Month: January 2015

CAD Declines Following Surprise BoC Rates Cut

The Bank of Canada (BoC) lowered its overnight rate last week, causing a sharp decline in the value of the Canadian dollar. On Wednesday 21 January, the BoC cut its benchmark overnight interest rate from 1% to 0.75%. The decision, which came as a shock to the financial markets, was made “in response to the […]

Banks Report Rebound in FX Revenues

BNY Mellon and State Street, the two largest custody banks, have reported a boost in Q4 profits due to an increase in volume and volatility in the foreign exchange markets. However, Morgan Stanley joined the likes of JP Morgan and Goldman Sachs in posting a drop in revenue from fixed income, currencies and commodities trading […]

FastMatch Publishes Fee Schedule

In a move it claims to be a first, FX ECN FastMatch has published its fee schedule for trading on the platform. “In the name of transparency and equality of our users, we decided to make our fee schedule harmonised and public,” FastMatch CEO Dmitri Galinov says. Clients connecting to via FIX API or using […]

France and Austria Attempt to Push Forward on FTT

France and Austria have joined forces to urge the other nine European countries committed to a Financial Transaction Tax (FTT) to overcome an ongoing impasse. On 22 January French and Austrian finance ministers sent a joint letter to their counterparts in other countries proposing that the FTT be applied to a wide range of transactions […]

Brokers Confirm Interest in Alpari UK

Oanda, ETX Capital and IronFX have made bids for fellow retail foreign exchange broker Alpari UK, which applied for insolvency last Monday, according to sources. The administrators for Alpari UK, KPMG, are hoping to sell the company in the next few days after the broker fell victim to the volatile markets that followed the Swiss […]

Prasad to Launch Macro Hedge Fund in April

Anil Prasad, the former global head of foreign exchange at Citi, is preparing to launch his own macro hedge fund in early April with initial start-up capital of at least $500 million. As reported last summer in Profit & Loss, Farhang Mehregani, previously chief investment officer of Sciens Alternative Investments and a former Citi executive, […]

Swiss Banks Calm Fears of Losses from SNB Move

UBS did not suffer any losses overall in its trading business after the Swiss National Bank’s (SNB) decision to abandon its currency cap, the bank said on Friday. UBS is the third of Switzerland’s three biggest banks to say it did not suffer losses after the SNB unexpectedly scrapped its CHF cap, sending the currency […]

…As Hamberger Leaves

Stefan Hamberger, managing director and head of e-fixed income and currency (FIC) sales at Commerzbank, has left the firm. It is understood his departure is not related to any regulatory matters or malfeasance, and he is pursuing new opportunities. Hamberger joined Commerzbank in 2006 from Dresdner Kleinwort Wasserstein to head FX bank sales, and was […]

Commerzbank to Relocate Traders from London to Frankfurt…

Commerzbank has proposed to relocate 70 foreign exchange and interest rate traders from London to Frankfurt as part of an initiative to cut costs and bring the trading of more standardised products closer to existing platforms at its headquarters in Germany. The 70 traders are part of a wider group of 340 staff that the […]

NFA Raises Retail FX Margins Following Currency Volatility

The National Futures Association (NFA) has increased the minimum security deposits for certain FX currencies in the retail market following the volatility witnessed after the Swiss National Bank's decision to drop its euro peg on 15 January. It announced on 21 January that the minimum security deposits on the Swiss franc, Swedish krona and Norwegian […]