Month: March 2012

Herbert Loses Case

A currency trader who signed a contract with a missing decimal point, leading him to believe his salary would be ten times more than what was offered, will not be paid out by JP Morgan, a London court has ruled. JP Morgan does not have to pay Zurich-based trader Kai Herbert £580,000 because of the […]

Nomura Hires for G10 Spot Trading

Nomura has appointed Antony Foster as head of G10 spot trading, Europe, Middle East and Africa, based in London. Foster joins from JP Morgan, where he worked for 14 years, lastly as head of G10 FX spot trading. In his new role he will report to Nigel Khakoo and Charlie Lovett-Turner, co-heads of EMEA FX […]

And Another Thing…

Change at major firms is inevitable and indeed for many a cathartic and necessary experience, but what are we to make of the changes at Icap Electronic Broking? Icap has confirmed to Squawkbox – with no further comment – that Brian Andreyko, global head of FX product and development, and Chris (Chip) Defilippo, FX product […]

Tradition-Icap Vol Fix Service Extended

Tradition-Icap has extended the capabilities of its daily volatility fixing service, Vol-Fix, with the addition of six new currency pairs. The firm is expanding its offering after its launch at the beginning of March (Squawkbox, 4 March 2012), and has added GBPUSD, USDJPY, AUSUSD, EURJPY, EURGBP and USDCAD. The firms say that Vol-Fix establishes a, […]

FIA Highlights Risks in MiFID Proposal

The FIA European Principal Traders Association has commented on the draft report on the proposed revision to the Markets in Financial Instruments Directive (MiFID) and the proposal for the Markets in Financial Instruments Regulation (MiFIR) by MEP Markus Ferber. While the EPTA says it fully supports the European Commission’s stated objective in these proposals of […]

BNP Paribas Launches FX Quant Insight

BNP Paribas has launched a new foreign exchange publication called FX Quant Insight, as part of a broad initiative to establish a new FX quantitative offering within the G10 FX strategy team. FX Quant Insight, aimed at non-quantitative as well as quantitative investors, will be published weekly on Tuesdays. A key component of the publication is […]

What’s in a Decimal Point? Trader Sues JPM

JP Morgan has been dragged into a court action by a currency trader who claims he accepted a contract from the investment bank because a typographical error made him believe he would be paid 10 times what was actually offered. Kai Herbert is suing JP Morgan for £580,000, claiming his original contract said his annual […]

States Act Over Custody FX Furore

Two US states have taken action in the ongoing battle with the major custodian banks of Bank of New York Mellon and State Street over standing instruction FX trades – and a third has succeeded in getting its hearing held in front of a jury. Massachusetts, which has accused Bank of New York Mellon of […]

CME Loses Second Vet

CME Group has seen the departure of a second veteran of the firm, just weeks after Scott Brusso left (Squawkbox, January 30, 2012). Dave Schulz has left his role as director of FX at the Chicago Mercantile Exchange in Chicago, a spokesperson for the firm has confirmed. Schulz’s departure ends a loose 32-year association with […]

And Finally…

The latest twists in the saga between various US states and Bank of New York Mellon and State Street are interesting and would seem to signal that the states are brandishing their ultimate weapon – taking at least part of their business away from the banks. I find the whole episode, as reported in today’s […]