Regulation
February 2006 - JP Morgan forex salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested, making the US bank the latest to be embroiled in a trading scandal. Terrence Gumbs, a 17-year veteran of the bank, was arrested and charged with wire fraud, after placing a $385 million sell order on…
Forex fraud spreads to Asia-Pacific
Meanwhile, last week saw a US company fined more than $12 million for defrauding customers in Japan and China.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
The sands of forex will shift in 2007
GLOBAL – 2007 will see a big shift in the landscape of the FX industry, according to leading market participants.
Fraudsters fined $19m for currency options scam
WASHINGTON DC & BARCELONA, FLORIDA – The spate of FX fraud busts in Florida continued last week, with three companies involved in a currency options scam facing a $19 million fine.
Weighing up the alternatives
Jeffrey Lins , Executive Director of Quantitative Analysis at Saxo Bank in Copenhagen, evaluates the pitfalls of using maximum drawdown-based performance measures, and points to recent advances that may help to expand opportunities for investment…
JP Morgan launches implied volatility indexes
LONDON – JP Morgan has launched indexes tracking the level of G7 and emerging-market implied volatility, which it says will appeal to the wider institutional investor community.
Quick, look busy! Here comes Mifid
Chip Lowry , senior managing director of State Street Global Link in Europe, looks at what Mifid will mean for the foreign exchange industry
Forex fraudster fined $29 million and jailed
WASHINGTON DC & SAN DIEGO – The owner of a forex trading company has been fined $29 million and imprisoned for defrauding.
Deloitte and Touche takes SD-Revaluation
NEW YORK – Consulting firm Deloitte and Touche is using SuperDerivatives' SD-Revaluation service for derivatives when conducting audits for buy-side customers. Deloitte is using the revaluation service for external independent verification of the…
ASIA PACIFIC NEWS: ABN Amro pays $4.5m settlement in Vietnam forex trading case
HANOI – Dutch bank ABN Amro has paid $4.5 million to police to settle a dispute over allegations by the Vietnamese government that its traders broke FX trading regulations.
More top changes at BoA
LONDON & NEW YORK – Bank of America (BoA) is undertaking a further restructuring of its senior FX management team, as the bank seeks to drive its growth to the next level.
Tullett Prebon launches multi-asset market data service
LONDON – Tullett Prebon Information, the market data division of interdealer broker Tullett Prebon, last week launched its market data service, Mark2Marker.
Safe approves four banks to join forward market
BEIJING – China's State Administration of Foreign Exchange (Safe) has approved four new banks to join the interbank foreign exchange forward market.
RBS expands emerging market capabilities
LONDON – Royal Bank of Scotland (RBS) is expanding its portfolio of emerging markets products, with plans to launch interest rate options and exotics.
Proportionate regulation is the key
The move by the US and UK regulators to work in closer co-operation can only be a good thing for the market as a whole.
US and UK regulators sign MoU to improve market surveillance
LONDON & WASHINGTON DC – The UK Financial Services Authority (FSA) and the US Commodity Futures Trading Commission (CFTC) signed a Memorandum of Understanding (MoU) to strengthen market communication oversight last week.
Asia to support global growth
LONDON – Asia holds the key to global growth amid a US slowdown, Marios Maratheftis, FX strategist at Standard Chartered in London told delegates at last week's FX Week Europe Congress.
Fimat expands in Hong Kong
SYDNEY & HONG KONG – Fimat's decision to open a bank branch in Hong Kong will enable it to substantially increase its FX operations, the Société Générale-owned broker said.
Vietnam PM orders quick trial in ABN Amro case
HANOI – Vietnam's prime minister, Nguyen Tan Dung, ordered a speedy trial of ABN Amro last week over allegations that the bank's traders broke FX trading regulations.
E-commerce source of best forex talent, says market
GLOBAL – Forex staff with e-FX skills and experience are the new recruitment market 'sweet spot', according to banks and headhunters.
US banks report profits down in third quarter
NEW YORK & CHARLOTTE, N CAROLINA – Citigroup, Morgan Stanley and Bank of America released positive earnings reports for the third quarter, but all failed to profit from their FX businesses.
Fimat opens banking branch in Hong Kong
HONG KONG – Brokerage firm Fimat International Banque opened a bank branch in Hong Kong last week, which will act as a regional hub for the firm.