Regulation
Davidson gets key BoA role
NEW YORK - Cameron Davidson has been appointed head of global currencies sales at the merged Bank of America (BoA)/Merrill Lynch entity, the bank has confirmed.
EM to diversify in 2009
LONDON - The Indian rupee, Chinese yuan, yen and Swiss franc will outperform in the new year, benefiting from strong fundamentals in an environment driven by capital account deficits, says Bank of America.
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).
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.
Crisis benefits BoA, JPM
STAMFORD, CT - Bank of America (BoA) and JP Morgan have tightened their grip on the US corporate banking market in the fallout from the financial crisis in September, according to research by Greenwich Associates.
Bloomberg Tradebook back on track
NEW YORK - Bloomberg Tradebook is this week re-launching its foreign exchange electronic communications network after suffering up to eight weeks of outage as it sought to replace AIG as its central clearer.
Gu appointment casts shadow over BoA FX
LONDON & NEW YORK - David Gu has been slated to head rates and currencies following the merger of Merrill Lynch and Bank of America (BoA), throwing into doubt the future of the BoA foreign exchange team, say market sources.
OTC derivatives on the up
BASEL - The Bank for International Settlements' (BIS) semi-annual report has shown a significant increase in the growth of over-the-counter foreign exchange derivatives in the first half of this year.
Business leaders want tighter rein on finance firms
LONDON - Tighter regulations on banks, hedge funds and rating agencies would be supported by most business leaders around the world, a survey found this week.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Citic Group in currency bail-out
HONG KONG - Citic Pacific has reached an agreement with parent company Citic Group to provide financial support to meet liabilities from exposure to leveraged FX contracts disclosed on October 20.
Changes afoot for FX prime brokers
Discussions with dealers in recent weeks have identified significant changes for the industry in the coming year, in terms of pricing and infrastructure.
Clients switch on to Portware FX
NEW YORK - Portware has seen a 70% increase in clients using Portware FX, its real-time foreign exchange aggregation system, since the start of 2008, according to Harrell Smith, head of product strategy for the firm in New York.