News
Sefs questioned on plans for erroneous trades
Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants
FX options clearing a 'big challenge', warns NY Fed official
Speaking at the FX Invest West Coast conference, the New York Fed's Jeanmarie Davis addressed the challenges associated with clearing and settlement of FX options
Mako FX hires Simon Jones to drive platform growth
Citi's former e-FX trading chief has joined spot platform Mako FX as managing partner, with a mandate to focus on innovation and volume growth
FastMatch signs with TMX Atrium for low-latency connectivity
Start-up spot FX platform joins network to lower transatlantic latency and leverage global coverage
Pressure mounts on CFTC for relief on Sef rules
CFTC is being lobbied to grant relief on the contentious Footnote 88, which requires platforms to register as Sefs even if the products they offer are not yet made available to trade
Goldman Sachs hires ex-Citi salesman
New hire in FX sales at Goldman Sachs; other moves at Barclays, RBS, UBS and Credit Suisse
Nasdaq OMX awaits regulatory approval for FX clearing
The exchange's Nordic central counterparty has connected to MarkitServ and is awaiting the green light from regulators to clear G-10 and EM non-deliverable forwards and options
Trade reporting is driving FX options out of the US, say dealers
FX options traders looking to avoid Dodd-Frank legislation have been deliberately changing their trading habits to avoid reporting regulation
BNP Paribas restructures fixed-income management
Changes see global head of fixed-income trading, Guillaume Amblard, become head of the new foreign exchange and local markets group
BAML loses co-head of Ficc trading
Gerhard Seebacher departs, leaving David Sobotka as sole head of the Ficc trading business
Host Capital taps Citi index for retail-focussed currency fund
New UK-regulated fund will invest in Citi's Carry & Value index to provide exposure to G-10 and emerging market currencies
Faulkner exits Integral
EBS veteran David Faulkner has left Integral just four months after joining as global segment head for banks
Currenex hires from Morgan Stanley FXPB
Robert Sagurton, who was part of the Morgan Stanley FX prime brokerage team that saw a recent reshuffle, has joined Martine Bond at State Street
Nomura hires in FX sales and trading
Bank gains spot trader from Credit Suisse and salesperson from Investec, but also sees a departure in FX sales
Credit Suisse global FX head Sandoz to leave
Todd Sandoz is to leave the Swiss bank after 17 years and will be replaced by David Tait, currently global head of FX trading
United Overseas Bank eyes Asia clients for single-dealer platform
Singapore-based bank is ramping up its e-FX capabilities using FlexTrade technology as it seeks to poach clients from multibank platforms
FX market will be 70% electronic by year-end, says Aite Group
New research estimates 60% of FX is electronic today, rising to 70% by year-end but there will still be a place for voice trading
Saxo Bank appoints group treasury head
Peder Valentiner Boysen has been promoted to head of group treasury, while Troels Sebelin joins the treasury team as a senior manager
Commerzbank broadens e-FX package with DealHub
Commerzbank is the first publicly named bank to be using FX Distribution Hub, with FX Connect the first venue to go live on the service
StanChart appoints assistant FX chief dealer
StanChart appoints assistant FX chief dealer; BAML makes appointments in sales; Deutsche Bank makes senior Australia appointment
FX prime brokers continue to shun four-way agreements
Four-way agreements too difficult under Dodd-Frank external business conduct standards, say prime brokers
Client on-boarding a challenge for Sefs
Icap is the latest firm to apply for Sef status, but the challenge for new platforms will be to on-board clients by the October 2 compliance deadline
Pragma to roll out FX algos in Q4
Trading technology vendor is preparing to diversify into foreign exchange with an algo execution product that it believes will add value over bank offerings
Brokerage and clearing firm hires FX sales veteran
Matthew Ardizzone joins RJ O'Brien & Associates in FX sales