Foreign exchange
Libor scandal makes it tougher to hire forex traders
Banks are staffing up for a livelier foreign exchange forwards market, but taint of Libor rigging is limiting pool of new traders
Forex hedge funds could stage comeback in 2013
After three years of challenging market conditions, FX Concepts says 2013 will mark a significant turning point in forex markets and the ability of hedge funds to generate performance from currencies
‘Sef-lite’ environment remains confusing for platforms
Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities
FTT would ‘drain financial resources’, GFXD research claims
The global FX division is upping its lobbying efforts to have forex derivatives carved out of the financial transaction tax with new research that shows the potential impact of the tax on transaction costs
CFTC bows to agency desk concerns with further relief letter
In a time-limited relief letter issued last week, the CFTC recognises concerns expressed by agency firms over the implications of the external business conduct rules
Agency brokers ‘encouraged’ by CFTC response to concerns
Lobbyists are hopeful a resolution will be reached to their concerns over external business conduct rules that have forced agencies to retreat from FX derivatives
Indian accounting rules shield corporates from forex losses
Despite sharp falls in the value of the rupee and large dollar-denominated loan exposures, Indian corporates are not feeling the effect on their balance sheets
Outflow of Chinese cash will transform world economy
As Chinese exchange controls are relaxed and removed over the next several years, $4.4 trillion of money will flow into the world economy, causing a major transformation
Prime brokers shun forex agency desks over CFTC rules
Agency desks warn they could be driven out of the market as a result of business conduct rules
Global Emerging Markets & Macro Fund (Gemm): BTG Pactual Global Asset Management
13th Annual European Single Manager Awards 2013
FX prime brokers forced to terminate double give-up trades
Prime brokers have had to cancel four-way agreements for trades involving two buy-side firms, on the basis that a no-action letter issued by the CFTC on April 30 did not cover this type of business
Sef rules continue to raise questions
Market surprised by change to swap execution facility rules, after final requirements were approved on May 16
G7 Fixed Income Fund: Aviva Investors
13th Annual European Single Manager Awards 2013
Thai sovereign entities to hedge out legacy yen exposures as baht strengthens
Recent mark-to-market gains on legacy yen-denominated loans make now a tempting time to hedge, according to Thai market players
Absorbing institutional inflows is biggest challenge for hedge funds
Shifting situations
China onshore OTC clearing postponed until 2014
OTC clearing onshore in China will be delayed until at least the end of 2013 or early 2014 according to an official at Shanghai Clearing House
Renminbi may never be fully liberalised, says GSAM’s O’Neill
As China relaxes controls on its currency, the yuan is set to become more widely used. However, government control is likely to be maintained. Full convertibility may never happen, says Jim O’Neill
Mandate Watch: BNY Mellon leads the pack
Mandates trend to alternatives
Myriad factors impact major currency pairs, says Gallo
Clashing currencies
Buy side struggling to pick forex platforms
Consolidation will shrink the number of competing platforms, but it is too early to pick winners, say panellists at FX Invest North America
Nasdaq OMX to launch FX clearing in November
Stockholm-based clearing house becomes the latest to announce its intention to enter the forex space
Rolling spot faces inclusion in Dodd-Frank
Forex spot is expected to be exempt from US clearing and exchange trading rules, but rolling spot could be classified as a CFD and so be included within the scope of Dodd-Frank
Special report: FX
Forwards backwards
Renminbi liberalisation reduces demand for NDFs
The NDF of the line?