News
Flight from EUR/USD leads to record low volume on EBS
Summer downtime and poor dollar performance combine to give EBS its worst set of figures for seven years
ACT hires two from Citi to run platform for high-net-worth clients
Patrick Haberstock and Thomas Walcher have joined ACT Currency Partner in Zurich to get a new platform off the ground
Dion rolls out RFQ system for FX options
Technology vendor aims to help clients, particularly second-tier banks, meet new regulatory requirements for options
FX platform pricing needs a rethink, say banks
Greater transparency on fees at some new trading platforms is a welcome development, with banks calling on incumbent platforms to rethink their fixed costs, as well as the discounts they offer to incentivise volume
Dollar weakness bet puts Danske on top
The weakening of the US dollar will reverse as a result of economic strength rather than safe-haven flows, Danish bank predicts
LMAX hires ex-Citi salesman
Gareth Bowles has joined the new FX exchange in London
Ivan Ritossa joins Icap board
Former global head of FX left Barclays last year and recently took up the non-executive position on the board of interdealer broker Icap
CIBC hires ex-State Street sales head
Gerard Dodd joins Canadian bank in London, having left State Street last year after 12 years in senior sales roles
Integral sought investment from EBS, court documents reveal
During preliminary talks, EBS chief executive refused to sign a non-disclosure agreement, which would have prevented it from hiring Integral executives, according to testimony in the legal battle between Integral and its co-founder, Viral Tolat
Gain GTX makes senior hire in London
UBS veteran Peter Cronin will join Gain Capital on Monday, reporting to Joe Wald, head of GTX in New York
Corporate FX sales head exits Credit Suisse for Deutsche
Bryan Morales will join Deutsche Bank in New York in September, reporting to Dean Bellissimo
Yen volatility drives record turnover, central bank surveys reveal
Volume was up across forex products in the UK and US in April 2013, with just over $1 trillion traded daily in the US and more than $2.5 trillion in the UK
Integral pursues lawsuit against former CTO and co-founder
In a long-running case between Integral and Viral Tolat, its co-founder and now chief technology officer at EBS, Integral alleges Tolat misappropriated its trade secrets
Traiana delivers first NDF trade to LCH's ForexClear
Interbank trade in USD/KRW between HSBC and an undisclosed counterparty is the first Traiana-processed trade to be cleared through ForexClear
BBVA to launch corporate-focused FX platform
Spanish bank will roll out BBVA eMarkets later this year, with an initial focus on FX and money markets, says global product manager Alan Clarke
Patrik Nagel joins 360T in New York
Former FXall and ADS Securities sales head has relocated to New York to join 360T
Liquidity mirage continues in FX, despite platform efforts
Several FX trading platforms have taken steps to prevent price flashing and other disruptive practices, but some participants remain concerned about the quality of liquidity that is shown by platforms and aggregators
Compressed margins put tight squeeze on FXPB
The combination of rising costs and increased competition in FX prime brokerage has led to a squeeze on margins, but as the business attracts a wider range of clients than ever before, there is still clear demand for those that can afford to keep…
Corporates remain lukewarm on offshore RMB, despite reported growth
Data released from Swift this week suggests international trade settlement in RMB continues to grow, but corporates aren't so sure
Citi loses in e-FX sales
Eugenia Hanoune, head of e-FX sales for Emea, sees a number of departures from her team in London
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies
NAB expands e-FX sales team
New hires in London and Sydney for National Australia Bank, following the recent promotion of Justin Geaney to head of Ficc digital
Revolving doors in FX at BAML
Bank of America Merrill Lynch loses in FX sales in Paris, but hires in FX spot trading in London
Digital Vega to add non-deliverable options to Medusa
NDOs in testing on Medusa platform as some market participants begin to consider alternatives to deliverable FX options that could be more easily cleared