Month: March 2014

And Finally…

This will be a brief (and slightly, but only slightly, tongue in cheek) follow up to the midweek column which claimed, in case you missed it, that the world hates traders. Talking to someone in the week about the attitude to traders, my memory was tweaked about a view expressed by a friend some weeks […]

Around the World

BSE in Early Talks to Buy USE The Bombay Stock Exchange (BSE) is in preliminary talks to acquire the United Stock Exchange (USE), according to media reports in India. The USE, launched in 2010, only offers trading on currency futures and options while the BSE re-launched trading in currency derivatives in November last year, meaning […]

Tech Corner

LMAX Exchange has announced a partnership with First Prudential (FP) Markets, an Australian online brokerage. Firms can now trade on LMAX – the first FCA regulated exchange for FX trading – through FP Markets. IS Investment, an investment bank in Turkey, plans to offer domestic retail FX clients the ability to trade using Tradable. The […]

On the Move

Khakoo Expands FX Role with Nomura Nigel Khakoo has taken over interim responsibility for Nomura’s global FX options and G10 FX trading businesses following the departure of the bank’s global head of foreign exchange, Jai Rajpal (Squawkbox, 24 March 2014). The move is in addition to his existing remit as global head of G10 options […]

UBS Report Casts Doubts on Bitcoin’s Potential as a Currency

UBS has released a research paper about Bitcoin, claiming as a currency it remains problematic, but that the technology behind it could be repurposed as a payment system. The report notes that because of the rapid rise in the value of Bitcoin, the virtual currency has suffered from excessive price volatility, which the UBS analysts […]

Tera Group Launches Bitcoin Swaps

Exchange provider Tera Group has announced the first bilateral Bitcoin swap agreement. The new contract is launched as the US Inland Revenue Services (IRS) says that it will tax Bitcoin as property (see related story) and bankrupt exchange Mt. Gox found $116 million worth of Bitcoin in an “old wallet”. Tera has introduced the first […]

IRS to Tax Bitcoins as Property

As national authorities all over the world attempt to define and tax virtual currencies, the US IRS says that it plans to treat Bitcoin as property for tax purposes, in its first official ruling on the virtual currency. “In some environments, virtual currency operates like “real” currency – ie the coin and paper money of […]

Currency Volatility Expected to Rise: Survey

Afex, a non-bank provider of global payment and risk management solutions, has released details of a new survey showing that its clients expect their exposure to foreign currencies to grow despite also predicting a significant increase in volatility of foreign currencies. The survey polled 452 corporates and SMEs from the US, UK and Australia and […]

CFTC Issues Further Relief for EU MTFs

The Commodity Trading Futures Commission (CFTC) has issued a no-action letter for Multilateral Trading Facilities (MTFs) in Europe, allowing them relief from complying with the rules for Swap Execution Facilities (SEFs). In January the CFTC granted unconditional no-action relief to EU supervised MTFs and their customers in swaps until 24 March. Now the Commission has […]

Electronic Trading Continues to Grow, Says New Report

Almost three quarters of global foreign exchange trading volumes (74%) were executed through electronic systems last year, up from 71% in 2012, according to a new report from Greenwich Associates. “As evidenced by last year’s growth, the e-FX market has not yet lost its dynamism,” says Greenwich Associates consultant Peter D’Amario. “Instead, electronic trading is […]