Governance
Banks move towards active compliance
Sell-side players aim to weed out bad actors before wrongdoing
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
Alliance & Leicester expands in derivatives
LEICESTER – Alliance & Leicester Commercial Bank is expanding its FX and interest rate derivatives capabilities to corporate and business clients.
IMF makes landmark update to exchange rate monitoring
MONTREAL – The International Monetary Fund (IMF) announced an overhaul of its exchange rate policy surveillance framework last Monday (June 18), for the first time in 30 years. The changes oblige member countries to avoid exchange rate policies that…
Cantor Fitzgerald rejects rival bid for eSpeed
LONDON – A takeover bid for electronic trading network eSpeed was rejected by majority owner Cantor Fitzgerald last week.
All change for CLS management
LONDON and NEW YORK – CLS has announced a shake-up of its senior management and the forthcoming departure of chief executive Joseph De Feo.
AIB repays e 26m for overcharging
Customers to be repaid as regulator's report details AIB's "failures" DUBLIN – Allied Irish Banks (AIB) said it is repaying e 26 million ($32 million) it overcharged clients on three million FX deals, after a regulator slammed the bank in a report last…
NAB "collusive broker" speculation grows
MELBOURNE -- Cantor Fitzgerald last week refused to comment on growing speculation that it is the broker referred to in two reports into National Australia Bank’s A$360 million (US$280 million) forex options losses.
US sets trend for high bonuses
NEW YORK -- Global commercial banks are expected to award bumper bonuses in the next three months, following a pattern set by the US investment banks in December.
Bumper bonuses expected
LONDON -- Forex bonuses in the new year look set to outstrip 2002 payouts by up to 40%, traders and recruiters told FX Week .