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Latest FX News

August 31st 2015 in News, Technology

Currenex LD4 Matching Engine Goes Live This Week

Currenex will go live with its matching engine in Equinix’s London LD4 facility in Slough, this week, offering clients in the European region access to ultra-low latency pricing and execution.LD4 is home to some of the largest collections of exchanges and trading platforms, as well as hundreds of buy-side and sell-side firms, all of whom can connect directly to the Currenex matching engine through cross-connects within the data centre.Currenex has had a data centre presence in London for some time but has historically used it as a connection pathway to route clients to its primary match...

August 31st 2015 in News, People

On the Move

Morgan Stanley, RBS, RBC, BAML…Laing to Join Morgan Stanley G10 Spot DeskTanya Laing is joining Morgan Stanley in London to run the G10 spot desk, market sources say. She was previously a senior trader on the emerging markets spot desk at Barclays.Prior to joining Barclays in 2012, Laing traded CEE currencies at Deutsche Bank and before that was at ABN Amro in London and Sydney. She started her career with ANZ in New Zealand. Kumar Joins RBSResma Kumar has joined RBS in London as a vice president in FX flow sales. Kumar joins from Jefferies where she worked in FX sales. Prior to Jeff...

August 31st 2015 in News, Technology

Tech Corner

Singapore Exchange (SGX) has added Sapien Capital as a trading member in the derivatives market.  SGX says it hopes this addition will not only enhance liquidity, but also create more international participation within its derivatives market, bringing the number of trading members to 49.

August 28th 2015 in News, People

Neal Leaves Deutsche Bank

Michelle Neal is leaving Deutsche Bank where she oversees listed derivatives and clearing as well as fixed income and currencies (FIC) market structure, two people familiar with the situation tell Profit & Loss.She is understood to be relocating to another financial firm in the US and an announcement by her new employer is expected shortly. The sources say she is leaving the bank on good terms.Neal joined Deutsche Bank in London in January 2014 from Nomura where she was head of global markets electronic trading, futures and prime services and chief operating officer of global execution service...

August 28th 2015 in News, Regulation

CFTC Approves New Rules for Retail FX Dealers

The US Commodity Futures Trading Commission (CFTC) has approved a number of rule amendments filed by the National Futures Association (NFA) regarding retail FX trading.The rule amendments will impose additional capital requirements on Forex Dealing Members (FDMs) and require them to collect security deposits for off-exchange FX transactions from eligible contract participant counterparties in addition to retail counterparties.Additionally, FDMs will have to adopt new risk management programmes and provide additional market disclosures and firm-specific information on their websites to...

August 28th 2015 in News, Around the World

FIA, FIA Europe, and FIA Asia to Merge

The boards of FIA, FIA Europe, and FIA Asia, who each represent the interests of regional futures industry participants, have agreed to merge in the first quarter of 2016.The three associations have been affiliated with each other since 2013 through the structure of FIA Global.  This allowed them to remain independent but still resulted in what the associations term “more efficient collaboration and coordination”. The three groups have now decided to legally join as one organisation.“We’ve made great strides in strengthening our collaboration in many areas and the time is right to take...
A new survey says that 44% of buy-side managers use completely manual or mostly manual processes to manage complex swaps.  In addition, the survey, carried out by SimCorp, says more than 50% still rely on manual intervention in a semi-automated process.The firm surveyed 57 individuals from 32 different North American buy-side firms, and also found that more than half of managers cannot obtain a consolidated view of their derivatives exposure alongside all other asset classes.“The persistence of widespread operational inefficiency in this area of the swaps market is a red flag pointing t...

August 27th 2015 in News, Technology

Standard Chartered Goes Live on FXSpotStream

Standard Chartered Bank has gone live as a liquidity providing bank to FXSpotStream’s aggregation service, making it the 11th bank available for trading to clients connected to FXSpotStream’s API and GUI service.The addition of Standard Chartered adds to the liquidity available from FXSpotStream’s existing liquidity providers, which include BofA Merrill Lynch, BNP Paribas, Citi, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and UBS.“With Standard Chartered now live we have seen an almost doubling of our liquidity providers since we launched in 2011 and we are plann...

August 27th 2015 in News, Events

Secure Your Place at Profit & Loss Scandinavia

Profit & Loss Scandinavia 2015 takes place next month and already more than 200 FX professionals have registered to attend the region’s premier FX conference and trade exhibition.The full-day event taking place on 16 September will feature a keynote address from Per Callesen, Governor of Danmarks Nationalbank, interviews with Patrick Fleur, head of the trading and execution desk at PGGM, and Andrew Bullion, partner at law firm Hausfeld, as well as a series of panel discussions covering the most crucial topics pertinent to the region. Held in association with ACI Denmark, Profit & Loss Scandina...

August 27th 2015 in News, Around the World

Former Trader Sues HSBC

HSBC is the latest bank to face a suit for wrongful dismissal by one of its former FX traders let go over the chat room scandal. According to Bloomberg, former head of European FX trading Serge Sarramegna is suing HSBC for wrongful dismissal claiming he was punished for whistle blowing. Sarramegna was suspended by HSBC along with Edward Pinto, a Scandinavian currencies trader, in January 2014 and officially dismissed in October 2014.A growing number of traders suspended or dismissed by banks are taking their former employers to tribunals or the law courts. Citi is currently facing an ac...