News

Offshore króna market trading thinly

REYKJAVIK - The offshore market in Icelandic króna remained illiquid last week despite a loosening up of capital controls, as liquidity providers stayed out of the market.

Murphy ends 14 years at Morgan Stanley

LONDON - Chris Murphy, European head of interest rate trading at Morgan Stanley in London, resigned from the firm last week, while the US bank announced falling profits and a 50% reduction in the bonus pool.

Yen rally leaves traders short

TOKYO - The value of retail trading accounts at FXOnline Japan fell by 75% between July and October, as the yen rally caused losses in short yen positions.

Forex forwards bounce back as year ends

LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.

Strong Q3 for FX derivatives

BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).

Portlock new spot FX chief at WestLB

DUSSELDORF - WestLB appointed Mark Portlock global head of spot foreign exchange last Thursday, following the decision by Dan Jones, head of FX and commodities trading for liquid markets, to leave the bank.

New EUR/ISK domestic pair launches

REYKJAVIK - Thomson Reuters is set to list a new currency pair, EUR/ISK Domestic, on the Spot Matching System in January to support trading between Icelandic banks onshore.

CFTC fines OTC traders $12m

WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) will secure $12 million in penalties from three traders and their six businesses for an over-the-counter forex options scam.

GBP fall sparks volume rise

LONDON - The pound's fall to record levels against the euro last week sparked unseasonal trading in the foreign exchange markets, say traders.

Currency strategy success continues

LONDON - The reversal of fortunes for currency managers continued in November, with all but those employing carry strategies generating positive returns, said the Royal Bank of Scotland (RBS).

Futures look bright for Ice

ATLANTA - The Intercontinental-Exchange (Ice) Millions FX futures contracts have traded at an average daily volume of $350 million since launch a month ago, according to the Atlanta-based exchange.

JPM axes in London FX

LONDON - JP Morgan made cuts to its foreign exchange team in London last week, according to market sources.

Ellis departs CIBC

TORONTO - Craig Ellis, managing director in foreign exchange and money markets at CIBC World Markets, served his last day at the firm last Friday (December 5).

Yuan NDFs set to peak

BEIJING - Chinese renminbi non-deliverable forward (NDF) rates could peak this week, ending the rapid rise seen since the government indicated plans to allow the unit to depreciate at the end of November, according to traders .

Banks slash jobs in FX

NEW YORK & LONDON - Wider cuts at global dealers have hit foreign exchange teams across both sides of the Atlantic, with many redundancies made last week.

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