Foreign exchange

Three Nomura Lehman hires named

LONDON - Details continue to emerge about the identities of the 150 Lehman Brothers staff who made the move to Nomura in London two weeks ago ( FX Week , October 13).

Forex derivatives under scrutiny

MEXICO CITY - Mexican authorities will interview banks selling currency derivatives to corporates in the country, as part of an investigation into irregular reporting of exposures by listed companies.

Currencies shine in Q3

NEW YORK - Record levels of volatility are ensuring rates and currency businesses continue to be the shining lights, as evident in third-quarter fixed-income results released by dealers last week.

BarCap picks Caplin for rates

LONDON - Barclays Capital has signed a contract to purchase web-based application Caplin Trader for its fixed-income electronic commerce system.

Interbank lending eases further

LONDON - The Ted spread, along with overnight and three-month Libor, fell for the fourth day in succession after European governments announced bail-out packages on Monday (October 13), and the US followed suit on Tuesday.

Ex-Lehman UK staff find new FX roles

LONDON - Deutsche Bank, Credit Suisse, Standard Chartered and JP Morgan have all moved to make further hires from Lehman Brothers' former foreign exchange team.

Mixed forecast for FX

LONDON - Foreign exchange teams will avoid the worst of the job cuts in the City of London, although market sources warn no-one will be immune from redundancies.

FX traders exercise caution

GLOBAL - Traders worldwide continue to avoid dealing with each other, despite co-ordinated efforts by global central banks to ease the turmoil in the financial market through rate cuts and fund injections.

Japan traders dump short yen positions

TOKYO - Japanese retail foreign exchange margin traders abandoned $16 billion worth of short yen positions within days last week, in a scramble to limit losses from unwinding carry trades.

Colombia fruitful for Citi settlement

BOGOTA & NEW YORK - Citi's Colombia-based domestic settlement service began settling more than $1.3 billion in FX trades daily in September, representing in excess of 80% of the Colombian wholesale FX market.

JDFX gets smart with Kontrol

ZURICH - Foreign exchange trading company JDFX has capitalised on an increasing focus on risk management within financial markets by launching Kontrol, a system built to eliminate inefficiencies and dangers caused by calculating risk several times a day…

Korea's KEB begins trading on EBS

SEOUL - Interdealer broker Icap is deepening its footprint in the emerging markets, with Korea Exchange Bank (KEB) now using its spot-broking system, EBS.

ICE launches FX futures

ATLANTA - The Intercontinental-Exchange (ICE) is launching ICE Millions, a suite of foreign exchange futures contracts, on November 6, in the latest move by an exchange to capitalise on fears over counterparty credit risk.

FXMarketSpace abandoned

CHICAGO & LONDON - The Chicago Mercantile Exchange and Thomson Reuters have confirmed their joint venture platform FXMarketSpace will be shut down, ending speculation over the system's future.

Another FX trader fined

STOCKHOLM - Sweden's financial regulator has imposed a maximum penalty on Forex Bank for insufficient money laundering controls, signalling a global clampdown by regulators on risk management failings at retail foreign exchange institutions.

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