Regulation
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
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…
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
India to liberalise forex regulations
NEW DELHI – The Reserve Bank of India (RBI) looks set to liberalise rules governing forex transactions, cutting the red tape that limits the public's ability to buy and sell currency.
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
BoJ/MAS sign second swap agreement
TOKYO & SINGAPORE - An agreement between Singapore and Japan to trade swaps signed earlier this month is the latest sign of closer co-operation between Asian economies.
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
Brokers pulled into NAB scandal
MELBOURNE – National Australia Bank NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.
IAS 39 sparks hedging concerns
LONDON – Accounting rule IAS 39 is causing distortions between economic reality and financial reporting, with rules regarding the use of derivatives likely to impede companies.
Fraudulent FX sites uncovered
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed yet another action against a party participating in fraudulent forex activity.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
Using a long straddle for EUR-USD participation
Armin Mekelburg, currency strategist at HVB in Munich recommends a way to take advantage of the strong swings in the eurodollar
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Bloomberg enters FX options market
NEW YORK – Bloomberg is continuing to build up its portfolio of FX tools with the planned introduction of FX options trading.
Greenspan and Snow to visit Cfets
BEIJING – Alan Greenspan, Federal Reserve chairman, and John Snow, treasury secretary, will visit the Shanghai office of the China FX trading system (Cfets) on their visit to China this week.
Central banks increase FX holdings
BEIJING AND WASHINGTON DC – A Chinese official last week highlighted the possibility of a significant move out of US dollar reserves, as the latest IMF figures show central banks have continued to hold faith in the greenback.
Structured products in the spotlight
WASHINGTON, DC – Concerns over the mis-selling of structured products to investors in the US has prompted the National Association of Securities Dealers (NASD) to issue guidelines to ensure members fall within the scope of sales practice codes.
CST merger leads to derivatives domination
LONDON – The £132 million Collins Stewart Tullett (CST) acquisition of Prebon Yamane last October has propelled the combined group to domination of the broker categories for interest rate and currency derivatives in sister pulication Risk 's 2005 inter…
Eurex to roll out its futures platform in United States
CHICAGO & Frankfurt – Eurex, the Frankfurt-based derivatives exchange, will be rolling out its FX futures platform in the US this month as planned, confirms an official at the exchange in Frankfurt.
Banks risk US regulatory backlash
NEW YORK – FX banks could face a regulatory backlash in the US for the mis-selling of FX products by retail brokers, warn market players.