News
Currency managers caught out by dollar rise against EM currencies
Immediate future of emerging market currencies in the hands of the Federal Reserve amid QE tapering expectations
FX now a $5.3 trillion per day market, says BIS
The latest BIS triennial survey shows the UK has strengthened its grip on the FX market, while USD/JPY has seen a strong increase in trading activity
'Good v. bad' is overplayed in EM currencies, indicates BNPP quant model
BNP Paribas has recently extended its quantitative fair value model from G-10 to EM currencies - and it has found some assumptions about strong and weak currencies may be unfounded
Morgan Stanley hires ex-Nomura FX strategist
Geoff Kendrick relocates from London to Hong Kong to join Morgan Stanley as head of Asian FX and local rates strategy
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
Barclays to add algo tools to Gator aggregator
Barclays will add new, less aggressive algos to Gator in the fourth quarter as it looks to make the product more accessible to real-money and corporate clients that prefer to trade with minimal market impact
Saxo Bank to publish monthly volume data
Danish firm aims to promote greater transparency by going public with its volume figures on a monthly basis
Marex Spectron pushes forward after FX overhaul
Recently recruited sales team are fired up and seeking to expand Marex's footprint in agency FX business following recent restructure
Shadow of Cyprus crisis remains cast on retail FX
Some retail brokers in Cyprus claim the recent crisis has driven concentration of clients among larger firms, but others argue there is little data to support this
Deutsche hires in FX sales
New hire from Morgan Stanley at Deutsche Bank in London; BGC makes senior addition in China; other moves at BAML and ParFX
EM stress prompts investors to turn to options
As the crisis in Syria continues, the Turkish lira this week became the latest victim of the emerging market sell-off, leading to an increased interest in options
Royal Bank of Scotland to exit CFD trading
RBS informed customers this week that its marketindex CFD business will close in November
UniCredit expands in FX investor sales
Francis Boisson continues his ambitious growth plan with three sales hires in London and one in Hong Kong
Three down at SG CIB in London
Diana Kiluta Amoa, Benoit Duhil de Benaze and Yassine Rhalib have all left their roles at Société Générale Corporate and Investment Banking
FX structurers see mixed demand for cross-asset hedges
Increased hedging costs in rates and credit has led some investors towards FX structured products, but some remain concerned that correlation may not hold up
Aggregators begin certification process with EBS
Aggregators of EBS liquidity have until November to comply with its new guidance and become certified partners, but some vendors are not certain they will seek certification
FX options veteran Martin Gymer to launch start-up
FXSales, a new agency brokerage for OTC FX options, is due to launch next month, with Gymer and Kevin Tullett as co-founders
FXPBs call for new approach to credit allocation
Overallocation of credit remains a challenge for FX prime brokers, but the industry is looking to create a clearer picture of where credit is being used
Citi appoints new OTC clearing head for Emea
In-house lawyer to step into role vacated by Andrew Sterry
UBS hires in emerging markets spot FX
Heinrich Putter, formerly of Credit Suisse, has joined UBS in Zurich
Research veteran McCormick joins Barclays
Hedge fund strategist Jim McCormick to head asset allocation research at the UK bank
Inconsistency on FX among Asia CCPs worries banks
Indian authorities appear likely to mandate clearing of FX forwards while China is looking at clearing spot, leading to concerns over the potential for cross-border inconsistency on FX clearing
High-frequency traders face up to regulatory clampdown
Regulators have set their sights on high-frequency trading, but some participants believe the industry is already changing
Agency desks hopeful new protocol will solve Dodd-Frank issues
A preliminary protocol to enable four-way FX prime brokerage involving agency desks has been agreed ‘in principle’ and could allow agencies to scale up their activities, having been largely reduced to spot since May