News
New rules designed to kill OTC market, says European regulator
Central Bank of Ireland adviser says reforms will cause an "Ice Age" in the derivatives market
FXall gains ground in options with three new banks
Thomson Reuters' pre-trade capabilities compliment the new options offering, says FXall chief executive Phil Weisberg
EBS volumes hit multi-year low in October
Trading volumes on both EBS and Thomson Reuters fell even further last month, but some traders are expecting a pick-up in volume now that the US elections are over
Sucden Financial builds up Gold service
Institutional broker extends gold trading size to enable hedging in size
FXCM revenues up; gets increase in credit facility
Margin forex broker sees revenues up despite fall in volumes
Institutional FX salesman exits Deutsche
Deutsche loses an institutional salesman in Europe following a recent restructuring of the management of the institutional client group
UBS cuts claim FX roles in Europe
Two FX e-commerce business heads are understood to have left the Swiss bank as the bank executes its recently announced job cuts
GVC Gaesco white-labels FXCM platforms
Spanish broker signs up FXCM for retail forex and CFDs
Gain Capital revenues down as retail volumes halve
Margin forex broker takes hit from fall in retail forex volumes but aims to build institutional business.
Banks rethink clearing structures under CFTC pressure
CFTC rules on conflicts of interest mandate clearer separation between OTC clearing and execution, prompting some banks to restructure their operations
No need to panic about collateral supply, says Bank of England
Isda estimates that mandatory clearing and margin could require the posting of up to $30 trillion of initial margin have been inflated, not least because of a likely exemption for FX swaps and forwards, according to a senior BoE official
Hong Kong insurers hedge out their US dollar exposure
Insurers in Hong Kong are revising their long-term policy of not hedging out their US dollar exposures
Banks suspend dual-currency deposit sales in Japan to re-document under new regulation
Returns on dual-currency and structured deposits will not be covered by state insurance scheme, Japanese FSA decides
Trading places, November 5, 2012
Credit Suisse loses in Asia FX sales, while UBS promotes Orcel to head up the investment bank
Buy side weighs risk mitigation against clearing costs
Buy-side firms look certain to bear some of the costs that result from mandatory central clearing, with some suggesting they might look to clear non-mandated products, were it not for the prohibitive costs
Wanted: the FX sales team of the future
Regulation is changing the job description of the FX salesperson, to the extent that the right candidate now needs a broader set of expertise than in the past
Forex TCA heads into pre-trade sphere
Banks are increasingly offering pre-trade transaction cost analysis in an effort to help their clients better understand how to ensure best execution prior to committing to the trade. Kathy Alys reports
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published this week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
Local trade repositories are necessary, says senior HKMA official
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
HSBC reshuffles institutional sales management
Claude Goulet promoted to head of institutional FX sales in Emea, as Chris Smith joins to head hedge fund sales
Hotspot FX takes a hit from Hurricane Sandy
A power outage at Knight Capital's New Jersey headquarters yesterday forced Hotspot FX to request that clients divert business to other platforms
Danske hires FX bank sales head
Ex-Barclays salesman will start at Danske on January 1, reporting to Niklas Karlsson
AML under the spotlight at FXDD
Retail broker slammed by industry regulator for compliance failures, signalling continued threat of abuse at retail forex brokers
UK FSA issues £250,000 in fines for reporting failures
Regulator clamps down on reporting failures. Fines are the first under new FSA penalties policy.