Trading
EM sell-off will have lasting implications for currencies, says Natixis
Careful analysis of current accounts and export prices indicates Germany and Italy could benefit from the recent depreciation of emerging market currencies, but the US and the UK stand to lose out. By Patrick Artus
SGX closes in on FX futures launch
Singapore Exchange plans to launch FX futures in six currency pairs on November 11 as it looks to gain an edge on rival exchanges that have been delayed in launching the product
ACT hires UBS's Meyer to run structured products venture
ACT Currency Partner continues its expansion with the launch of an FX structured products offering, managed by a veteran of UBS
Systematic strategies will bounce back, say managers
Despite the recent bankruptcy of FX Concepts, some currency managers believe systematic investment strategies could soon make a comeback
FX benchmark probe gathers pace as chief dealers placed on leave
Senior spot traders at JP Morgan, Citi and Standard Chartered have all been placed on leave, while Barclays, Deutsche Bank and UBS confirm they are conducting internal reviews in connection with alleged manipulation of FX benchmarks
Aligning Deutsche with the complex needs of corporate clients
A year on from a major internal restructure to focus on electronic trading across asset classes, Deutsche Bank's corporate FX sales heads explain how their business has changed
FX benchmark probes leave buy side unconcerned
Currency managers remain comfortable using FX benchmarks despite widespread investigations into the practice, with some questioning how benchmarks could be manipulated
Expiry of Sef confirmation relief causes unrest among dealers
Swap execution facilities have only until October 30 before they have to issue legal confirmations for trades, but dealers remain uneasy about their ability to do so
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
FX Concepts pays price for not adapting strategy
Bankruptcy of the currency management firm is due to its failure to react to new market realities, say competitors and insiders
BCS Prime eyes domination in USD/RUB market
Having given HFT firms direct access to the Russian ruble, the new UK subsidiary of Russian brokerage BCS is now looking to diversify its client base into the institutional market
Chaotic birth of Sefs drives NDF trading off platforms
The first two weeks of Sef trading have seen some trading volume in non-deliverable forwards migrate to single-dealer platforms and voice brokers to avoid the rules
Internalisation to blame for EBS volume decline
Low volatility in major currency pairs has created an environment in which many banks prefer to internalise trades rather than trading on anonymous platforms such as EBS
FX desks ponder brokerage fee for fix trading
Allegations regarding manipulation of FX rates have prompted some banks to consider an agency-style model
US political gridlock puts EM currencies in stasis
EM currencies could still be badly affected by US default, say traders
Future of agency FX depends on size, says Chapdelaine chief
Douglas Borthwick, FX manager at Tullett Prebon's Chapdelaine agency desk, believes recent regulatory challenges show that size will be the key factor for agency intermediaries
Swiss regulator investigates FX rate manipulation
Switzerland's Finma this morning announced it is investigating manipulation of exchange rates, while UBS is reported to have dismissed its spot-trading heads
UBS aims for full FX launch on Neo in Q1
Following the recent launch of the UBS Neo cross-asset platform, FX e-trading head Chris Purves talks to Miriam Siers about the bank’s electronic strategy, both on its own platform and other venues
Meet the Sefs
The weeks leading up to the October 2 deadline for registration as a swap execution facility (Sef) under the US Dodd-Frank Act have seen a wave of new platforms receive approval from the Commodity Futures Trading Commission (CFTC). Robert Mackenzie Smith…
Deconstructing the Sef ‘car crash'
With days to go until approved swap execution facilities are set to open for business, the CFTC would do well to heed some of the warnings it is hearing from the industry
Political risk biggest challenge for Mena investors
Unable to predict the outcome of current turmoil in Syria and Egypt, investors have mixed outlooks for the Mena region over the coming months
High-frequency firm AienTech shuts up shop
Technology-focused hedge fund made its mark in FX as a top provider of volume to bank platforms
FX structurers take advantage of high-cost hedging in other asset classes
FX structurers are trying to tempt clients away from high-cost asset classes such as rates and credit by replicating the hedges on offer there through proxy instruments, but will buy-side participants trust the correlations to hold up when the worst…
Dovish FOMC risks losing market trust
Federal Reserve's communication over tapering adds to market's growing mistrust of central bank information