Foreign exchange

What a difference a year makes

The foreign exchange business was a clear outlier in what has been a historic year for global financial markets. But no single entity experienced as significant a reversal of fortunes as a result of the market turbulence this year as settlement system…

JP Morgan slashes jobs in SIDM

LONDON - JP Morgan is downsizing its structured investments distributor marketing (SIDM) division by as much as 50%, according to market sources.

All change for Citi's structured products team

LONDON - Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as head of structuring for Europe, the Middle East and Asia (EMEA).

Dear Editor

Regarding FX Week 's magazine and website article ‘CLS on shaky ground with third-party providers', which was published on December 1, the article cites a factually incorrect rumour: "JP Morgan has requested some third-party clients to seek out…

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.

Yen intervention risk rises

TOKYO - Analysts expect the Japanese government to intervene to curb the rapid appreciation in the yen, which reached near-record levels against the US dollar last week.

Forex turnover slumps in Sweden

STOCKHOLM - Turnover slumped 14% in the Swedish foreign exchange markets in November compared with the same month last year, according to the country's central bank.

Investors turn to FX-only funds

LONDON - A greater number of institutional investors demonstrated an interest in FX-only hedge funds this year in an effort to manage currency exposure, according to data from London-based research company Preqin Hedge.

Murphy ends 14 years at Morgan Stanley

LONDON - Chris Murphy, European head of interest rate trading at Morgan Stanley in London, resigned from the firm last week, while the US bank announced falling profits and a 50% reduction in the bonus pool.

Forex forwards bounce back as year ends

LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.

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.

Futures look bright for Ice

ATLANTA - The Intercontinental-Exchange (Ice) Millions FX futures contracts have traded at an average daily volume of $350 million since launch a month ago, according to the Atlanta-based exchange.

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