Month: March 2011

FSA Fines ActivTrades for Client Money Failings

The UK’s Financial Services Authority has fined foreign exchange broker ActivTrades £85,750 for failing to protect clients’ assets adequately. Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to safeguard and ring-fence the client money in the event […]

On the Move

UBS, CIBC, SocGen, Investec… Shear Leaves UBS Neal Shear has left UBS where he was head of global securities after only a year in the job. His decision to leave was announced last week by Carsten Kengeter, head of UBS’s investment bank, in an internal memo. Before joining UBS to head the securities business, which […]

Tech Corner

A round up of the latest technology news… RBS Securities has launched a mobile application for the Apple iPad, providing institutional clients with US market information on the rates and foreign exchange markets. Clients can also download strategy reports that focus on the fixed income, commodity and currency markets. The RBSMobile app is free to […]

And Finally…

It has been a challenging week in the foreign exchange industry, however I am sure you will all agree that a bit of volatility is nothing compared to the challenges being faced by so many in the wider world. The headline as far as foreign exchange is concerned is last week’s G7 intervention to stabilise […]

And Another Thing…

I thought I’d better catch up on some correspondence this week and in my desire to provide an ongoing dialogue I have to report I was taken to task about my column on February 21. I did, to an extent, claim that innovation was dead and as one correspondent pointed out (in a humorous way […]

Nomura Adds China Basket to NomuraLive

Nomura has launched C10Live, a tradeable basket of 10 currencies closely linked to the Chinese yuan, on its FX platform NomuraLive. The bank says that since 2005 when the USD/CNY peg was removed FX traders have struggled to balance the probability of future yuan appreciation with the negative carry of holding and rolling long yuan […]

Tullett Tie-Up Talk Stalls: Media Reports

Interdealer brokers Tullett Prebon and Compagnie Financiere Tradition held talks about a combination in recent months that have since stalled over price, according to media reports over the weekend. According to a Bloomberg report citing two people with knowledge of the matter, Tullett didn’t want to agree to pay a premium to Tradition’s market value […]

CLS FX Settlement Volume Up in February

CLS Bank settled an average daily volume of 772,678 foreign exchange instructions in February, an increase of 3% on January’s figures and up 1% from the same month last year. Average daily values settled in February were $4.41 trillion, slightly down from January’s $4.43 trillion, but the figure still represents an increase of 13% year-on-year. […]

CME Appoints Everaert for OTC Solutions

CME Group has named former GFI Group executive Michel Everaert as managing director of over-the counter solutions, a newly created position responsible for overseeing OTC pre- and post-trade products. Everaert is based in London and reports to Laurent Paulhac, managing director of OTC products and services. He joins CME with nearly 20 years of experience […]

Jakobsen Rejoins Saxo Bank

Steen Jakobsen has rejoined Saxo Bank as chief economist. After a two-year absence from the firm, during which time he was chief investment officer for Limus Capital Partners, Jakobsen returns to the company he served for almost nine years of his 20-year proprietary trading and alternative investment career. Jakobsen will report to Saxo’s senior management […]