Month: January 2012

And Finally…

Is the melting pot that is the modern foreign exchange market proving difficult to operate in for some of our end-users? I ask the question following a conversation I had last week with a long serving member of our industry who suggested that executing “normal” tickets was harder than ever. My heart sank a little […]

Tech Corner

FXCM has launched an upgraded version of its MetaTrader 4 (MT4) platform with new trading features including micro lots (0.01 trade sizes), max deviation, and the ability for MT4 traders to use FXCM’s mobile products. FXCM has also eliminated third party bridge software, which, in turn, has eliminated auto syncs and speeded up order submission […]

On the Move

Downes Exits BAML? Squawkbox has learned that Nick Downes, head of e-FX sales EMEA at Bank of America Merrill Lynch, has left his role. Downes joined BAML in August 2010 after a two year stint at Citi, culminating in the role of head of bank FX sales. Prior to Citi, Downes was head of bank FX […]

NFA Continues Crackdown

The National Futures Association (NFA) has taken emergency enforcement action against New York commodity trading advisor BKT Capital Management and its principal, Basil Fayadh. NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) to protect customers because it says BKT and Fayadh have deliberately misled it and failed to cooperate with […]

MarkitServ Launches IRS Trade Data Feed to DTCC Repository

MarkitServ, an electronic trade processing service for over-the-counter derivative transactions, is now transmitting confirmed trade records to the Depository Trust and Clearing Corp.’s (DTCC) new Global Trade Repository for interest rate derivatives. With clients’ authorisation, MarkitServ’s trade reporting system automatically transmits confirmed trade records to the repository in near real-time, helping derivatives market participants to […]

Credit Suisse Highlights Different Bonus Structure

Credit Suisse plans to pay a portion of staff bonuses in Partner Asset Facility 2 (PAF2) bonds, which have been created to support the bank’s capital position under renewed regulatory requirements. A spokesperson for the bank confirms that 2011 compensation would be paid in cash, shares and the PAF2 bond with a portion to be […]

Parker Index Up in December

Global currency funds posted gains in December as the euro weakened further against the major currencies, according to the Parker FX Index report from fund-of-funds manager Parker Global Strategies. Funds in the index reported an aggregate gain of 0.49% in December with 31 out of 52 programs in the index reporting positive results. A total […]

DTCC, Swift Readying for Q2 FX Repository Launch

The Depository Trust and Clearing Corp. (DTCC) and Swift are aiming to launch their joint FX swap data warehouse, the Global Trade Repository for Foreign Exchange, in the second quarter of 2012. The repository will electronically store the details of various types of FX derivatives traded over-the-counter. The data will include most of the details […]

Former FX Staff at Dresdner Sue for Unpaid Bonuses

More than 100 bankers have asked a UK court to order Commerzbank to pay bonuses that they claim they are owed following a pledge by Dresdner Bank, which Commerzbank bought in 2009. In the trial, which began last week in London, the group of 104 bankers, at least a quarter of whom worked in the […]

Mettler Leaves Morgan Stanley

Stephen Mettler, who oversaw Morgan Stanley’s foreign exchange and interest rates trading businesses in his position as head of macro, has left the bank. Mettler, who joined the firm in 1997, has retired, according to an internal memo. A spokesperson for the bank confirmed the memo’s contents. It is understood the heads of FX and […]