Foreign exchange
JPM axes in London FX
LONDON - JP Morgan made cuts to its foreign exchange team in London last week, according to market sources.
Ellis departs CIBC
TORONTO - Craig Ellis, managing director in foreign exchange and money markets at CIBC World Markets, served his last day at the firm last Friday (December 5).
A licence to deal
Experienced traders and other market professionals agree, the current market conditions and environment are unique - the government effectively having to shore up the balance sheets of some of the best-known and well-established banking institutions by…
Retail FX: the light at the end of the tunnel?
Retail foreign exchange continues to be a beacon of light for wholesale FX banks, as they push ahead with plans to expand initiatives into next year.
FX bonuses expected to drop by 80%
LONDON - Bonuses will plummet by 80% for most foreign exchange staff in London, according to research by Armstrong International, a London-based search firm.
India to open rupee/dollar futures to FIIs
MUMBAI - The Reserve Bank of India and the Securities and Exchange Board of India (Sebi) are expected to allow foreign institutional investors (FIIs) to participate in the currency futures market soon, market participants speculate.
Hedge funds outshine banks as API price-makers
LONDON - Banks are mostly price-takers when trading on spot broking system EBS through an application programming interface (API), according to analysis by interdealer broker Icap.
Morgan Stanley's Mettler gets new deputy head
LONDON - Morgan Stanley has promoted Marcin Wiszniewski to a newly created role as deputy head of global foreign exchange and emerging markets (EM), effective December 1.
One up, three down at Citi
NEW YORK & LONDON - Citi's global head of electronic execution has been made redundant and cuts have been made to the foreign exchange sales team in London, as part of the bank's drive to reduce headcount globally.
New SocGen platform targets active traders
LONDON - Société Générale is set to launch a new foreign exchange trading platform in January, in a move to increase its presence among institutional clients.
SocGen bolsters London FX team
LONDON - Société Générale has boosted its foreign exchange outfit in London with the addition of two former Lehman Brothers staff.
Traders shift focus to recession
LONDON - Traders are reporting a slowdown in foreign exchange activity and a focus shift towards global recession fears as the market approaches year-end.
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.
More crisis casualties
LONDON - Morgan Stanley, Citi and Deutsche Bank have all announced thousands of global job cuts in response to the market dislocation, with foreign exchange teams unavoidably in the firing line.
Industry pushes to expand CLS coverage
LONDON - Panellists at the FX Week Europe Congress held in London last week applauded CLS for its role in alleviating settlement risk, but pushed for expansion to cover more counterparties, currencies and products.
Algos 'point inwards' amid low liquidity
LONDON - There will be greater internalisation of flow as banks search for liquidity, according to a panel discussing algorithmic trading developments at last week's FX Week Europe Congress.
Retail FX benefits as traders go DIY
LONDON - The retail foreign exchange revolution could benefit from reduced headcounts within the financial services industry, according to Mark Davison, vice-president of pro-sales at Forex Capital Markets (FXCM).
Fisher: FX will slow down to assess risk
LONDON - Activity in the foreign exchange market will "pull back" over the next couple of years, while risk management will become a key focus for the industry, according to Paul Fisher, London-based head of the FX and reserves management division at the…
Forex contends with great expectations
The foreign exchange industry is set for a shake-out next year as re-pricing of risk forces change in the make-up of the industry.
Market risk brings client relationships to the fore
LONDON - Relationship pricing has become key for banks, reflecting the increase in market risk, according to panellists at last week's FX Week Europe Congress in London.
UBS shines as CLS provider during turmoil
UBS took home the accolade for the best third-party CLS provider, in a year that has tested the model's basic premise.