Foreign exchange
Citadel pushes fixed-income expansion into FX
Fixed-income business heads Derek Kaufman and Richard Mazzella explain their strategy in expanding Citadel's growing fixed-income business into foreign exchange. Robert Mackenzie Smith reports
FX Week Forum: The challenges of clearing options
In the first in a series of video features addressing key themes in the global FX industry, editorial director Nick Sawyer talks to FX Week editor Joel Clark about the complex issues that have delayed central clearing of FX options
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
Marex Spectron pushes forward after FX overhaul
Recently recruited sales team are fired up and seeking to expand Marex's footprint in agency FX business following recent restructure
Rates volatility buoys hopes for currency forwards desks
Banks are preparing for a return of investor appetite for FX forwards, driven by the prospect of interest rate hikes, but some face challenges when it comes to expanding their teams as a result of the Libor scandal. Michael Watt reports
Thomson Reuters acquires start-up options technology vendor
SigmaGenix, a London-based provider of FX options technology, has been acquired by Thomson Reuters and its chief executive Jeremy Gelber becomes global head of FX options
Morgan Stanley restructures FX prime brokerage
Global co-heads of FXPB have both left the bank and relationships with several clients have ceased following an ‘extensive review’ of the business
ACT hires two from Citi to run platform for high-net-worth clients
Patrick Haberstock and Thomas Walcher have joined ACT Currency Partner in Zurich to get a new platform off the ground
Integral sought investment from EBS, court documents reveal
During preliminary talks, EBS chief executive refused to sign a non-disclosure agreement, which would have prevented it from hiring Integral executives, according to testimony in the legal battle between Integral and its co-founder, Viral Tolat
Compressed margins put tight squeeze on FXPB
The combination of rising costs and increased competition in FX prime brokerage has led to a squeeze on margins, but as the business attracts a wider range of clients than ever before, there is still clear demand for those that can afford to keep…
Volcker rule is driving reluctance to hold risk, warn currency managers
US banks are holding less risk as they prepare for the requirements of the Volcker rule, leading to more short-term volatility and less liquidity in some currencies
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
Crédit Agricole wins with moderate stance on yen
French bank weathers volatile yen conditions and tops three-month rankings with conservative view on yen weakness
Industry set to miss CFTC deadline on intermediated FXPB
The deadline for FX agency desks and prime brokers to find a solution to the allocation of Dodd-Frank external business conduct responsibilities expires today
FX Week USA: CLS expansion will be key to EM currency growth
EBS is 'holding its breath' for the ruble to be added to CLS, but regulatory affairs head cautions the addition of new currencies will take time
FX could move to financial settlement under clearing pressure – GFXD’s Lam
Addressing the challenges of clearing deliverable FX products, Mandy Lam of the global FX division suggests more products could become financially settled in the future
Traditional reserve currencies on the decline, says Pimco
Pimco's chief operating officer is bearish on major currencies, expressing the fund's preference for emerging markets, particularly the ruble and renminbi
E-FX Awards: Coming full circle in technology
Traiana, Deutsche Bank, BNP Paribas, EBS and Citi's Jeff Feig are among the winners of the 2013 e-FX awards, which recognise excellence and innovation in FX technology
CFTC-EC cross-border agreement causes concern
Lawyers warn allowing strictest regulation to prevail will create heavy-handed regime, and regulators have still not fully aligned on treatment of FX swaps
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have FX derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
Consensus lacking on optimal length for randomised pause
The concept of applying a randomised pause to FX trades as a means of deterring disruptive behaviour has garnered support from the users of both EBS and ParFX. But how long should the pause be in order to be effective but not damaging to genuine…
Single-dealer platforms will hold their own in the e-FX future
As banks jostle for position in the new electronic environment by launching and upgrading their single-dealer platforms, how they will fare against their multi-dealer rivals?
Local factors will decide carry trade winners
Weaker US data, coupled with the Fed's quantitative easing, supports carry trades generally, but particularly where local factors are favourable
BAML reshuffles rates and currencies
US dealer hires from Goldman Sachs, JP Morgan, Morgan Stanley and Deutsche Bank as it expands global footprint