News
Lack of governance to blame for Libor scandal, says IMF official
A failure of bank governance is behind the recent Libor rate-fixing scandal – and these kinds of failings could pose systemic risks, says José Viñals
Platform proliferation branded unsustainable as Tullett/Integral venture launches
The frenzied round of FX trading platform launches will undoubtedly lead to a round of consolidation, with less successful players squeezed out of the market, argue FX Week USA speakers
FX market a challenge for CCPs, says New York Fed official
Central counterparties might struggle to implement clearing solutions for the FX market, says Jeanmarie Davis
New CPSS/Basel guidance on FX risk management to be published soon
A new consultation paper on risk management practices in the FX market will be released in the third quarter – and may be published as early as this month
Thomson Reuters' FXall acquisition raises industry questions
Acquisition of FXall by Thomson Reuters for $625 million has sparked a number of questions, not least over the future of chief executive Phil Weisberg
Regulators leave door open for FX exemption from margin rules
A senior group of regulators has recognised the possible case for an exemption from margin rules for non-cleared FX swaps and forwards - but possibly not those of longer maturities
WGMR margin rules borrow heavily from US proposals
Working group publishes proposed margin rules for uncleared trades – bringing global rules in line with an earlier US proposal
Aligning with the new world
The turbulence surrounding the eurozone sovereign debt crisis continues to offer up opportunities to traders willing to think laterally.
Thomson Reuters to acquire FXall by Q3
Thomson Reuters and multibank platform FXall say they have complementary customer bases and good relationships with bank liquidity providers
Eurozone tension expected to cross the Atlantic
Attention of FX market participants is beginning to shift to the effects of the US presidential election and the impending "fiscal cliff"
US Treasury poised to finalise FX exemption
A decision to proceed with the exemption of FX swaps and forwards from clearing and exchange trading is understood to have been made, pending final CFTC product definitions expected this week
Reporting challenges remain as repositories move towards launch
Market participants continue to grapple with the challenges of reporting FX trades to a repository as regulatory deadlines begin to loom. Kathy Alys and Melanie White report
Trading places, July 9, 2012
John Moorhouse joins Traiana after leaving FXall, while Citi adds Paula Fry to its e-FX sales team
Amundi signs MIM for currency account
Risk-on, risk-off markets boost demand for active currency management
Currency manager platforms expand coverage of CTAs
Multi-manager platforms are expanding coverage of commodity trading advisers (CTAs), as clients look to gain exposure to this rapidly growing segment, say platform officials.
Schneider FX snapped up by Mexican forex provider
Monex Group has acquired UK-based Schneider FX with a view to expanding its global reach into Europe
Prices diverge as CVA exemption remains in limbo
Dealers face pricing headache as they wait to see whether Europe's version of Basel III will exempt corporate customers from the CVA capital charge
Hassan departs RBS corporate desk
William Hassan, head of UK large-cap corporate FX sales at RBS, has left the bank
Emea sales head exits FXall
FXall has lost its head of sales for Europe, the Middle East and Africa, just three months after the departure of Emea general manager Mark Warms
CME client clearing hits two more currencies
Following the clearing of the first NDF trade through CME Group in late April, the exchange has cleared client trades denominated in Chinese renminbi and the Philippine peso over the past month
FXall unconcerned by late entry into FX options
FXall’s chief executive Phil Weisberg recognises the firm has moved into options later than some of its competitors, but believes it will add value by having options integrated into its platform
ANZ launches China-centric commodity index
Australian bank unveils commodity index in bid to better reflect China market influence
Markets recoil as major central banks ease policies
Chinese, European and UK central banks take monetary policy action; moves leave no doubt about gloomy global economic picture as eurozone stock markets fail to rally