Trading
Enforce clearing, catapult FX into the big league, say FX Week USA panellists
NEW YORK - Counterparty risk is preventing FX from becoming a major asset class and must be addressed, according to panellists discussing the future of the FX industry at the FX Week USA congress in New York last Tuesday (July 13).
Power to the high-frequency traders
Speakers at the FX Week USA congress held in New York last Tuesday (July 13) were resoundingly supportive of the role high-frequency traders (HFT) have had in ensuring liquidity in the market.
BarCap hires in correlations
LONDON – Barclays Capital (BarCap) has hired Leo Cabral to head its correlations desk in London.
RBC goes macro with Severi
TORONTO – Andre Severi has joined RBC Capital Markets (RBC) as head of Canadian macro foreign exchange sales in Toronto, from State Street.
CFTC rules increase credit risk
NEW YORK - Proposed rules to limit leverage on margin FX trading accounts at retail forex brokers will have the unintended consequence of increasing counterparty risk, according to Josh Levy, managing director at Tactical Asset Management.
Hervé Ferhani: EM countries in capital controls dilemma
NEW YORK - Emerging market (EM) countries that enforce capital controls will trigger a domino effect across neighbouring countries, according to Hervé Jacques Ferhani, deputy director of monetary and capital markets at the International Monetary Fund in…
ParkerFX makes small gain in May
STAMFORD, CT - The Parker FX Index has reported a return of 0.14% for May, as currency markets were marked by risk aversion amid fears of a double-dip recession, increased risk contagion from the European sovereign debt crisis and significant declines in…
RBS adds in e-sales
STAMFORD, CT – Royal Bank of Scotland (RBS) is increasing coverage of electronic sales to financial institutions with a hire from Barclays Capital in the US.
BNPP: Europe looks to liquidity and austerity
BNP Paribas (BNPP) has topped the 12-month currency forecast rankings for the third time in a row, having focused on the implications of liquidity and austerity measures on currency markets.
Trading Places, July 19, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
RBC: Japanese limits on margin trading will weigh on Aussie/yen cross in August
Japanese plans to limit leverage on margin trading to a maximum of 50 times collateral in August could affect Australian dollar/yen cross rates.
Dodd-Frank passes but leaves questions unanswered
Financial reform legislation passes in the US Senate, as focus turns to the complex issue of implementation
CBA gains Plesser in senior sales hire
NEW YORK – Commonwealth Bank of Australia (CBA) has appointed Paul Plesser from HSBC as its new head of foreign exchange sales for the Americas in New York, confirmed a spokesperson.
Exshaw signs up former colleague
NEW YORK - Christian Exshaw, head of distribution and global derivatives at CIBC, has recruited former Dresdner and Deutsche Bank colleague Ricardo Zulliger in New York.
Short volatility up in June
LONDON - Currency managers going short volatility would have been top performers in June, benefiting from European market stress, indicates research from Royal Bank of Scotland (RBS).
BAML launches global liquidity platform
CHARLOTTE, N.C - Bank of America Merrill Lynch (BAML) is reacting to client demand for a centralised view of liquidity by launching a platform to improve the delivery of its global liquidity product offering.
Gain responds to NFA complaint
BEDMINSTER, NJ - Glenn Stevens, chief executive at New York-based Gain Capital, sent a letter to partners in response to extensive complaints filed against him and the company by US industry regulator the National Futures Association (NFA).
Retail brokers build up product range amid regulatory change
SYDNEY & TOKYO - Retail trading companies are diversifying the range of products tradable via contracts-for-difference (CFDs) as regulators continue to crack down on retail forex margin trading globally.
BIS: Output loss not due to currency collapse
BASEL – Amid speculation from some corners of the market that the euro could collapse, the Bank for International Settlements (BIS) published its most recent paper, 'Chronicle of currency collapse: Re-examining the effects on output' on July 6. The paper…
BlackTree live on dbSelect
LONDON - BlackTree Investments, a London-based currency manager founded by an ex-Lehman Brothers fixed-income team, has gone live on Deutsche Bank’s multi-manager managed account platform, dbSelect.
StreamBase Partners with MarketFactory
NEW YORK - StreamBase has partnered with algorithmic FX trading applications vendor MarketFactory to enable hedge funds, banks and proprietary trading firms to speed their ‘time to first trade’ in the spot foreign exchange market.
Banks show demand for strategists
LONDON & NEW YORK - Banks are boosting their foreign exchange research coverage, with prominent senior hires announced last week at Deutsche Bank and Société Générale.
The challenges of CVA
The onset of the financial crisis spurred banks to charge for counterparty credit risk in their forex dealings. But how to do that is proving theoretically and practically challenging. By John Ferry