Month: April 2009

Bank of England Appoints Cross New FX Chief; Fisher Endorsed to MPC

Paul Fisher received unanimous endorsement by the Bank of England’s Treasury Committee last Tuesday (April 21) for his previously announced appointment to the Monetary Policy Committee as executive director, markets, for the UK central bank (Squawkbox, February 16). Fisher is succeeded in his role as head of the Bank’s foreign exchange division by Michael Cross, […]

HSBC FX Veteran Leaves

An era came to an end last week as HSBC lost one of its longest serving foreign exchange managers with the departure of Alan Clarke, managing director and global head of e-commerce FX and MM. Clarke, more widely known to his friends, colleagues and clients as “Shoulders”, left HSBC after more than 32 years at […]

E-Trading on the Rise – Survey

The latest e-trading survey by research and consulting company Greenwich Associates indicates that the growth in e-trading out-paced the expansion of foreign exchange trading as a whole in 2008. “The 37% growth rate in electronic trading was almost triple that of the 13% year-over-year increase in total FX trading volume,” the company says. “As a […]

AIMA Slams EU Directive on Hedge Funds

The row between the hedge fund industry and the European Commission over the latter’s aggressive approach to regulation looks to be reaching boiling point. While industry associations moved quickly to damn a proposed EU directive that will impose greater regulation on hedge funds and private equity firms, some EU politicians have criticised the proposals for […]

Bloomberg Links with Misys CMS for FX Confirmations

Bloomberg has enabled foreign exchange market participants to execute trades directly on the Bloomberg Professional service and route the completed trades to FX confirmation processor Misys Confirmation Matching Service (CMS).?? Misys CMS has been integrated with the Bloomberg FX trading application FX to facilitate the confirmation process between counterparties. Bloomberg says it can deliver any […]

FX Derivatives Most Widely Used in the World – ISDA Survey

Foreign exchange derivatives are the most widely used derivatives instruments in the world according to a survey by the International Swaps and Derivatives Association. The survey, released last week at ISDA’s annual general meeting in Beijing, revealed that 94% of the world’s 500 largest companies use derivative instruments to manage and hedge their business and […]

CDS Volumes Decrease as Two Join CCP Space

Credit default swap dealers reduced the amount of outstanding contracts to $38.6 trillion last year as they tore up offsetting trades amid pressure from regulators to scale down the privately negotiated market and reduce risk. Outstanding CDS contracts fell 38% by year-end 2008 from $62.2 trillion at year-end 2007, according to the International Swaps and […]

Most London City Workers Received 2008 Bonuses – Survey

Most of London’s financial services workers received a 2008 bonus amid turmoil within the sector, a survey by Morgan McKinley showed. Almost 73% of financial services workers got a 2008 bonus, the London-based recruitment firm said in a statement, with 16% claiming to receive a higher payout than in 2007. More than half said their […]

Free Breakfast Seminar on Cross Asset Clearing: P&L and Ineum Consulting

Profit & Loss in association withIneum Consulting is holding a free breakfast seminar entitled “Multi-Asset Trading/Cross-Asset Clearing – Evolving Customer and Regulatory Drivers and the Industry’s Response”. The seminar will take place on Tuesday 12 May at 10 Fleet Place, London from 7.45am to 9.45 am. The quest for capital efficient cross-asset clearing services to […]

On The Move

Unicredit, Citi, CIBC, Union Bancaire Prive, MFA, CME Group… Second Senior FX Man Leaves Unicredit Market sources tell Squawkbox that Dan O’Sullivan, head of foreign exchange trading, has followed Ben Welsh in leaving Unicredit. Welsh left the European institution two weeks ago (Squawkbox, April 13) where he was global head of rates and FX. Both […]