News
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Brokers concerned by 15-second rule for Sefs
CFTC's 15-second crossing delay rule for Sefs could put participants in a risky position and make it more difficult to use a voice broker, dealers warn
Traiana pitches for LCH’s FX clearing flow
Vendor adds ForexClear to Harmony CCP Connect, more than two years after it first launched the clearing network with CME Group as the first clearer
Retail FX volume leverages the volatility boom
Growth in retail volume this year is not just a return from low volume in 2012, but a long-term trend, say market participants
Aggregation hampered by predatory execution
New aggregation guidelines from EBS could help to increase transparency of aggregation, but the relationship between liquidity makers and takers remains strained
Nomura's European strategy head departs
Geoffrey Kendrick has left the Japanese bank after almost three years
SmartTrade beefs up sales team
Six recent hires in London, New York and Aix en Provence, all reporting to global head of sales Annalisa Sarasini
Esma under pressure to approve FX dual-reporting solution
FX market participants are pressing the regulator to support a proposed solution to the challenge of dual trade reporting without a central infrastructure to issue trade identifiers
BMO hires in LatAm FX sales
Chris Morillo has joined the Canadian bank in Toronto
FX product head exits smartTrade
Peter Atkinson has left smartTrade Technologies in London after less than two years in the role
BAML loses senior FX trader
Andre Katz has left the bank in London after eight years in spot trading
Markets braced for dollar to rally post-FOMC
As Fed chairman Ben Bernanke is expected to confirm plans for tapering of bond purchases, FX traders say the dollar will rally in response
Citi’s Feig takes on broader e-trading role
Jeff Feig retains responsibilities as head of G-10 but will now also focus on co-ordinating and developing electronic trading across asset classes
JB Drax hires ex-HSBC Sijbrandij
Former co-head of FX and commodities institutional sales joined London-based broker earlier this month
MarkitServ squares up to Traiana over pre-trade hub
Most participants believe the market will centre on one provider for pre-trade credit checking and clearing certainty - but both MarkitServ and Traiana hope to win the race
Trading places, June 17, 2013
Multiple hires at technology vendor Misys, while SG CIB loses in FX sales and Credit Suisse in trading
FX agency model under threat from CFTC business conduct rules
Uncertainty around the scope of the relief granted by an April 30 no-action letter has led prime brokers to limit their executing brokers to principals for non-spot transactions, threatening the agency model in the US
EBS takes aim at maligned aggregation practices
Icap’s EBS is setting out new best practices on aggregation and will only connect to aggregators that adhere to them, as it seeks to further overhaul the experience of its liquidity consumers
MAS overhauls benchmarking practices
Twenty banks found to have deficient procedures in place after a year-long review of benchmark submissions
BoE deputy Paul Tucker quits after 33 years
Deputy governor for financial stability will stay for Mark Carney's first few months as governor of the Bank of England, before leaving to spend a time in academia
BNP Paribas loses spot trader
Trader exits in London after less than two years
Further consolidation looms in retail FX
Retail FX continues to grow at a faster pace than the broader market, but brokers face the tough challenge of dealing with strict regulations and remaining competitive in an environment of aggressive consolidation. Miriam Siers reports
Goldman Sachs loses in FX sales
Marc Nicolas has left the FX bank sales team in London after more than 12 years
CLS hires RBS risk veteran
Peter Lightfoot has joined the FX settlement risk mitigation utility after more than 32 years at Royal Bank of Scotland