News
China heading for free market
BEIJING – China took two further steps towards currency liberalisation with a widening of the yuan trading band and the introduction of forwards trading for corporates.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
CFTC charges 13 with defrauding $6m
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged 13 Florida residents with defrauding nearly 400 customers of more than $6 million. The CFTC filed a complaint on December 22 charging the 13 with fraudulently misappropriating…
UBS and Bloomberg deal draws criticism
LONDON – UBS and Bloomberg started their year off controversially after a deal for global futures trading through the market data terminal drew criticism from brokers. Under the agreement set in place in 2004, futures trades placed by new users of the…
PBoC liberalises derivatives
BEIJING – The People’s Bank of China (PBoC) issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Forex head leaves RBC Capital Markets
TORONTO – RBC Capital Markets' most senior member of foreign exchange staff has left the bank, a source on the desk has confirmed.
Canadian dollar hits new heights
OTTAWA – Almost four years after it hit an all-time low, the Canadian dollar (loonie) is riding on the crest of a wave after reaching its highest level in years.
EBS records highest gold trade volumes
LONDON – Trading platform EBS recorded its biggest ever volume in gold trading on December 12, with transactions worth a total of $671.6 million.
Record results for US banks
NEW YORK – US investment banks have stormed through 2005, with record-breaking results from fixed-income divisions released last week.
Switch launch to speed up trade
CAMBRIDGE, ENGLAND – Vendor Adder Technology has launched the Adder TS4, a keyboard and mouse switch aimed at reducing complexity in foreign exchange trading rooms as well as other asset classes.
FlexTrade signs Traderforce deal
NEW YORK – US vendor FlexTrade has acquired a 72% majority stake in FIT-Traderforce, a French vendor, in an all-cash deal.
BGC poaches seven from IFX
LONDON – A seven-strong sales and trading team are understood to have quit IFX Markets – the London-based financial trading and spread-betting company – last Friday.
ODL expands into Chicago
LONDON – ODL Securities is expanding its global presence with a new sales office in Chicago, according to a senior official in London.
BBH looks to Holland and Scandinavia for staff
LONDON – Brown Brothers Harriman (BBH) is to expand its FX coverage into Holland and Scandinavia in 2006 as it builds its European capabilities.
NYSE launches euro-linked shares
NEW YORK – The New York Stock Exchange (NYSE) last week launched shares linked to the euro, demonstrating the growing demand for exchange-traded currency products.
Bank forex heads look to alternative staffing options
LONDON – Forex desk heads are increasingly looking to poach staff from other areas within their banks in a bid to limit wage inflation.
Causeway selects Misys Treasury Plus
LONDON AND NEW YORK – Causeway Capital Management (Causeway) has chosen vendor Misys Banking Systems (Misys) for increased efficiencies in the confirmation and settlement processes for money market and other financial instrument transactions.
New service from IF
LONDON – IFX markets is set to launch a money management service aimed at third-party clients in the new year.
Over-the-counter options drop down under, says Afma
SYDNEY – Trading in over-the-counter options fell by more than a third this year, according to figures released by the Australian Financial Markets Association (Afma).
Rabo takes Kalahari's kACE
LONDON – Rabobank has selected technology vendor Kalahari's pricing, calculation and analysis tool kACE for its short sterling desk in London.
M&G to sign with FX Connect
LONDON – M&G is set to sign up with FX Connect in the early part of next year, as it looks to take its FX transactions onto an electronic basis.