Foreign exchange
Brokers suspicious of retail FX task force
WASHINGTON, DC – The launch of a retail foreign exchange fraud prevention taskforce by the US futures regulators has sparked concern among brokers that it could be a veiled move to lure retail FX traders towards exchanges.
Forex revives an ailing Thomson Reuters
NEW YORK – Foreign exchange has aided Thomson Reuters’ second-quarter figures as it posted disappointing organic growth figures amid roiling financial markets.
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.
JP Morgan gets go-ahead for derivatives in Korea
SEOUL – JP Morgan has been given the regulatory go-ahead to trade derivatives products in South Korea, ahead of regulatory reform in the country.
Emerging markets boost returns for ODL
LONDON – Emerging markets represent the fastest growing segment of the retail foreign exchange market at London-headquartered ODL Securities.
Forex.com gains six more currency pairs
NEW YORK – Gain Capital is set to add six Scandinavian currency pairs to its online retail foreign exchange trading platform, forex.com.
Merrill Lynch goes live with prime brokerage on EBS
LONDON – Merrill Lynch has become the latest bank to enable clients to trade on EBS Spot using its credit line.
The murky side of retail forex
In these days of heightened regulatory scrutiny, Saxo Bank could take it upon itself as a pioneer of the retail foreign exchange market to more effectively monitor who is using its technology and how.
RBS gets bigger in Japan
TOKYO – The Royal Bank of Scotland (RBS) is expanding its coverage of Japan’s institutional market with a key hire in Tokyo.
China forms new department for forex
BEIJING – China’s central bank has created a new department focused on managing exchange rate reforms and monitoring cross-border short-term capital flows.
UBS suffers $4.3bn FICC losses in Q2
ZURICH – Revenues from the fixed-income, currencies and commodities (FICC) business at UBS collapsed in the second quarter of this year, generating Sfr4.72 billion ($4.33 billion) in losses.
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Hotspot expands footprint in Russia
IZHEVSK - Hotspot FX expanding its footprint in the Russian retail foreign exchange market by streaming liquidity to Izhevsk-based Izhcombank's margin forex trading platform.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.
Merger could shake up e-FX options
NEW YORK - The potential merger of Tullett Prebon and GFI Group could boost competition for market share in the electronic forex options market, according to analysts.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Dresdner bulks up trading
LONDON - Constantinos Constantinou is to rejoin Dresdner Kleinwort after decamping to its US competitor Merrill Lynch last year, the German dealer has confirmed with FX Week .
Europe's banks up in forex
LONDON - European banks had a bumper first half of the year in foreign exchange, which was driven by higher customer volumes.
Credit Suisse raids rivals to boost London sales
LONDON - Credit Suisse made a bid to strengthen its salesforce in London with three new hires from top-tier rivals Goldman Sachs and Barclays Capital.
StanChart reshuffles e-FX division in Singapore
SINGAPORE - Standard Chartered is restructuring its electronic foreign exchange business with the creation of a new global FX electronic pricing and trading division.
China's central bank launches forex payment system
BEIJING - China's central bank has launched a foreign exchange payment system to ease transfers between banks on behalf of corporates in the country.