North America

Emerging market (EM) currencies are behaving more like G10 currencies, at least in terms of the way they respond to changes in US rates, according to research by Nomura.

SuperDerivatives has gone live with a new trading platform to trade exotic foreign-exchange options electronically, and plans to expand the number of tradable asset classes from metals and FX to include oil, equity derivatives, credit and interest rates.

The head of global transaction services at Bank of America Merrill Lynch is to take on a senior global equities role for the firm in a rare example of a transaction banker breaking into the senior ranks of an investment banks' markets business.

A hedge fund manager came to see me recently and we talked about the state of the market. As US equity indices hover near all-time highs, cynicism prevails.

The buy side is turning to private placements, not only for yield, but also for protection when the cycle turns.

Boutiques come in many shapes and sizes. Ondra, more a capital markets adviser than an M&A shop, has adopted an unusual business model where it is a retained adviser, practically becoming part of the management team when events arise. It keeps a select client list, and a growing number of fans see an awful lot of value in what the firm has to offer.

Collaboration between transaction banks and Swift is helping to spread the burden and rocketing cost of compliance, but for some banks' trade finance businesses, client relationships have already been hit hard by the expense.

Ken Moelis didn’t set up his new firm in 2007 because he anticipated the crisis, he had just grown disgusted by what Wall Street had become. His new firm, an international and multidisciplinary provider of advice, thrived. This year, he took it public, driven by a troubling vision for the future of the banking industry and a desire to lure in the next cohort of talented bankers.

Like an alcoholic that believes another drink can do no harm, the Federal Reserve has not learnt the lessons of the global financial crisis. Once more it seems determined to mop up only after the next bubble bursts.

Pre-tax profits from Deutsche Bank’s global transaction banking business fell 29% in the second quarter compared with a year earlier, as the business – a core part of its growth strategy – was hit by a 'litigation-related charge'.

Smaller independent advisory firms are winning more business from corporate clients and draining talent from the global investment banks.

There is a vogue among senior investment bankers to look for a switch to a job with one of the private equity firms that are morphing into shadow finance players with an appetite for assets of all kinds.

The partial withdrawal by Barclays from investment banking is starting to look disorderly – more retreat from Moscow than Dunkirk-style retrenchment.

The US’s continued penchant for paper payments contrasts with the dynamism of the European market, but change could be afoot in both markets as new payment systems disrupt cheques and chip-and-pin technology.

Morgan Stanley has given traders contemplating their summer holidays further cause to smile by predicting that an uptick in FX volatility might be around the corner.

CFTC commissioner admits data collection ‘poor’; calls for better cross-border cooperation.

Volume on EBS Direct has increased by 70% month-on-month since its launch in November, as volume on EBS Market has fallen to record lows this year, with a management reshuffle unveiled last week.

Almost a year on from the bank payment obligation (BPO) guidelines being released, the BPO is yet to take off in the market – but is too much expectation around what it can offer holding it back?

Banks find the grass is greener with dedicated environmentally friendly bonds.

Universal banks have been trying harder than ever to make investment, corporate and transaction bankers work as one team to capture more business and deliver a better all-round service to their clients.

RBS has had to cease using BankTrade software after the US federal court upheld the bank was breaching copyright.

Ford to buy BMW? Coca-Cola to buy Nestlé? GE to buy Siemens? News Corporation to buy Pearson? Just some of the potential acquisitions US companies could make from their $1.3 trillion cash war chest, according to new research.

WARNING – CONTAINS SPOILERS: It’s amazing how many senior bankers are addicted to the HBO series Game of Thrones. Or then again, perhaps it’s not.

With currency moves relatively muted and few discernible trends to trade, it has not been an easy market for many FX traders, but low volatility has created favourable conditions for the recovery in the carry trade. The eerie calm and the Fed-driven global capital market have caused market players to adopt tail-risk hedges and long-vol trades for the inevitable turn in the cycle.

Dark pools are the most recent corner of the financial markets facing the wrath of the regulators. However, despite the furore and speculation that some banks will close them down, foreign-exchange dark pools are gaining popularity and are predicted to increase in use among the buy and sell side.

As Thomson Reuters announces a revision to foreign-exchange trading rules, data from the Euromoney FX Survey 2014 reveal the majority of respondents want to see the joint WM Company and Thomson Reuters fix remain as the benchmark.

As the FX regulatory landscape gets revamped, data from the Euromoney FX Survey 2014 shed light on what the market wants when it comes to benchmark reform, including its views on sticking with the current WM Company and Thomson Reuters fix.

Credit Suisse estimates $104 billion exposure; exposed banks’ share prices sell off.

The jury is out on whether the use of regional treasury centres is a cost-effective means for treasurers to minimize the effects of currency volatility in emerging markets.

A CFTC official frustrates European regulators at the IDX conference by suggesting futures clearing should migrate to the US to avoid a conflict between Dodd-Frank and EMIR.