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Squawkbox

Morgan Stanley Hires Wong?

Market sources say that Morgan Stanley has hired Corinna Wong in New York

Nomura Hires Two

Nomura has made two senior appointments to its global markets business in FX and interest rates

The Financial Markets Lawyers Group and the New York Foreign Exchange Committee have issued a Market Guidance to firms trading in FX transactions subject to CFTC (Commodity Futures Trading Commission) oversight

And Another Thing…

Every year around this time I prepare for a week in the US for Forex Network New York and every year the same theme or question pops into my head. Does the US think it can go it alone on regulation?

CFTC Unveils SEF Rules

Last week (May 16) the US Commodity Futures Trading Commission voted to enact three measures that completed, according to CFTC chair Gary Gensler, “all of the major building blocks of swaps market reform: transparency, clearing and swaps dealer oversight.”

EBS Direct went live with its beta programme and four liquidity providers have already conducted initial trades on the platform

ISDA Publishes Reporting Protocol

The International Swaps and Derivatives Association (ISDA) launched the ISDA 2013 Reporting Protocol last week

The US Depository Trust and Clearing Corporation (DTCC) and Euroclear have partnered to share collateral resources in an attempt to simplify the process for major financial institutions when executing trades that require such tools

Traiana Completes Pre-Trade FCM Testing

Icap’s post-trade firm, Traiana, says that an unnamed futures commission merchant has become the first to complete production testing for Traiana’s central risk management infrastructure for swaps clearing

Mizuho Joins CLS Aggregation Services

Mizuho Corporate Bank has joined CLS Aggregation Services, the joint venture of CLS Bank and Traiana that offers trade compression services to participants in the OTC FX market

Reeling from criticism that it allowed journalists access to confidential data on users’ habits on the platform, Bloomberg has appointed Samuel Palmisano, the former chairman and CEO of IBM, to serve as an independent adviser regarding the its privacy and data standards

Integral SEF Ready for CFTC Deadline…

Integral Development Corporation is ready to provide its customers with a swap execution facility (SEF), ahead of the impending deadlines set by the US Commodity Futures and Trading Commission

…Issued With Third US Patent

Integral Development Corporation has been issued with its third patent, which gives the firm additional protection to supplement and extend its earlier patents

RVS Launches Qualitative Data Service

Independent provider of validated evidence based benchmarks, Rate Validation Services (RVS), has released RVS Qualitative Evidential Data

SmartTrade’s LMS Selected by Koscom

Liquidity management services provider, SmartTrade, has partnered with Korean financial IT company, Koscom, to supply its Liquidity Management System

INTL FXStone to Acquire Cleartrade

Execution and advisory services provider, INTL FCStone, is acquiring Singapore-based Cleartrade Exchange

Credit Europe Bank Selects SuperD

Netherlands-based Credit Europe Bank has selected SDX, SuperDerivatives’ real-time cross-asset front office system, in order to enhance its structured products offering in FX and equities

Trading volumes in the Chinese retail foreign exchange space have grown 30% so far this year

Eris Records Trading Record

US-based futures exchange, Eris Exchange, recorded a single day trading volume record on 10 May, with market participants trading a record $1.27 billion in notional value

On the Move

Barings Asset Management, Horizon Cash Management

Tech Corner

A round up of the latest technology news…

And Finally...

Following the announcement from the CFTC meeting last week that we finally had some clarity on SEF rules I was inundated with comments that a new FX world was upon us. Phrases such as “historic”, “game-changing” and “new paradigm” were thrown at me in abundance. Sorry, but I don’t agree.

Cliff Lewis, head of eExchange and executive vice president of State Street Global Markets and Rodney Yoshida, CFO at State Street Global Markets, have left their roles at the company as Jeff Conway is named to lead data and analytics services for clients amid a reorganisation at the firm.