News
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
Dion hires strategic alliances head in Europe
New hires at Dion Global Solutions, Citi, UBS and TradeStation Prime Services
Portware loses head of product strategy
Harrell Smith has left Portware after six years to join Lab49 in New York
SEB hires Hedin from JP Morgan
Svante Hedin will join SEB in October as the Swedish bank reshuffles and expands its e-FX team in Stockholm
EM exodus continues ahead of imminent QE tapering
The Indian rupee and Indonesian rupiah have continued to fall this week as tapering of quantitative easing in the US looms in the coming months
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for FX swaps and forwards
Lloyds restructures sales into cross-asset-class teams
Matthew Lawrence and Adam Barrett now head up two cross-asset sales teams, while Anders Henrikson is head of FX product
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
UBS hires FX quant head from State Street
Ciara O'Brien joins UBS to head electronic foreign exchange quantitative trading analytics
Eurex preps launch of FX options and futures
German derivatives exchange will move into the FX market in October as it aims to compete for volume in listed futures and options
StanChart creates global RMB team
Standard Chartered builds a renminbi-focused team with appointments in London, New York and Hong Kong
Saxo Bank adds ruble pairs to options platform
USD/RUB and EUR/RUB will be added today as the Danish bank answers increasing client demand for the ruble
Dual reporting requirements in Asia cause concern
While Singapore will mandate single-sided trade reporting, regulators in Australia and Hong Kong will follow the European Union’s requirement for dual reporting, leading to concerns among market participants
Barclays FX flow options head departs
Gugesh Guganeswaran has left the bank in London; other FX hires at RBC and SG CIB, while BNP Paribas reshuffles in strategy and Credit Suisse appoints a new chief risk officer
Thomson Reuters acquires start-up options technology vendor
SigmaGenix, a London-based provider of FX options technology, has been acquired by Thomson Reuters and its chief executive Jeremy Gelber becomes global head of FX options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
Buy side scales back on yen positions as volume dips
Market participants report a significant decline in investor and corporate appetite for the yen, following the rush to the currency in the first quarter
Rupee sell-off continues, despite repeated RBI efforts
Efforts by the Reserve Bank of India to stabilise the currency's depreciation have failed, as the rupee falls to a record low
FX platforms encouraged to consider liquidity enhancing pricing models
A proposal made to the FX Joint Standing Committee in July 2012 for a per-order fee that is rebated in proportion to actual executed volume has garnered support among market participants
360T makes senior hire to lead FX options
Expansion of 360T's US presence continues with the appointment of Glenn Rosenberg as global product manager for FX options, based in New York
Commerzbank loses Fic trading head
Changes in Commerzbank's fixed-income and currencies business see the departure of trading head Hui-Sun Kim
VTB Capital hires Tripathi to head FX derivatives
Experienced FX options trader, most recently at UBS in Singapore, has joined the Russian bank to run its FX derivatives business