Month: February 2009

In and Out at Standard Chartered

Standard Chartered has made some changes to its foreign exchange and rates business with the appointments of four senior traders to its global markets, Americas team. The new recruits join as two foreign exchange managers leave the bank in New York. Felipe De Freitas, Aloisio Teles, Alfredo Alarcon and John Munley Jr have all joined […]

Ping An, Tradition Launch FX JV in China

Ping An Trust & Investment Co., a subsidiary of Ping An Insurance Company of China Ltd., has formed an international money broker firm with Swiss-based global interdealer broker Compagnie Financiere Tradition in southern China’s city of Shenzhen. The new broker firm is the third Chinese money broker as well as the first of its kind […]

CME Launches FX Micro Contracts

CME Group is aiming to broaden its customer base with the launch of a series of new contracts aimed at retail traders and investors. The exchange is set to launch Forex E-micros, designed to enable retail traders and investors to cost-effectively access the security, transparency and liquidity of CME Group’s FX products, later this quarter. The […]

GFI Reports Decline in Q4 FX Revenues

Interdealer broker GFI Group reported a 21% decline in fourth quarter 2008 revenues to $196.2 million which includes a $14.6 million mark-to-market unrealised loss on forward hedges of future foreign currency revenues. Excluding this loss, non-GAAP revenues were $210.9 million for the fourth quarter of 2008. In the fourth quarter of 2007, total GAAP and […]

Forts Reports New Volume Record for EUR/USD

Forts, the derivatives section of Moscow’s Russian Trading System stock exchange, reported record trading volume in the EUR/USD futures contract on 17 February. By the end of the main session the trading volume in the currency pair reached 142,565 contracts, or over $1.8 billion in money terms. The previous record was set on 12 February […]

FXCM: A Clarification

Last week, Squawkbox reported on an issue between retail FX provider FXCM and the Commodity Futures Trading Commission (CFTC). We have been asked by FXCM to clarify some of the points made in the article. The CFTC was not a party to the Dickten case, it provided an adjudicatory forum in which the customer could […]

WMBA Refutes Charges as OTC/CCP Debate Heats Up

The Wholesale Market Brokers Association (WMBA) has moved quickly to respond to recent press coverage, which included criticism of the OTC market. The media comments were attributed to the Federation of European Stock Exchanges, which (unsurprisingly given they are centrally-cleared businesses) argued in a submission to the European Union authorities against the claim that the […]

Banking Industry to Clear CDS in EU

Nine of the world’s top banks have committed to the use of central clearing houses when trading credit default swaps in the European Union, EU officials said last Thursday. But bankers and EU staff alike sidestepped a reported French call for the countries that use the euro to set up a clearing house in Paris […]

US Regulators Halt Fund Targeting Deaf Investors

Two US federal regulatory agencies have filed lawsuits against a Hawaii businessman, accusing him of operating a foreign exchange ponzi scheme that conned deaf investors in the US and Japan out of almost $3 million. In separate complaints filed in the federal court in Honolulu, the Securities and Exchange Commission and the US Commodity Futures […]

Saxo Bank Extends Fenics FX Deal

Saxo Bank has extended its use of GFI Group’s Fenics foreign exchange pricing and risk management software by another three years and has made it available to staff in Singapore. Fenics FX acts as the bank’s principal front office FX options trading system, incorporating traded interbank deals and the upload of clients’ deals through the […]