Trading
UBS: EUR/USD could fall below parity in a year
UBS topped the 12-month currency forecast rankings this week with a positive outlook for the US dollar. Geoffrey Kendrick, director in foreign exchange strategy at UBS in London, said he based his outlook on two factors: Federal Reserve rates and the…
Coup for Morgan Stanley
NEW YORK - Eric Hirschhorn, formerly global head of technology at Citi in New York, has quit the bank to join US rival Morgan Stanley, sources tell FX Week.
Corporates should be forced onto central counterparties – BIS
Central counterparties are wrongly perceived as being more expensive than OTC transactions, says a leading economist.
Korea moves to restrict FX derivatives leverage
Bank of Korea and Ministry of Strategy and Finance cut back leverage caps and limit corporate hedging of currency risks to 100% from 125% of exposure
EC derivatives consultation stops short of detail on corporate exemptions
BRUSSELS - A consultation paper on derivatives markets infrastructure published on June 14 by the European Commission gives extensive detail on requirements for central counterparties (CCPs) that clear over-the-counter derivatives, but has stopped short…
BNP Paribas boosts Asia electronic trading capability
TOKYO - BNP Paribas plans to launch electronic trading in won and Taiwan dollar non-deliverable forwards (NDFs) on its single-bank system, FX eTrader, this year, according to a senior official in Tokyo.
Regulators step up currency surveillance
SEOUL - Regulators in emerging markets are stepping up efforts to curb extreme volatility in local currencies in response to the euro crisis, with South Korea reported to be introducing trading restrictions.
Standard Bank targets retail FX
JOHANNESBURG - Standard Bank is expanding its electronic product range with the launch of a retail forex trading platform white-labelled from New York-based retail trading company Gain Capital last Thursday (June 10).
SGX signs 14 banks for derivatives clearing
SINGAPORE - The Singapore Exchange (SGX-DC) has signed up 14 banks and three financial institutions for its Asian forex forwards and interest rates swaps clearing initiative, due for launch in the fourth quarter.
StanChart kick-starts Brazil push
SAO PAOLO - Standard Chartered (StanChart) has established a rates and FX trading desk in Sao Paolo, after receiving regulatory approval to launch trading operations in Brazil in April.
Standard Chartered: EM currencies will come out top in 2011
Standard Chartered topped the one-month currency forecast rankings on expectations for further euro hardship.
Trading Places, June 14, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Investors concerned over German banks' exposure to southern Europe
Investors and economists have identified German banks’ exposure to Europe’s indebted peripheral sovereigns as a potential risk to state finances.
Dow Jones and CME create FX index to hedge against US dollar
NEW YORK & CHICAGO – Dow Jones Indexes and CME Group have created a foreign exchange index that represents the value of the US dollar against six major world currencies, creating a tool for investors wanting to hedge themselves against changes in the…
Commerzbank in e-FX build
Commerzbank is deepening its footprint in the electronic foreign exchange market with key appointments in London.
Neal jumps ship to Nomura
LONDON – Michelle Neal, global head of electronic commerce, rates and capital markets at Royal Bank of Scotland (RBS), has left the bank, confirmed an internal source.
Euro decline continues
LONDON - The euro hit a four-year low against the dollar last Friday (June 4), sparking a rise in options prices as the unit edges further towards the 1.2000 barrier.
Rabobank finds new global FX strategy head
LONDON – Rabobank has hired Jane Foley to replace Jeremy Stretch as global head of FX strategy in London, according to market sources.
Fixnetix connects to Hotspot; partners with MarketFactory
LONDON - Low-latency data and trading technology vendor Fixnetix has established co-located trading and market data connectivity to the Hotspot FX trading platform, a subsidiary of Knight Capital Group.
JP Morgan, Merrill Lynch fined for segregation and supervision failures
LONDON & HONG KONG – The UK Financial Services Authority (FSA) and the Hong Kong Securities and Futures Commission (SFC) have fined JP Morgan and Merrill Lynch, respectively, for accounting failures.
TwoFour expands global sales team
LONDON & NEW YORK – Two Four, an FX and treasury cash management technology vendor, has hired two sales managers to expand its business globally, it was announced on June 3.
FX industry creates lobby group
BRUSSELS - The Association for Financial Markets in Europe (AFME) is establishing a representative group for foreign exchange participants, amid the threat of increased forex regulation.
Crisis a boon to spot brokers, volumes up 60%
LONDON - Electronic spot-broking systems EBS Spot and Thomson Reuters saw a 60-65% surge in average daily volumes in May, reflecting a return to traditional liquidity sources during times of crisis.
Trading Places, June 7, 2010
Read this week's Trading Places to catch up on people hires and departures across the FX world.