Feature
Surveying our changing landscape
The e-FX awards celebrate best practice and innovation in the forex market. The increasingly demanding needs of clients from the sell-side to the buy-side have meant technological developments continue at full throttle. This year was no exception. In…
FX and DX: volatility events and the bid-ask spread
Charles Wright suggests a rational means for adjusting the bid-ask spread to compensate for the uncertainty associated with routine event-driven conditions
Mifid: the final countdown
Those that haven't firmly addressed their execution policy must take action, says Chris Pickles , chair of the directive's Joint Working Group in London
Mifid and forex in a nutshell
The Markets in Financial Instruments Directive is placed under the microscope by Richard Hartheimer , managing director at Currenex, Europe in London
How Mifid affects the global FX market
Mifid will create an even more efficient market for FX services that can be delivered quickly, inexpensively and globally, says Chris Pickles , chair of its Joint Working Group in London
A quick fix for Mifid
Sell-side firms must adopt the FIX protocol or lose out, warns Chris Pickles , chair of the directive's Joint Working Group in London
Mifid – a commercial opportunity
The commercial opportunities Mifid presents to the foreign exchange dealer are examined by Chris Pickles, chair of the directive's Joint Working Group in London
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
BarCap FX chief rumoured to be Asia bound
LONDON & SINGAPORE – Ivan Ritossa, London-based global head of FX at Barclays Capital, is rumoured to be relocating to Singapore.
May 2006 - Reuters and CME to set up FXMarketSpace
CHICAGO & LONDON – Industry heavyweights Reuters and the CME announced plans to establish a centrally-cleared FX market-place for early in 2007.
December 2006 - City Index plans new FX brand
LONDON – Spread betting firm City Index told FX Week that it is set to launch a new FX business in the New Year, as it integrates the IFX business it bought in the summer.
November 2006 - RBS and JP Morgan scale back prop trading
LONDON & NEW YORK – November saw mixed fortunes for FX traders. Just as volatility returned to the market, two major banks made cuts to their prop trading desks.
October 2006 - AIB to pay €30m for overcharging
DUBLIN – Allied Irish Bank (AIB) is to pay over €30 million in further damages relating to foreign exchange overcharging, ending a two-year investigation into the matter.
July 2006 - Ruble becomes fully convertible
MOSCOW – The Russian ruble became fully convertible in July, signalling a new era for the country's financial markets.
September 2006 - Thomson expands FX offering with Tullett
LONDON – Thomson Financial introduced foreign exchange and money market pricing pages with content from Tullett Prebon Information (TPI).
May 2006 - Currenex launches CX SmartOrder
LONDON – Currenex an-nounced plans to move into algorithmic trading with the launch of CX SmartOrder, a platform that enables customers to use a number of standard models or to create their own.
August 2006 - First renminbi interest rate swap
HONG KONG – HSBC and Standard Chartered traded the first non-deliverable renminbi (RMB) interest rate swaps deals in August, marking a significant step in the development of the local currency derivatives market.
April 2006 - Icap purchase of EBS completed for $775m
LONDON – In mid-April, Interdealer broker Icap agreed to a deal that saw it acquire electronic forex heavyweight EBS. The deal saw Icap pay $775 million for EBS Group, with a share alternative option for EBS shareholders to switch a third of their cash…
June 2006 - Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch continued, with a quartet of staff leaving in the wake of restructuring at the investment bank.
January 2006 - Acquisitions in e-FX take precedence
LONDON – The year started with a bang with two high-profile acquisitions in the electronic trading space.
September 2006 - Trading for CME and Reuters disrupted
CHICAGO – September showed the frailty of trading systems with both CME and Reuters seeing disruption to their platforms.
February 2006 - BoA builds algorithmic forex capabilities
CAMBRIDGE, MASSACHUSETTS – Bank of America (BoA) took a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.