Derivs - FX

The debt crisis in Europe is said to have prompted the Bank of China to stop trading fx forwards and swaps with a number of European banks.

The Fixed Income Connectivity Working Group, led by 13 dealers and supported by interdealer brokers and electronic fixed income venues, is to look at ways of applying the standard FIX protocol to electronic trading of fx options.

JPMorgan Asset Management has expanded its emerging market debt and fx team with the hiring of Nima Tayebi as portfolio manager.

End users have been buying calls on the Hong Kong dollar against the U.S. dollar following speculation the Hong Kong Monetary Authority could de-peg the currency from the U.S, according to market officials.

The Brazilian government has expanded the tax on fx derivatives, which went into effect July 27, to now include reductions in long positions on the real held by trades as well as rises in their short positions.

Alexander Justham is leaving as the U.K. Financial Services Authority’s head of markets for personal reasons, according to the FSA.

Kweku Adoboli, a senior trader in UBS global synthetic equities, allegedly responsible for bank losses totaling USD2 billion as a result of unauthorized trades, has been charged in the U.S. with fraud and false accounting.

Fx algorithms are expected to account for more than 25% of fx trade volume by the end of 2014—up from 7% as of Dec. 31, according to Aite Group.

UBS has appointed Paul Lambert as head of fx and fixed income at the bank’s operations in the U.K. as well as portfolio manager for its Currency Alpha Fund and other currency strategies.

BlueMountain Capital Management has named David Rubenstein ceo of its operations in Europe.

Fx algorithms are expected to account for more than 25% of fx trade volume by the end of 2014—up from 7% as of Dec. 31, according to Aite Group.

BlueMountain Capital Management has named David Rubenstein ceo of its operations in Europe.