News
Academic opposition to FX exemption debated at Isda’s Europe conference
Speaking in London on September 20, Craig Pirrong supports the unpopular position of fellow academic Darrell Duffie that FX swaps and forwards should not necessarily be exempt from the mandatory clearing requirements of the Dodd-Frank Act, as recommended…
SuperDerivatives hires corporate treasurer to push CorporeX platform
Oren Cohanoff joins from Teva Pharmaceutical Industries, where he was deputy treasurer and global head of financial risk management
Crawford quits UniCredit in London
Italian bank loses its global head of FX, Nick Crawford
Antico departs BAML following recent promotion
Peter Antico has resigned from Bank of America Merrill Lynch, just months after his promotion to global head of G-10 currency trading was announced
Prepare for further black swan events in FX, corporates urged
Corporate treasurers should make sure their forex counterparties are properly prepared for the possibility of further black swan events in the FX markets, senior Lloyds banker tells ACT conference delegates in Manchester
Citi appoints three regional e-sales heads
Selene Cheng, Rakesh Purohit and Eugenia Hanoune promoted to lead FX e-sales in Singapore, New York and London respectively
FX veteran Hulina departs UBS
Co-head of Ficc distribution Ed Hulina will take time out of the industry before pursuing new opportunities next year
FXall launches EQA benchmarking tool
Execution Quality Analysis is formally rolled out for institutional FX traders, following a 12-month period of development and client testing
In Brief, September 19, 2011
Technology news from Citi, Integral, Gold-i and ForexManage announced in the past week
Safe-haven appetite for Scandi currencies wavers
Despite the rush into the Norwegian krone and Swedish kronor following Swiss National Bank intervention on September 6, FX traders and strategists are lukewarm about the Scandi currencies' capacity to become long-term safe havens
Central banks take aim at dollar-funding shortage
Co-ordinated action from five central banks eases the pressure on dollar funding for European banks, but EUR/USD cross-currency basis swap market remains under stress
Understand your contract of employment
Banks typically write confidentiality clauses into employment contracts, as well as restrictive clauses preventing former employees from approaching clients and staff. But do these clauses stand up in court? By Andrew Young
Trading Places, September 19, 2011
New appointments at smartTrade, DealHub, CLS, Marex and JP Morgan
OTC derivatives reform will lead to algo boom, banks predict
Dodd-Frank and Sefs set to encourage growth in algorithmic execution of OTC derivatives, say dealers
Kiel joins UBS Global Asset Management
Former global head of post-trade services at Thomson Reuters relocates from London to New York to take on the role
CBA hires Taylor and Shadrack from Crédit Agricole
Keith Taylor heads up emerging markets FX and David Shadrack is appointed senior dealer, both based in London
Afme global FX division hires Lam from CLS
Mandy Lam has been appointed managing director for North America, reporting to James Kemp in London
Lloyds appoints head of non-bank financial institutions sales
Graham Harris has joined Lloyds from UBS, reporting to Rob Garwood
Finlay joins Credit Suisse in FX sales
Annabel Finlay joins from HSBC and will work in UK corporate sales, reporting to Simon Brunner
Lloyds rolls out Arena to compete in FX e-commerce
Launch of Arena platform comes after more than a year of development, which started in mid-2010 with the formation of a client advisory board to determine the key elements of the e-trading platform
Sobey joins Santander in New York
Phil Sobey joins as executive director for institutional foreign exchange sales
BMO hires Santa-Maria and Brichkowski in New York
Steve Santa-Maria hired as managing director for institutional business, while Robert Brichkowski joins as MD for real-money FX sales
BAML duo moves to RBS
Mark Webster and Graham Wintersgill move to Royal Bank of Scotland from Bank of America Merrill Lynch
Isda to review close-out value definitions
Absence of a standard approach is stifling attempts to value termination clauses, dealers complain