Month: December 2009

Sydney Gears Up for ACI Congress

Registrations are now open for the 49th ACI World Congress and ACI Australia is promising a congress with a difference when it hosts the event in Sydney from March 25-29 2010. For the first time, an ACI Congress will include a full buy-side panel as a group of global investors come together to discuss the […]

The Year the Market Changes? The 2010 Profit & Loss Crystal Ball

Rules, Rules and…Regulatory Arbitrage Ever since Lehman Brothers put the “shop closed” signs up in September 2008 this market has been heading, sometimes blindly, towards increased oversight. Yes, we know foreign exchange had little or nothing to do with the GFC, but the market does have the disadvantage of being centred on the banks – […]

Nomura’s Richard Gladwin: Global Ambition

In an exclusive interview with Profit & Loss, the global co-head of foreign exchange at Nomura discusses life after Lehman Brothers, the bank’s new technology and global build out initiatives, and its ambitions to join the top rank of FX players. Kirsten Hyde: You joined Nomura at the end of 2008 after running the global […]

ISDA Publishes Give-Up Agreement Principles for Central Clearing

Getting ready for clearing? The International Swaps and Derivatives Association (ISDA) has published a set of recommended principles intended to guide documentation for give-up agreements across central counterparties (CCPs) or clearing houses. The principles, to be used for credit default swaps and other over-the-counter derivatives, are the product of an ISDA-led working group comprising buy […]

Corporate FX Hedging Worked: Survey

Nice to see something works. Applied foreign exchange management practices have shown “remarkable resilience” through the recent turbulence in global financial markets, according to a report released by The Conference Board, an independent business membership and research association. “Though firms feel the impact of increased exchange rate volatility on their businesses, they aren’t changing their […]

Sources Allege Currency Options Wrongdoing

More conflict is brewing in the inter-dealer broking world. At a time when Tullett Prebon and BGC Partners are locking legal horns on three continents, sources tell P&L’s Squawkbox that an ongoing case in Canada surrounding two inter-dealer brokers may have been replicated in New York for at least a year or more. In Canada, […]

Bloomberg Tradebook Sued – for $4.5 Billion

Only in America? According to court documents seen by P&L’s Squawkbox, a lawsuit was filed against Bloomberg last month in New York within which the plaintiff is claiming an incredible $4.5 billion in damages. The suit alleges age discrimination and has been brought by Dov Aronowitz, who is named as a broker at Bloomberg Tradebook […]

The Last Word…

Two months ago in this column I made a plea for leadership in the ongoing debate in the US over regulation and clearing in foreign exchange markets. Part of the plea was for a public show of leadership from US Treasury Secretary Timothy Geithner, and just as this column was being put together, we got […]

Another Senior Exit from Unicredit

Little more than 18 months after it set about building a global FX business, Unicredit has lost another senior manager brought in to fulfil that ambition. Sources with knowledge of the situation tell P&L’s Squawkbox that Xavier Alexandre, global head of e-commerce for global markets, has left the bank to take up the role of […]

Icap Hires Beeston for Post-Trade Role

Icap has appointed Mark Beeston to the new position of business development director for post-trade services. Based in London he reports to COO Mark Yallop. Beeston was previously president of T-Zero, a subsidiary of Creditex Group, a position he assumed in 2005. Before that he worked at Deutsche Bank in London for 13 years, lastly […]