Month: April 2013

ISDA Publishes Confirmation for IRS

The International Swaps and Derivatives Association (ISDA) has published a form of confirmation for a Market Agreed Coupon (MAC) contract as an additional choice for market participants when using OTC interest rate swaps (IRS) that have common and pre-agreed terms. Announced at ISDA’s 28th annual AGM in Singapore last week, the MAC confirmation includes a […]

OTC Derivatives Markets set for Asian Growth: Survey

The OTC derivatives market will see further growth in Asia, according to Asian end-users surveyed by research firm, Celent, on behalf of the International Swaps and Derivatives Association (ISDA). The report, The Asian OTC Derivatives Markets, says that 57% of Asian end-users believe that their use of OTC derivatives will increase in the next couple […]

BNY Mellon Can be Sued by US Government, Ruling

A federal judge last week ruled that the US government can continue with a lawsuit accusing the Bank of New York Mellon of overcharging clients for currency trading. According to a Reuters report, US District Judge Lewis Kaplan, said that the complaint “generally suffices,” allowing the government to pursue the claim that the bank fraudulently […]

Gain Thwarts FXCM Move Through GFT Acquisition

Gain Capital has thwarted the ambitions of rival firm FXCM to acquire it by making an acquisition of its own in buying a third retail FX broker, GFT. In a statement, Gain’s board says it has rejected an unsolicited written proposal from FXCM Inc. to acquire the firm for 0.3996 shares of FXCM Class A […]

And Another Thing…

The court case involving Deutsche Bank and Sebastian Holdings started this week in London, and while I have no opinion on the rights or wrongs involved, I do think the fact it has got this far illustrates and reinforces a point I recently made about the bank-customer relationship. The case seems fairly straightforward, Sebastian Holdings […]

Shterenberg Trades JP Morgan for BAML

Alex Shterenberg has left his role as head of FX algorithmic products at JP Morgan in New York and is joining Bank of America Merrill Lynch as director and head of e-trading for the Americas. Shterenberg will report to Liam Hudson, global head of FX e-commerce trading, and will be based in New York. He […]

Wood Steps Down at Deutsche

Phil Wood is stepping down from his role as head of e-FX trading at Deutsche Bank in London. He is taking some time out from the market and will be returning next year in a new role, according to sources familiar with the matter. Wood’s responsibilities will be split between David Leigh and Roel Oomen, […]

JP Morgan Loses Second Senior Trader in Weeks

JP Morgan has suffered a second departure in weeks at the top of its e-FX trading business. Svante Hedin is leaving his position as global head of automated trading strategies and foreign exchange e-commerce trading at the bank. Hedin is not joining a new firm, according to market sources, and he will work with the […]

And Finally…

Sorry to complicate things on a Monday morning, but is it possible for people to use one set of rules to defend themselves against a breach of other rules? I do not confess to know the intricacies of the matter, but I was wondering in conversation with a friend the other day, whether the banks […]

Tech Corner

Knight Hotspot FX recorded average daily notional dollar value traded in March 2013 of $26.4 billion, down approximately 12.1% from $30.1 billion in February 2013, and down approximately 10.2% from $29.4 billion in March 2012. Post-trade firm, Omgeo, has added functionality to its Omgeo ProtoColl service in order to help users meet regulatory requirements. The […]