Foreign exchange
Philippines to continue FX deregulation
MANILA - The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is set to liberalise the foreign exchange market at the end of October, said the bank's deputy governor, Diwa Guinigundo, last week. The central bank will lift documentary…
Deutsche dbFX now in Arabic
MANAMA - Deutsche Bank has launched an Arabic version of its margin trading platform dbFX, to capture the burgeoning retail foreign exchange market in the Middle East.
GFT adds new currency pairs
ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.
London forex faces 130 job cuts
LONDON - Foreign exchange workers in London should brace themselves for 130 job cuts in 2008 as the interbank market crisis forces banks to reduce staff levels, according to estimates by London's Centre for Economics and Business Research (CEBR).
Market demands multi-asset solutions
SINGAPORE - Hedge funds are driving demand for multi-asset platforms in Asia, said Michele Wee, director and head of electronic FX at Deutsche Bank in Singapore.
Icap breaks into post-trade forex
LONDON & NEW YORK - Icap's agreed acquisition of post-trade technology vendor Traiana signals a push by the industry to tackle post-trade processing strains brought on by surging ticket volumes.
Market innovation threatens platforms
SINGAPORE - Growth in the Asian FX market is leading to big operational changes in the way buy- and sell-side institutions do business, according to Justyn Trenner, chief executive at market research company ClientKnowledge.
EBS nabs Saudi business
LONDON & RIYADH - Spot broker EBS has signed its first Middle Eastern banking customer onto EBS Prime, its professional foreign exchange prime-brokerage solution.
Merrill and UBS shake up FX teams
LONDON & NEW YORK - Senior management changes have swept through Merrill Lynch and UBS ahead of looming third-quarter losses.
Forex settlement risk: banks look beyond CLS
Rick Schumacher, director of products at Wall Street Systems in New York, evaluates the foreign exchange market's alternatives to CLS
Investsberbank begins ruble trading on LavaFX Interbank
Investsberbank has begun quoting USD/RUB and EUR/RUB on electronic communications network LavaFX Interbank. The first USD/RUB trade was carried out on October 2 between the Russian bank and an undisclosed counterparty. The notional value of the trade was…
CME FX volumes rising
The Chicago Mercantile Exchange (CME) recorded an average daily volume of 634,820 contracts for foreign exchange in September. This is a 22% rise from 520,000 contracts a day in September 2006, and represents a notional value of $79 billion.
FXMS and EBS trading back to normal
CHICAGO & LONDON - FXMarketSpace and electronic spot broker EBS recorded a decline in average daily volumes in September, demonstrating a return to normal levels of trading after a highly volatile August.
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
Regulators slam ODL Securities
CHICAGO - Institutional broker ODL Securities and the Chicago-based president of its US subsidiary, Brian King, have been jointly fined $165,000 after being found guilty of a series of violations to the National Futures Association (NFA) member rules.
Lehman launches quant platform for currencies
LONDON - Lehman Brothers has launched the Macro Quantitative Currency Strategies platform (MarQCuS), an investable product enabling investors to access quantitative foreign exchange strategies.
BarCap launches new currency
LONDON - Barclays Capital has unveiled a synthetic currency intended to reduce funding costs for corporate clients, banks and hedge funds.
Credit Suisse shifts Asia roles
LONDON & SINGAPORE - Credit Suisse is changing the role of one Singapore-based foreign exchange salesperson and relocating another member of the sales team to Tokyo.
SWFX smashes trading volume record
GENEVA - SWFX, a Geneva-based trading platform, reached a record $10 billion traded on August 16. The platform, aimed at institutions, banks, hedge funds and private investors, has averaged daily volumes of $6 billion a day this year. This represents a…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
SPECIAL FEATURE: CLS settlement: the next five years
This month marks the five-year anniversary of CLS. FX Week and Rob Close, president and CEO of CLS Bank, discuss the past five years and the future of the industry utility
BNP expands in Europe
EUROPE - BNP Paribas is understood to have boosted its European presence with hires in London and Madrid, and a new representative office in Stockholm.