News
Texan FX trader fined $3m over misleading website
WASHINGTON, DC & TEXAS - The Commodity Futures Trading Association (CFTC) has collected more than $3 million in civil money penalties and restitution monies from anti-fraud action against a Texas-based foreign exchange trader.
CMC Markets launches TWI-based CFD currency indexes
LONDON - CMC Markets is launching 10 contract for difference (CFD) currency indexes based on the trade-weighted indexes (TWI) of central banks.
Voting for e-FX Awards now under way
The starting pistol for this year's e-FX Awards has been fired, with companies invited to submit their pitches in the 13 categories.
Ex-EBS trio develops new distance latency product
NEW YORK - Market Factory, a company formed by three former senior EBS figures, is developing a software product that could potentially be sold back to their former employer.
Turnaround for Parker FX Index
STAMFORD, CT - The continued decline in the US dollar has halted three consecutive months of negative returns for the Parker FX Index, producing a return of 1.34% for February.
Oiling the FX wheels
The Royal Bank of Canada is offering capital protection with a new FX-linked product that is based on currencies from six countries, including two of the world's biggest oil producers
Citi raids UBS to target banks
LONDON & ZURICH - Citi is hitting at the core of UBS's foreign exchange business with up to nine hires, which includes the Swiss dealer's banks team globally.
Saxo increases spot FX margins
COPENHAGEN - Saxo Bank increased spot foreign exchange margins for 11 currencies on Wednesday (March 19) as capital was pulled out of certain emerging market currencies.
CLS Bank sets record for payment instructions value
LONDON & NEW YORK - CLS Bank set a record for the value of payment instructions settled in a single day on March 19.
Credit Suisse sacks mispricing traders
ZURICH - Credit Suisse has sacked or suspended the traders behind the mispricing that cost it a $2.65 billion writedown last month.
Lehman Bros comes under fire in Asia
SINGAPORE - Attempts by Lehman Brothers to quash rumours that DBS Bank, Singapore's largest bank, had ceased trading with it last Monday (March 17) failed to reassure traders in Asia.
TCA low priority for FX traders
LONDON & NEW YORK - Transaction cost analysis (TCA) is unlikely to take hold in 2008, as the market prioritises access to liquidity, say senior bankers in London.
Nedbank signs up WSS
JOHANNESBURG - Nedbank Capital has begun deploying a real-time trade processing system, Wallstreet FX, to support developments in its forex and money markets operations.
All change in Singapore
SINGAPORE - Remy Klammers is set to take up the newly created role of global head of fixed-income trading at Standard Chartered in Singapore, according to sources familiar with the situation.
Top order changes at UBS
ZURICH & SINGAPORE - UBS has seen a reshuffle at the top of its FX business, after establishing a new FX trading unit at the end of January.
US banks give poor performance in Q1
NEW YORK - Strong results in foreign exchange failed to offset a first quarter blighted by continued credit market turmoil, with US investment banks reporting significant declines in fixed-income revenues last week.
Citi raids UBS to target banks
LONDON & ZURICH - Citi is hitting at the core of UBS's foreign exchange business with up to nine hires, which includes the Swiss dealer's banks team globally.
Small US retail forex firms set to "suffer"
NEW YORK - New legislation passing through the US government is likely to consolidate the retail foreign exchange industry, as proposals to dramatically increase minimum adjusted net capital requirements squeeze small operators from the market.
Rising trade volumes in Japan prompt BNP hire
TOKYO - BNP Paribas Securities Japan has hired Adrian Averre to head trading for a newly merged rates and foreign exchange group in Tokyo.
Canada's pension funds ignore FX risk
GREENWICH, CT & TORONTO - More than a third of Canadian pension funds are still not hedging their currency exposure, despite large non-domestic investments, according to research released last week.
US dollar plummets against the yen
LONDON - Despite USD/JPY hitting 12-year lows last Thursday, traders are expecting a further collapse of the US unit versus the yen.
Citi reassesses forex options
LONDON - Citi has made three hires in foreign exchange options, under its new head of G-10 options trading, Nigel Khakoo, in London.