Glenn Stevens, chief executive at New York-based Gain Capital, sent a letter to partners in response to extensive complaints filed against him and the company by US industry regulator the National Futures Association (NFA).
FX central clearing: A work in progress
No-one’s the wiser about the implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act on forex options. And perhaps it won’t even matter by the time the legislation becomes fully scripted.
Godfrey resurfaces at Wells Fargo
SAN FRANCISCO - Steve Godfrey, formerly co-head of global rates, currencies and commodities electronic solutions at Bank of America Merrill Lynch (BAML), has joined Wells Fargo as head of its foreign exchange e-commerce division.
Credit Suisse continues Asia build
HONG KONG - Credit Suisse made a significant push to expand its presence in the foreign exchange market in the Asia-Pacific, with six sales hires in Japan, Singapore and Hong Kong.
China moves on currency
BEIJING - The Chinese yuan fell significantly against the US dollar in Asian trading today, as markets reacted positively to the People’s Bank of China’s plans to disband the US dollar peg.
Real outpaces euro in exchange trading
BASEL - The Brazilian real outpaced the euro as the second most actively traded currency contract on exchanges, due to an under-developed over-the-counter market, according to the Bank for International Settlements.
Hotspot continues volume growth
JERSEY CITY – Hotspot FX reported a record month in May, with average daily volumes reaching $48.7 billion – double count [??] – up from $19.4 billion in May last year.
Banks boost Canada coverage
TORONTO - Credit Suisse and Morgan Stanley are targeting the largely untapped Canadian institutional market with sales hires in Toronto.
The challenge of re-setting precedents
As if there weren’t enough inconsistencies between regulators, the Bank for International Settlements' head of monetary and economic policy, Stephen Cecchetti, has said corporates should not be exempt from clearing over-the-counter derivatives through…
Coup for Morgan Stanley
NEW YORK - Eric Hirschhorn, formerly global head of technology at Citi in New York, has quit the bank to join US rival Morgan Stanley, sources tell FX Week.
Deutsche rings in changes: promotes Altunis
LONDON - Deutsche Bank has made Kenan Altunis European head of institutional foreign exchange sales in London amid promotions in the business announced on Tuesday (June 16).
FXall gains Prime client in Japan
TOKYO - Tokyo-based retail forex broker FX Prime Corporation began using FXall’s graphical user interface-based trading platform to access liquidity last week (June 10).
Standard Bank targets retail FX
JOHANNESBURG - Standard Bank is expanding its electronic product range with the launch of a retail forex trading platform white-labelled from New York-based retail trading company Gain Capital last Thursday (June 10).
New rules for new markets
It’s all about the emerging markets managing their exposure to the eurozone. Last week, Hong Kong and Malaysia also moved to offer a common bond-settlement system.
Commerzbank in e-FX build
Commerzbank is deepening its footprint in the electronic foreign exchange market with key appointments in London.
Trend followers power through in May
LONDON - Currency managers using the trend strategy were the best performers in May, with an overall net movement into the US dollar, indicates research by Royal Bank of Scotland.
Crisis a boon to spot brokers, volumes up 60%
LONDON - Electronic spot-broking systems EBS Spot and Thomson Reuters saw a 60-65% surge in average daily volumes in May, reflecting a return to traditional liquidity sources during times of crisis.
Gaitame.com chooses Integral for liquidity aggregation
Tokyo-based retail trading company Gaitame.com has replaced its single-bank platform with a software-as-a-service liquidity aggregation system developed by Integral, to improve pricing and risk management.
Misys and SmartStream in co-distribution deal
PARIS - Misys and SmartStream have entered a cross-distribution agreement to market each other's technology to clients.
Morgan Stanley gets real-time with Traiana
NEW YORK - Morgan Stanley has gone live with Traiana’s real-time foreign exchange margin software as it builds out its prime brokerage business.
Confusion over regulations continues
The new foreign exchange committee could not have come at a better time, with much confusion over the status of currency derivatives in Germany, following its government’s decision to backtrack on a proposed ban earlier last week.
April a pleasant month for ParkerFX
STAMFORD, CT – The Parker FX Index is reporting a 0.52% return for the month of April as managers benefited from the continued decline in European currencies.
Tullett Prebon extends post-trade with Thomson Reuters
LONDON - Thomson Reuters is capturing a larger slice of the post-trade market for forex derivatives, through a deal extension with Tullett Prebon.