News
CLS sets record post-Lehman
LONDON & NEW YORK - The collapse of Lehman Brothers highlighted the importance of settlement system CLS in shielding the foreign exchange industry from Herstatt risk.
FXCM set for auction, again
NEW YORK - The collapse of Lehman Brothers last Sunday (September 14) is likely to force online retail trading company FXCM to enter another round of auctioning.
EMs batten down the hatches
LONDON - The US Federal Reserve fronted up with $265 billion last week to help the ailing US economy, and analysts expect the trend of government intervention to continue globally.
Lehman derivatives trading 'light'
NEW YORK - The International Swaps and Derivatives Association's emergency trading session, held on Sunday, September 14 to reduce banks' exposure to Lehman Brothers, received a low response, said a New-York based official that participated in the co…
CFTC exposes forex options scam
WASHINGTON, DC - The US Commodity Futures Trading Commission (CFTC) has ordered Frank Anthony DeSantis III and Doreen Rose Valko to pay $8 million for defrauding retail customers in a foreign exchange options scam.
Sibos: market must clear processing bottleneck
VIENNA - During a panel discussion at last week's Sibos conference, CLS Bank, Credit Suisse, Traiana and Bloomberg agreed collective action was needed to avoid a serious processing bottleneck in the foreign exchange market.
Credit Suisse changes its spots
ZURICH - Credit Suisse has embarked on a second reorganisation of its spot foreign exchange risk management and trading teams in Zurich, in an effort to capitalise on burgeoning opportunities across electronic commerce and third-party business.
RBS and Simplex launch RBS Swift
LONDON - The Royal Bank of Scotland (RBS) has teamed with technology provider Simplex Consulting to launch an RBS Swift Service Bureau for corporates requiring outsourced services connecting to the Swift network.
China still a global draw
SHANGHAI - China continues to be an area of growth for global banks, despite widespread cuts elsewhere, with Goldman Sachs, Deutsche Bank and Standard Chartered all making key hires in that market.
Barings launches new currency fund
LONDON - Baring Asset Management is set to launch a currency fund that will offer an alternative source of alpha and diversification to target institutional investors and funds of hedge funds.
Proprietary traders leave banks in search of 'hard cash'
LONDON - Foreign exchange and rates traders make up the majority of those looking to leave proprietary trading roles at banks, said Grant Ashton, managing director of London-based proprietary trading firm Infinity Capital Markets.
CitiFX Pro banks on Asia
HONG KONG - Citi expects Asia to represent 50% of the turnover on its foreign exchange margin trading platform, CitiFX Pro, which made its Asia debut in Hong Kong this month.
SocGen shakes up investment
NEW YORK - Société Générale Corporate and Investment Banking has named Liz Hogan and Jerome Jacques New York-based co-heads of fixed income, currencies and commodities (FICC) for the Americas.
Calyon cuts back in derivatives to survive downturn
PARIS - Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.
Trading US inflation
Irene Aldridge, quantitative portfolio manager and managing partner at model-based trading company Able Alpha Trading in New York, outlines a high-frequency strategy to trade US inflation data
WSS gets $105m
NEW YORK - Wall Street Systems plans to use part of the funds from its secured credit facility from Wells Fargo Foothill to support foreign exchange trade processing business initiatives in 2009, according to senior official at the company.
Barclays Asian ETN gains $4.7m
NEW YORK - Barclays received $4.7 million worth of investment into its Asian currency-linked exchange-traded note (ETN) by September 9, five days after launch.
CME breaks euro and ruble records
CHICAGO & LONDON - CME Group has smashed its previous record for daily electronic trading contract volumes in the euro and the Russian ruble.
Banks scale back options market-making
GLOBAL - Risk aversion and a sharp rise in foreign exchange options volatility is prompting banks to scale back their market-making activities in foreign exchange options, say traders.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.
BoA's Mandell joins RBS
NEW YORK - The Royal Bank of Scotland (RBS) has hired Bank of America's former head of sales for global rates, currencies and commodities (GRCC) and head of foreign exchange to spearhead the growth of its FX franchise in the Americas.