Regulation
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
Eley gathers MMI clients
NEW YORK - John Eley, former president and chief executive at electronic communications network Hotspot FX, has signed seven banks for his new data analytics company, Managed Models Inc (MMI) in New York.
Is the dollar dross?
Pete Luxton, global markets adviser, and Shant Movsesian, FX options manager, at Informa Global Markets in London, seek ways to benefit from the flagging US dollar
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.
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
Tradition goes Swiss
LAUSANNE - Interdealer broker Tradition has relocated its Scandinavian dealing operations from London to a new desk in Lausanne, Switzerland.
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
BoA shuffles top level
LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
Morgan Stanley hires Fed veteran for advisory role
HONG KONG – Morgan Stanley Investment Management has hired Dino Kos, former head of the markets group at the Federal Reserve Bank of New York, to lead a team advising on investment by central banks outside the US.
US regulators clamp down on retail FX dealers
CHICAGO – The National Futures Association (NFA) last week (July 24) took emergency action against Fort Lauderdale-based forex dealer member (FDM) Nations Investments, for being undercapitalised by $3.5 million – the largest undercapitalisation seen by…
BoA realigns under GRCC umbrella
NEW YORK – Bank of America has realigned its currencies business alongside global rates and commodities, within a new global rates, currencies and commodities (GRCC) function, the bank has confirmed.
WMBA head speaks on best execution
LONDON – A potential solution to proving best execution in FX options and ancillary services is to reclassify the individual client, according to David Clark, chairman of the Wholesale Markets Brokers' Association (WMBA).
BoA realigns under GRCC umbrella
NEW YORK – Bank of America has realigned its currencies business alongside global rates and commodities, within a new global rates, currencies and commodities (GRCC) function, the bank has confirmed.
The agnostic tendencies of aggregation
Last week in New York, we hosted the annual FX Week USA congress. One of the recurring themes during the day was aggregation and its implications for the industry.
BIS confirms continuing importance of carry trade
BASEL – Foreign exchange carry trades continue to be a main driver of global exchange rate movements, according to the Bank for International Settlements’ 2007 annual report, released on June 24.
BNP Paribas wins sex discrimination case
The London Central Employment Tribunal has unanimously dismissed the high-profile case brought against BNP Paribas by former FX salesperson Katharina Tofeji.
BIS report notes low volatility
LONDON – FX markets were characterised by high levels of turnover and historically low volatility in 2006, according to the Bank for International Settlements' (BIS) 77th annual report, released today (June 25).
Bank of America loses two in London
LONDON – Bank of America (BoA) has suffered two departures in London.
BIS report highlights trade growth
BASEL – Trading in currency, interest-rate and equity products continues to grow, according to the latest Bank for International Settlements (BIS) quarterly review released last Monday (June 11).
An unseasonal game of musical chairs
As we enter the summer months the unseasonal slew of hiring and restructuring looks unlikely to abate. Considering these functions are usually done and dusted by May, it is curious that a number of banks are just trying to begin new ideas at this point…