Day: 8 December 2014

And Finally…

In terms of cultural references, I don’t think I have previously leaned upon either Noel Coward or the iconic (and original!) film The Italian Job, so now is the time to do so. When asked in the film whether a character was sufficiently morally vacant to join a crime caper, Noel Coward uttered the immortal […]

Around the World

FX Fraudster Fined Over $819,000 by CFTC The Commodity Futures Trading Commission (CFTC) has issued an $819,378 fine to Christopher Engel and Pinnacle Forex Group for fraud. The CFTC alleges that both committed fraud and misappropriation in connection with operating a commodity pool leveraged or margined off-exchange foreign currency contracts. Specifically the regulator claims that […]

Tech Corner

The Malaysia Money Brokers Association, which comprises six licensed money brokers in Malaysia, has deployed Bloomberg as its primary platform for the dissemination of FX rates. Under the arrangement, live Malaysian ringgit FX spot and forward prices quoted by the brokers are now available on the Bloomberg Professional service. The MMBA says the provision of […]

On the Move

Nomura Adds to e-FX Sales Fabrizia Direttore has joined Nomura’s e-FX sales team in London as a vice president, focusing on FX e-commerce distribution for clients in Europe, the Middle East and Africa (EMEA). She reports to Nicola Di Lena, who leads the FX bank sales desk and European electronic distribution for EMEA. Direttore previously […]

FXecosystem Extends FX Connectivity to Moscow Exchange

FXecosystem is growing its network by adding connectivity to Moscow Exchange, allowing banks and brokers to benefit from a single FX connectivity provider in London, New York and Moscow. According to the company, the move ensures institutions wanting to trade the ruble (RUB) can access Moscow Exchange quickly and efficiently. “Our expansion to include the […]

ICE and Eris Announce Swap Futures Licensing Agreement

Intercontinental Exchange (ICE) and Eris Exchange have announced a multi-year license agreement for ICE exchanges to list futures and options based on the Eris’s methodology for constructing swap futures. "By facilitating the unique contract design that has been developed by Eris, we will be able to bring our customers unparalleled access to the European and […]

Seoul Begins Direct Trading Won to Yuan

China and South Korea began direct trading between the yuan and the won last week. Previously, traders had to broker the two currencies with the US dollar, doubling the currency transaction costs between the two countries. “If the won-yuan market matures, transaction costs for the two currencies will fall and the bilateral trade will rise, […]

KCG Completes FCM Sale

KCG Holdings has announced the completion of the sale of certain assets and liabilities related to KCG Futures, its futures commission merchant, to Wedbush Securities. Certain assets and corresponding liabilities classified as assets held for sale and liabilities held for sale on the consolidated statement of financial condition, each totalling approximately $680 million as of […]

Redline Announces Latest Staff Expansion

Redline Trading Solutions, which provides market data and order execution systems, has announced another expansion of its staff, meaning that it has increased headcount by more than 50% in 2014. The firm, which started in 2008, now numbers over 50 employees, although representatives of the firm declined to give specific figures about the number of […]

ISDA Names New Chairman

The International Swaps and Derivatives Association (ISDA) has named Societe Generale’s Eric Litvack as its chairman, effective 1 January, replacing Stephen O’Connor, who has chaired the board since April 2011. O’Connor had been managing director at Morgan Stanley until June 2013, when he became full-time chairman of the ISDA. A spokesperson for ISDA says O’Connor […]