Month: December 2006

Korean FX Business Hits New High in Q3

Average daily FX volumes in South Korea’s interbank market hit a record high of $11.4 billion in the third quarter of 2006, up around 40% from the previous year’s average, but just 1% above the previous quarter’s record, according to Bank of Korea (BOK) statistics. The central bank says the rise in activity is mainly […]

CLS Adds OTC Derivatives from DTCC

The Depository Trust & Clearing Corporation (DTCC) has selected CLS Bank International (CLS) to provide central settlement of payments for over-the-counter (OTC) derivatives contracts housed in the DTCC Deriv/Serv’s Trade Information Warehouse. The organisations say that the link up will provide an integrated global payment processing infrastructure for the OTC derivatives market, linking the Trade […]

Eurex to Add Credit Derivatives

Eurex will launch the world’s first exchange traded credit derivatives contract on 27 March 2007, a future based on the iTraxx Europe 5 year index series. The iTraxx Europe index is an equally weighted portfolio of the 125 most liquid Europeaninvestment grade credit default swap (CDS) entities. In addition, dependent on market demand and sufficient […]

Another Week; Another CME Record

Just one week after revealing its busiest day, CME raised the bar again on December 8, when FX trading breached a significant growth milestone with record volume of 1,268,883 futures and options on futures contracts. This reflects record notional value of $157.8 billion.  This record reflects a significant increase over the previous volume and notional […]

ACI Issues Holiday Trading Guidelines

After consultation with the Australian Foreign Exchange Committee (AFXC) and the Australian Committee for Professionalism, ACI Australia – which is affiliated to ACI – The Financial Markets Association – has issued the following guidelines with regard to market opening times over the Christmas and New Year period. ACI Australia says the guidelines are consistent with […]

Committees Issue NDF Documentation

The New York Foreign Exchange Committee (FXC), EMTA, and the UK Foreign Exchange Joint Standing Committee (JSC) have jointly published the Master Confirmation Agreement for Non-Deliverable Forward FX Transactions, which is accompanies by practice notes. The Master Confirmation is a bilateral agreement for the use of market participants who wish to enter into NDF Transactions […]

Compliments of the Season

This is the last Squawkbox of 2006 and as such, everyone at Profit & Loss would like to extend the compliments of the season to all readers. We hope you enjoy your break and wish you the best of luck for 2007. Squawkbox will return on January 8.

BofA Raids JPM for Options Head

Bank of America has unveiled Frank Rawlins as managing director and global head of foreign exchange options. He will join the bank later this month in London reporting to Christiane Mandell, global head of foreign exchange. Rawlins joins BofA from JP Morgan in London, where he was co-head of global FX options, based in London. […]

Goldman’s McTamaney Moves from FX to Head Asian Securities

Robert McTamaney, the London-based co-head of global foreign exchange at Goldman Sachs, is relocating to Tokyo to jointly run the bank’s pan-Asian securities business with Katsunori Sago. He will start his new role at the beginning of next year, a spokesperson confirms, and will report to Mike Evans, Tom Montag and Michael Sherwood who head global securities. […]

Bad Week for Fixed Income Jobs

Last week was a bad one in the fixed income markets where the axe fell at Dresdner Kleinwort, HSBC and the Royal Bank of Canada. At Dresdner Kleinwort, sources report that 125 front office jobs have gone at the bank, including some in its FICC (Fixed Income, Currencies & Commodities) division in London and New York. The […]