News

Another FX trader fined

STOCKHOLM - Sweden's financial regulator has imposed a maximum penalty on Forex Bank for insufficient money laundering controls, signalling a global clampdown by regulators on risk management failings at retail foreign exchange institutions.

OMS vendors tackle multi-asset risk

LONDON - Order management system (OMS) vendors are enhancing their multi-asset pre-trade analytics to address the growing trend among financial institutions of broadening the asset classes and geographies in which they trade.

Iosco turns spotlight on commodities

WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) and the UK Financial Services Authority (FSA) are to lead an international regulators' group overseeing the commodity markets.

Sentimental value

Naomi Fink, Japan strategist in global markets sales and trading at the Bank of Tokyo Mitsubishi UFJ in Tokyo, assesses the slump in corporate sentiment in Japan, and what this bodes for the country's economic growth

Currency strategies add value in September

LONDON - Currency managers employing value strategies are the most likely to have been rewarded by strong profits over the past 12 months, according to research by the Royal Bank of Scotland (RBS).

Australia adjusts currency basket

SYDNEY - The Reserve Bank of Australia (RBA) has rebalanced its trade-weighted basket of currencies, allocating the Chinese renminbi a greater weighting than yen for the first time.

Global dealers slash jobs

LONDON - Lehman Brothers' filing for Chapter 11 bankruptcy on September 15 has hit its employees hard, with further redundancies announced earlier this week.

StanChart hires in India

MUMBAI & LONDON - Standard Chartered has named Hemant Mishr head of global markets, India, where he will lead a team of almost 100 specialists in products including foreign exchange, fixed income, commodities and derivatives.

CFTC fines FX fraudsters $24m

WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) has obtained orders for five traders to pay $11.7 million in restitution and disgorgement, and $12.25 million in civil monetary penalties for selling and soliciting illegal foreign exchange…

Gold rush on Lehman's European FX team

LONDON - Dealers are willing to pay top dollar for Lehman Brothers' foreign exchange team in Europe, following the failure of administrator PricewaterhouseCoopers (PwC) to agree a sale of the defunct bank's European fixed-income unit last week.

New Fortex FX v5 cuts trade times

REDWOOD SHORES, CALIFORNIA - Multi-asset trading platform vendor Fortex has released its fifth version of Fortex FX, which cuts average roundtrip trade times to five milliseconds from 40 while supporting 500 trades per second.

Canada's Fincad offers beta value

SURREY, CANADA - Software vendor Fincad will begin offering a free beta version of its product valuation tool, Fair Value Insight, in mid-October with hopes to fine-tune the product based on market feedback.

Citi's Alpha trumps Beta

LONDON - Citi's Alpha 1 foreign exchange investable index is outrunning its Beta 1 counterpart, as the market looks at more sophisticated investment strategies to mitigate risk amid heightened volatility.

Dresdner heads take top jobs at merged bank

LONDON - Commerzbank has reportedly named Dresdner Kleinwort's Eddie Listorti as head of fixed income and Stefan Gütter as head of sales, in a crucial step in the formation of the newly merged German dealer.

US meltdown spurs central clearer debate

LONDON & NEW YORK - The fallout from the collapse of Lehman Brothers and implosion of insurance company AIG has spurred renewed debate over the central-counterparty model for spot foreign exchange, as concerns over counterparty risk take centre stage.

ODL acquires Fixi's clients

LONDON - ODL Securities has acquired the full client list of London-based investment house Fixi, a senior official at ODL has told FX Week .

LatAm head leaves RBS

NEW YORK - Alistair Boyd, head of Latin American local markets at the Royal Bank of Scotland (RBS) in New York, has left the bank, according to sources close to the matter.

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