Regulation
SunGard expands Asia-Pacific operations
TOKYO - Software vendor SunGard is expanding its operations in the Asia- Pacific region in 2006. It will provide solutions for trading, treasury and risk management, benefit administration and insurance. Other services include institutional asset…
Carry trades set to lose their sparkle
LONDON - Conditions for carry trades are likely to deteriorate further this year, according to French bank BNP Paribas.
BoA to reclassify
NEW YORK - Bank of America (BoA) has had to recalculate its financial statements since 2002, after it emerged that it had wrongly classified FX and interest rate derivatives earnings.
Staff build-up at Bank of America
NEW YORK - Bank of America (BoA) has made a trio of hires over the past month as it continues to build its forex capabilities.
Rouble gets its own symbol
MOSCOW – The Russian congress is to establish a symbol for the rouble sign in a bid to boost the reputation of the unit.
BIS group to work on settlement delays
BASEL – A Bank for International Settlements (BIS) working group will look at settlement problems in the over-the-counter derivatives market, in an effort to deal with delays in trade processing.
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
JP Morgan FX salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested last week, making the US bank the latest to be embroiled in a trading scandal.
JP Morgan FX salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested last week, making the US bank the latest to be embroiled in a trading scandal.
BoA builds algo FX capabilities
NEW YORK – Bank of America (BoA) has taken a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.
CFTC charges another forex fraudster
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) last week charged an individual with defrauding more than $5 million by soliciting customers to trade foreign exchange futures contracts via hedge funds.
Man completes Refco Canada acquisition
TORONTO – Man Financial has completed its takeover of Refco's Toronto-based Refco Canada subsidiary.
Corporates fail to hedge
NEW YORK – A major study of corporate FX hedging practice by Citigroup has found that nearly half of all companies either do not hedge at all or hedge under six months.
Korea to restrict currency data
SEOUL – The Bank of Korea (BoK) is set to restrict parties that are able to view real-time currency data, in a bid to curb currency speculation, from next month.
Milan bank makes cuts overseas
MILAN – Banca Popolare di Milano has closed its overseas FX capabilities and now operates exclusively from Milan.
Bloomberg goes live with FX options
NEW YORK – Bank of America (BoA) has become the first bank to trade FX options with customers over the Bloomberg terminal.
Bloomberg goes live with FX options
NEW YORK – Bank of America (BoA) has become the first bank to trade FX options with customers over the Bloomberg terminal.
NAB rogue traders charged, senior staff dismissed
MELBOURNE – A year after the National Australia Bank rogue trading scandal was uncovered, January 2005 saw the Australian Securities and Investment Commission (ASIC) release information about charges handed down to the traders involved.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
CFTC charges 13 with defrauding $6m
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged 13 Florida residents with defrauding nearly 400 customers of more than $6 million. The CFTC filed a complaint on December 22 charging the 13 with fraudulently misappropriating…