News
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.
Kelly ends short stint at Deutsche
LONDON - Connor Kelly has left Deutsche Bank less than six months after being poached from US rival Goldman Sachs.
Credit Suisse cuts rates teams in Asia, but FX safe
HONG KONG - Credit Suisse began cutting its work force in Hong Kong last Wednesday, primarily hitting credit and equities structuring, but sources say rates teams in the city were also affected.
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.
HSBC offers Islamic FX options in London
LONDON - HSBC is now dealing in sharia-compliant plain vanilla foreign exchange options from London, in response to growing global demand for the product.
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.
Capital controls hamper króna's comeback
REYKJAVIK - Iceland re-floated its currency last week but existing capital controls continue to drive away interest in króna trading.
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.
FX job cuts at Macquarie
SYDNEY & MELBOURNE -Australian dealer Macquarie Bank is understood to have axed a number of foreign exchange roles in its treasury and commodities division last Thursday (December 4).
Monahan ends six years at Icap
HONG KONG - Mark Monahan, chief executive at Icap's electronic business in the Asia-Pacific region, will leave the firm at the end of the year.
A licence to deal
Experienced traders and other market professionals agree, the current market conditions and environment are unique - the government effectively having to shore up the balance sheets of some of the best-known and well-established banking institutions by…
Morgan Stanley merges global FX and EM
LONDON, NEW YORK & HONG KONG - Morgan Stanley has provided further details about its new-look global foreign exchange and emerging markets business, which came into effect last Monday (December 1).
Parker FX Index posts record results in October
STAMFORD, CT - The Parker FX Index generated its largest monthly gain in October since 2003, returning 2.53%, in a month that saw a continuation of dollar appreciation.
FX bonuses expected to drop by 80%
LONDON - Bonuses will plummet by 80% for most foreign exchange staff in London, according to research by Armstrong International, a London-based search firm.
India to open rupee/dollar futures to FIIs
MUMBAI - The Reserve Bank of India and the Securities and Exchange Board of India (Sebi) are expected to allow foreign institutional investors (FIIs) to participate in the currency futures market soon, market participants speculate.