Month: January 2006

…Releases FXPB Best Practice Recommendations

The New York Foreign Exchange Committee (FXC) has issued best practice recommendations to deal with operational issues emanating from the burgeoning FX prime brokerage (FXPB) industry. The report reinforces earlier guidance to parties involved in FXPB in April 2005, the FXC released its Prime Brokerage Master Agreement document (see Profit & Loss, May 2005). The […]

FXC Warns on Reputation Risk in Retail FX…

The New York Foreign Exchange Committee (FXC), which operates under the auspices of the Federal Reserve Bank of New York, has issued a letter to market participants which encourages them to review their legal and contractual relationships with clients, intermediaries, vendors, and other entities that could be considered counterparties. It focuses on recent developments in […]

IFX Opens in China

FX margin trading business, IFX, opened a representative office in Shanghai following the receipt of a licence from the State Administration for Industry and Commerce of the People’s Republic of China to provide investment management and investment consulting services. The licence, granted through its US subsidiary, IFX Markets, allows it to offer services to retail […]

Third FX Committee to Conduct Survey

Following the successful launches of FX market turnover surveys by the New York FX Committee and the UK’s FX Joint Standing Committee, the Tokyo Foreign Exchange Market Committee (TFEMC) has announced it is to introduce a turnover survey for the Tokyo FX market. The survey, unlike the two other committees which survey on a semi-annual […]

Scandal Hits Japan Margin FX Industry

Japan’s OTC margin FX industry has been hit by findings that a total of 34 retail FX brokers have been ordered to suspend operations since stricter regulations were introduced to the industry in July 2005. Most of the JPY40.2 billion in client margins are becoming irrecoverable, according to Kyodo News which cited findings from Japan’s […]

Options Definitions Updated

The Foreign Exchange Committee (FXC), EMTA and the International Swaps and Derivatives Association (ISDA) have updated Annex A to the 1998 Foreign Exchange and Currency Option Definitions. Since that time, a number of amendments to Annex A have been published by ISDA, EMTA and the FXC. The publication of an update in its entirety is […]

Reuters Launches Ungraded Messaging System

Reuters has launched Reuters Messaging 5.0 in collaboration with Microsoft and AOL. This is the first instant messaging hosted service to connect the financial community in real-time to MSN Messenger and AOL Instant Messenger and gives users access to an expanded community of over 200 million people. Users will be able to exchange information in […]

Chinese Yuan to Appreciate in 2006 By David Cohen, Action Economics

The Chinese yuan (CNY) was one of the major foreign exchange stories in 2005, punctuated in July when Beijing took the long-awaited step of removing the yuan from its peg to the USD, in place since 1994, and revaluing by an initial 2.1%. It will remain a focus of attention in 2006, when it is […]

Europe Surveys on Hedge Funds

Two major surveys of the hedge fund market in Europe were recently undertaken – the European Central Bank (ECB) studied large EU Bank exposures to hedge funds and the European Fund and Asset Management Association (EFAMA) released its comparative study of hedge fund regulation in Europe. The EFAMA survey notes that in recent years, various […]

Dubicq Joins GLG

GLG Partners, a U.K.-based hedge fund firm with about $11.5 billion of assets, says Mathieu Dubicq will join the company early this year. Dubicq most recently helped run London-based Mellon HBV European Special Situations Fund. He joined Mellon HBV, a hedge fund unit of Mellon Financial Corporation, five years ago. He will work alongside Georges […]