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…

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.

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.

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…

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