News
Liquidity critical to OTC clearing, argue dealers
Regulators should consider liquidity when deciding which over-the-counter derivatives should be cleared, say market participants
Markets brace for stress tests
LONDON – The euro traded firmly ahead of the European bank stress test results last Friday (July 23), despite expectations several banks will fail. But analysts warned the common currency is still a risk asset.
CLS targets buy side with Omgeo
NEW YORK - CLS and Omgeo have teamed up to improve post-trade reporting by the buy-side community with the addition of CLS FX instructions to Omgeo’s standard settlement instruction (SSI) database.
EBS chases competition with decimalisation launch
NEW YORK - EBS's plans to offer decimalisation at the end of August could lead to a fall in market liquidity, caution traders.
Hotspot FX volumes up year-on-year
JERSEY CITY, NJ - Hotspot FX reported average daily volumes of $37.2 billion – double count – in June, up from $22.5 billion a year earlier.
Regulatory uncertainty hits US banks’ Q2 results
NEW YORK - Most US banks reported a slump in forex revenues in the second quarter this year versus last year, citing a drop in risk appetite and liquidity amid concerns over regulatory changes and the European debt crisis.
CitiFX Pro to launch in Singapore
SINGAPORE & LONDON - CitiFX Pro, Citi’s margin foreign exchange trading platform, will launch in Singapore soon, targeting small institutional clients, said Kevin Wilson, director of margin FX trading for Citi's institutional clients group in New York.
Sales head Héritier quits RBC
LONDON – François Héritier, managing director in foreign exchange sales, has left Royal Bank of Canada Capital Markets (RBC) in London, according to market sources.
Trading Places, July 26, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
CIBC continues FSG build
TORONTO - CIBC has made four key hires in its financial institutions group (FSG) in London, Toronto and Hong Kong, as it builds up its global capabilities.
Nomura becomes settlement member of CLS
LONDON - Nomura has gone live as a CLS settlement member and shareholder as of July 12, having previously used third-party settlement services from Citi, the bank announced on July 19.
Banks scramble to offer renminbi products as Hong Kong gains offshore interbank status
Banks and financial institutions are ramping up efforts to launch new products to tap the growing appeal of investment opportunities in the mainland China market. The trend intensified last week in the renminbi offshore centre of Hong Kong, after China…
Trading shuffle at TD Securities
LONDON – TD Securities has made a spot hire but also replaced a recently departed options trader, confirmed Mark August in London, managing director and head of FX sales and trading for Europe in London.
Enforce clearing, catapult FX into the big league, say FX Week USA panellists
NEW YORK - Counterparty risk is preventing FX from becoming a major asset class and must be addressed, according to panellists discussing the future of the FX industry at the FX Week USA congress in New York last Tuesday (July 13).
BarCap hires in correlations
LONDON – Barclays Capital (BarCap) has hired Leo Cabral to head its correlations desk in London.
Smaller firms take e-FX trading internal
NEW YORK - The face of electronic foreign exchange trading is becoming more diversified as second- and third-tier banks become active contributors of liquidity, concluded panellists participating in the FX Week USA conference in New York last Tuesday …
End-users support central clearing
NEW YORK - The push for central clearing is increasingly being driven by end-users seeking operational efficiencies, rather than regulators, according to Jason Vitale, global head of dbClear FX at Deutsche Bank in New York.
RBC goes macro with Severi
TORONTO – Andre Severi has joined RBC Capital Markets (RBC) as head of Canadian macro foreign exchange sales in Toronto, from State Street.
CFTC rules increase credit risk
NEW YORK - Proposed rules to limit leverage on margin FX trading accounts at retail forex brokers will have the unintended consequence of increasing counterparty risk, according to Josh Levy, managing director at Tactical Asset Management.
Hervé Ferhani: EM countries in capital controls dilemma
NEW YORK - Emerging market (EM) countries that enforce capital controls will trigger a domino effect across neighbouring countries, according to Hervé Jacques Ferhani, deputy director of monetary and capital markets at the International Monetary Fund in…
Post-trade innovation set to drive up volumes
NEW YORK - Post-trade functions will become more important in foreign exchange trading operations as the FX market evolves through greater use of high-frequency trading, according to speakers at the FX Week USA conference on July 13.
ParkerFX makes small gain in May
STAMFORD, CT - The Parker FX Index has reported a return of 0.14% for May, as currency markets were marked by risk aversion amid fears of a double-dip recession, increased risk contagion from the European sovereign debt crisis and significant declines in…
RBS adds in e-sales
STAMFORD, CT – Royal Bank of Scotland (RBS) is increasing coverage of electronic sales to financial institutions with a hire from Barclays Capital in the US.