Regulation
What the Reauthorisation Act means for retail FX
Felix Shipkevich, general counsel at online FX trading company CMS Forex in New York, provides an overview of the US regulatory environment for retail FX brokers
BoA's Mandell joins RBS
NEW YORK - The Royal Bank of Scotland (RBS) has hired Bank of America's former head of sales for global rates, currencies and commodities (GRCC) and head of foreign exchange to spearhead the growth of its FX franchise in the Americas.
Natixis in Bear Stearns forex hiring spree
NEW YORK - Natixis has hired 17 foreign exchange staff from defunct US investment bank Bear Stearns to kick-start the expansion of its FX platform.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
BoA in trans-Atlantic forex drive
LONDON & NEW YORK - Bank of America has bolstered its US and UK foreign exchange teams with newly created FX emerging market (EM) roles in New York and senior replacement hires in London.
StanChart outlines forex e-pricing and trading strategy
LONDON - Standard Chartered has provided further details about its e-forex pricing and trading strategy since promoting Todd McDonald to a newly created position as global head of foreign exchange electronic pricing and trading ( FX Week August 4).
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.
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.
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.
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.
EU banks get London boost
LONDON – Deutsche Bank and Société Générale have bolstered their London teams with fresh hires in foreign exchange sales and trading, market sources tell FX Week.
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 .
Banks expand in North America
NEW YORK & TORONTO - Bank of America (BoA) and CIBC World Markets have made key hires in New York and Toronto, respectively.
Solutions to rouble trouble
The rouble derivatives market developed in haste after further liberalisation of the currency in July 2006 and positive changes to the Russian Civil Code 1062, centring around the previous treatment of derivatives as gaming, in January 2007.
Wachovia reveals sharp revenue jump
NEW YORK, CHARLOTTE, NC & STOCKHOLM - Despite suffering overall fixed-income revenue losses, Wachovia reported a staggering 76% year-on-year increase in global rate products, including foreign exchange, for the second quarter.
Taratunio joins Bank of America
NEW YORK - Senior foreign exchange salesperson Gary Taratunio is heading to Bank of America (BoA) in New York, after leaving JP Morgan last month.
Euro growth continuing, says ECB
FRANKFURT - Despite doubts over its survival at launch 10 years ago, the euro remains a strong player in the international currency market, according to the European Central Bank (ECB).
Internalising flow threatens brokers
As banks begin looking at ways to internalise flow, the big question is what it will mean for electronic brokers such as EBS and Thomson Reuters.
BoA in global reshuffle
NEW YORK, CHARLOTTE & LONDON - Bank of America has consolidated its global rates, currencies and commodities (GRCC) and credit products (GCP) businesses into a newly formed global fixed-income platform.
Moumdjian quits BoA
NEW YORK - Harry Moumdjian, principal and head of electronic solutions sales for North America at Bank of America in New York, has resigned from the bank.
Former Refco CEO faces 16 years behind bars
NEW YORK - Phillip Bennett, the former chief executive of the once biggest independent US futures broker Refco, has been sentenced to 16 years in prison for defrauding investors of an estimated $2.4 billion.
More currency ETFs hit US
NEW YORK - Two more currency-linked exchange-traded funds (ETFs) were listed on the New York Stock Exchange's NYSE Arca on June 25.
Small US banks free to use standardised approach
WASHINGTON, DC - The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.