News
Long Swiss franc players hit by SNB move
Sudden depreciation of the Swiss franc, following an SNB announcement last Tuesday that it would buy unlimited amounts of foreign currency, has left some participants nursing hefty losses.
Nomura FX business will keep own identity
Global macro products group still bedding down, but Ashley says FX team will retain its individuality
Russell joins Investec in London
Kiran Russell joins as senior salesperson in the corporate and institutional treasury team
SwapClear may assist OIS development
London-based clearing house might consider helping to build OIS markets in minor currencies, as it continues to move its interest rate swap portfolio to OIS discounting
Sterling: an old story gets interesting
Sterling has declined in popularity in recent times, but deteriorating economic conditions elsewhere mean it has started to look more attractive, argues Elsa Lignos
SNB faces battle to maintain franc currency floor
Swiss National Bank pledges to set minimum euro exchange rate at Sfr1.20, but analysts express concern over central bank’s ability to maintain exchange rate floor
Oanda continues to boost global presence with Japan operation
Oanda chief executive Michael Stumm attributes the decision to open operation in Japan to regulatory changes
Lupi joins Pictet in Singapore
Stefano Lupi, head of financial institutional sales, will leave Santander in October
VanderMeulen joins multi-asset brokerage
Eisso VanderMeulen joins multi-asset brokerage Newedge to develop the company's FX business
CLS appoints Butor as head of European regulatory affairs
Gabor Butor will develop relationships with regulators on behalf of CLS Group
Options traders sense SNB running out of steam
Options traders are betting on further appreciation of the Swiss franc, following comments from the Swiss economy minister that Switzerland will have to put up with a strong currency
New standard CSA could be rolled out in Q2 2012
An implementation plan for the new standard CSA is set to be reviewed by the Isda board in September, with a first-phase rollout expected as early as the second quarter of 2012
RBS launches gamma hedging algo for forex clients
New algorithm is designed to automatically hedge gamma sensitivity of foreign exchange options
CME Chilean peso clearing service awaits first trade
The CME says FCMs are the reason for the delay in offering its clearing service of non-deliverable forwards in USD/Chilean peso
Trading Places, September 5, 2011
A round-up of the latest movers and shakers for the week commencing September 5, 2011
Chan joins CIBC from Standard Chartered
Kenny Chan joins CIBC in FX sales from Standard Chartered
NAB appoints Glen in London FX sales
Paul Glen will join Australian bank this month, having moved from Royal Bank of Scotland
Thaker quits Bank of America Merrill Lynch
Global head of structured rates and currencies trading Neh Thaker leaves bank
Pearson joins RBS to head spot trading
Royal Bank of Scotland confirms high-profile hire of spot trader James Pearson from Nomura
Multiple repositories must adhere to common standards, says CPSS-Iosco
International coalition of regulators recognises the likelihood that multiple trade repositories will be set up along global, regional or national lines and sets out recommendations for minimum standards
LCH.Clearnet reiterates commitment to FX clearing
Clearing house reaffirms its intention to launch ForexClear, which will sit alongside SwapClear and a newly expanded CDSClear service
Corporates cover their backs with longer-dated options
Corporate hedgers buy longer-dated options amid increased volatility in foreign exchange markets, say market participants
Trading Places, August 29, 2011
New appointments at Barclays Capital, Bank of America Merrill Lynch, RBC and RBS