Month: February 2015

And Finally…

So it’s “WMR Day” and I’m worried. The new methodology for the WMR benchmark fix comes into being today following the aborted start in December and while the development is to be welcomed – I think most people saw the FX Benchmark Group recommendations as a sensible, proportional response to the existing problems – what […]

Tech Corner

Moscow Exchange is now offering its customers network connectivity in top financial centres using TMX Atrium’s infrastructure. Global liquidity centres, including London, Chicago, New York, Frankfurt and Tokyo, will be linked to Moscow by low latency routes over a high capacity fibre network owned and operated by TMX Atrium. The network is designed to effectively […]

On the Move

Odunsi Joins Citi in New York Ade Odunsi has joined Citi as head of its US FX client solutions group in New York.  Odunsi joins the bank from Treesdale Partners, where he was a portfolio manager for over three years. Prior to that, he was at Barclays between 2007 and 2011, where he held positions […]

Swiss-Generated Losses Could Prompt Australian FX Reform

Losses generated by retail FX traders in Australia could lead to a reform of the local market structure, leading to restrictions on the leverage being offered. ABC News has released a report claiming that “more than 100” retail FX traders in Australia have suffered “massive” losses in the wake of the Swiss National Bank’s decision […]

E-FX Growth Helps Drive Revenues at BGC

Fully electronic FX notional volume on BGC Partner’s system grew 71% in 2014, according to the firm’s full year financial report released last week. Total e-FX notional at BGC rose from $6.3 trillion traded in 2013 to $11 trillion in 2014. Q4 volumes in 2014 stood at $3.7 trillion, up 108.4% from the $1.8 trillion […]

DTCC Issues More Than 165,000 LEIs

On the first anniversary of trade reporting in Europe, the Depository Trust & Clearing Corporation’s (DTCC) Global Markets Entity Identifier (GMEI) utility, offered in collaboration with Swift, has announced it has issued over 165,000 legal entity identifiers (LEIs) to entities from over 140 jurisdictions. This represents approximately 50% share of the LEIs issued worldwide, according […]

UK MPs Say FCA is Yielding to Bank Pressure

MPs have claimed that the Financial Conduct Authority’s (FCA) oversight of the UK banking sector is weak, as chief executive Martin Wheatley admitted not knowing about all of the banking sector’s skeletons. Wheatley and FCA chairman John Griffith-Jones faced a grilling by the Treasury Select Committee (TSC), as part of its six-monthly hearing into the […]

UBS Reports Declining FX, Rates and Credit Revenue

UBS has reported a slight decline in revenue both month-on-month and year-on-year in its foreign exchange, rates and credit division. The division’s revenue for Q4 was CHF 297 million, which was 5.7% lower than in Q3 2014 and 8.3% lower than Q4 2013. UBS says that the although overall investor client services saw an increase […]

China Accelerates Financial Reform Agenda

In the past week China has further relaxed financial constraints, making it easier for foreign banks without full yuan (CNY) business licenses to buy or sell foreign currencies against the CNY, as well as allowing firms operating within the Shanghai Free Trade Zone to borrow funds without having to go through complex regulatory obstacles. The […]

Further FX Staff Reductions at SocGen

The downsizing of Societe Generale’s FX unit continues, with six reported redundancies in the past week, four in New York and two in London. In New York, the positions reportedly eliminated belonged to Paolo Sorio, spot trader; Hollis Carrington and Steve Korn, sales/traders on the agency FX desk; and Robert Gomprecht, e-FX sales. In London, […]