Regulation
Barclays Capital poster child for e-forex
Barclays Capital has solidified its standing as the poster child for electronic foreign exchange, taking home the accolade for the best bank electronic trading platform for the second year running.
RBS sees currencies business decline
LONDON - The Royal Bank of Scotland reported a 66% fall in income from the currencies business, to £141 million in the third quarter of this year, versus the same quarter in 2008.
Adaptability key to BarCap structured products win
Barclays Capital has come top of the class for foreign exchange structured products. Having finished third last year, the bank clinched top spot by reacting quickly to changing client requirements, according to Andy Kaufmann, its London-based head of FX…
HSBC's risk focus pays off in forex forwards
HSBC retains its edge as the best bank for foreign exchange forwards as improved pricing and risk management ensured the bank was able to continue delivering liquidity during the credit crisis.
Trèny joins Credit Suisse
LONDON - Stéphane Trèny is set to join Credit Suisse later this month to head the Swiss dealer's foreign exchange corporate sales team for southern Europe, according to market sources.
StanChart open all hours for GCC currencies
DUBAI - Standard Chartered has extended its online coverage of Gulf Co-operation Council (GCC) currencies to 24 hours daily from Monday to Friday, to match client demand.
Celent report: financial firms' IT spending on the rise
MONTREAL - Despite the economic decline, absolute spending figures in information technology are set to rebound globally, according to Jacob Jegher, author of the Celent report: IT spending in financial services: A global perspective .
Bank of East Asia signs on to GFI's Fenics Enterprise
SINGAPORE - Bank of East Asia (BEA) has deployed GFI's Fenics Enterprise for the pricing and analysis of retail dual currency products.
Ipam banned for audit failures
WASHINGTON, DC - The US National Futures Association (NFA) banned Orlando-based introducing broker Income Plus Asset Management (Ipam) from NFA membership on October 28, after it failed to comply with a regulatory audit.
The central clearing backlash continues
As the foreign exchange industry continues to get its house in order to prevent any undue regulatory scrutiny, cracks persist in the arguments extolling the virtues of central clearing facilities.
Industry reaffirms CLS as FX data repository
NEW YORK - The foreign exchange industry has reaffirmed industry utility CLS Bank as the FX trade data repository, as US and European authorities push to introduce similar facilities in the derivatives market.
JP Morgan names EMEA head
LONDON - JP Morgan has named a new head of Europe, the Middle East and Africa (EMEA) in London, market sources tell FX Week .
Bank of Canada: no intervention without strong policy
OTTAWA - Mark Carney, governor of the Bank of Canada, has told the country's House of Commons that the Canadian dollar's high exchange rate against the US dollar is depressing prices and economic activity.
Nomura continues to profit from Lehman
TOKYO - Nomura has recorded profits for two consecutive quarters, reporting net revenues of ¥300 billion in the second quarter, 2010, of Japan's financial year.
Bo Li returns to BoA Merrill Lynch
HONG KONG - Bank of America (BoA) Merrill Lynch has appointed Bo Li from Standard Chartered in Hong Kong, to head north Asia institutional foreign exchange sales, according to market sources.
State St case puts FX deals under scrutiny
LONDON & NEW YORK - Banks will come under increased pressure to provide greater transparency on foreign exchange transactions, following the California state attorney-general's FX fraud lawsuit against State Street, according to market participants.