Month: September 2010

BAML Makes Cuts to Global Banking and Markets Division

Bank of America Merrill Lynch has let go at least five members of its foreign exchange business in New York as part of cuts to its global banking and markets division, according to industry sources. Joe Ziccarelli, managing director, COO of global FX is leaving, along with Dennis O’Brien, a managing director on the institutional […]

BNP Paribas Appoints Global Head of FX and LM Sales

BNP Paribas has appointed Clive Banks as global head of FX and local markets sales, a newly created position, based in London. In this role, Banks will be responsible for the distribution of all FX and local markets products. For FX, this will include currency spot, forwards and options to institutional and corporate accounts. He […]

Thomson Reuters Launches Yuan Trading on Matching

Thomson Reuters will today (27 September) make the yuan available to trade on its Matching platform following the recent relaxation of Chinese currency rules. In July, the People’s Bank of China eased restrictions on how freely the yuan could be traded by allowing firms to buy or sell the yuan in Hong Kong without limits […]

SGX to Begin OTC Derivatives Clearing

The Singapore Exchange (SGX) is to launch Asia’s first central clearing platform for over-the-counter financial derivatives next month as it seeks to dominate the fledgling business in the region. The exchange plans to start with the clearing of interest rate swaps denominated in Singapore and US dollars, subject to regulatory approval. A spokesperson for the […]

India Launches New Currency Futures Exchange

The Bombay Stock Exchange and a consortium of financial institutions have launched India’s newest market in an attempt to break into the country’s fledging currency futures trading business. The United Stock Exchange of India began operations last Monday (20 September) in the four currency pairs allowed by the Securities and Exchange Board of India – […]

Lloyds TSB Adds to FX Strategy Team

Lloyds TSB Corporate Markets last week named Charlie Diebel as head of market strategy, a newly created position, and said it hired Adrian Schmidt as an FX strategist and Tim McCullough as technical strategist. Diebel will lead a team responsible for generating daily market analysis and insights as well as more detailed and in-depth views […]

BAML Launches Global Futures and Derivatives Clearing Services

Bank of America Merrill Lynch is the latest bank to launch a global futures and derivatives clearing services (GFDCS) group in anticipation of demand for OTC derivatives clearing in the wake of regulatory reforms. The bank will not clear trades itself but will use its status as a clearing member to help clients clear trades […]

Sembcorp, Socit Gnrale Settle FX Dispute

Socit Gnrale last week agreed to pay Singapore-based Sembcorp Marine’s Jurong Shipyard subsidiary $40 million in the final chapter of a dispute over foreign exchange transactions. The ‘full and amicable’ settlement, as Sembcorp Marine described the outcome, ends a saga that began in October 2007 when Jurong Shipyard revealed losses of up to $303 million, […]

Gaitame.com Suspended for a Month over Erroneous FX Rates

Japan’s Financial Services Agency has issued a one-month business suspension to retail broker Gaitame.com Co. starting 1 October for providing erroneous exchange rates. The move marks the first time that a broker of foreign exchange margin trades has been hit with a business suspension order because of system glitches. In July and September, system errors […]

Clearstream Accepts Chinese RMB as Settlement Currency

The internationalisation of the Chinese renminbi will move a step further this week when Clearstream, the international central securities depository, begins settling renminbi-denominated securities. Chinese renminbi held outside of mainland China will become a full settlement currency on Clearstream’s local Hong Kong platform starting from 27 September. RMB bonds issued via the Central Moneymarkets Unit […]