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  • Talk of an exit strategy seems premature when the whole process of rebalancing, led as it is by China resurgence, will take so long, and the US fundamentals out right.
  • The Royal Bank of Scotland has hired two senior salespeople for its Americas FX operations. Dennis Holman joins as a managing director in FX sales, reporting to Craig Donaldson, head of financial institutions FX and prime brokerage sales for North America. Chad Smith will join the firm as managing director, also in FX Sales, reporting jointly to Stefano Lupi, global head of FX bank sales and Craig Donaldson. Both will be based in RBS’ Americas headquarters in Stamford, Connecticut.
  • Online FX provider Alpari says it will launch two advanced trading platforms, Alpari Direct Pro and Alpari Direct, by the end of August. Both are white-labelled from Currenex and Alpari says they will feature STP, non-dealing desk execution, and one-click executable streaming prices, fractional pips and integrated algorithmic models that enable enhanced levels of execution. The platforms will also have an integrated Dow Jones news feed.
  • The CME has launched clearing services for over the counter (OTC) London gold forwards. The service will be available through CME ClearPort. The exchange says clearing services for house business – in other words own principal trading – will commence on August 23, while agency business (broking) should follow within 90 days. The contracts will be made available for clearing on COMEX through CME ClearPort, and are subject to COMEX and CME rules and regulations.
  • I confess to feeling a bit depressed this week. Like many of my old muckers in the market, I’m fed up of the narrow ranges that suggest we’ve already sailed into the summer doldrums. My mood has not been helped by an irrational fear that the global economic downturn is far from over, despite what numerous politicians and central bankers keep claiming.
  • I am thinking about writing the screenplay for a new Godfather film which continues the saga of the fictional Corleone family. I wrote a synopsis, but knowing full-well that it won’t get approved by the legal eagles, I can’t tell you fully what it says. What I can divulge though is that it is set in a US government-rescued investment bank, involves lots of favours from the Godfather and the obligatory horse’s heads on trading desks. It’s sure to be a winner.
  • Financial regulator decides to increase margin requirements on retail FX trading
  • The Mexican peso has completed a year as a CLS-eligible currency. During June 2009, the peak month to date, the average daily volume of instructions settled in Mexican peso was 2,468 with a USD equivalent value of $15 billion, compared with 1,389 worth $17 billion in June 2008 – a volume growth of over 77%.
  • Self-confessed petrol head Kelvin Jouhar, head of spot FX trading at Lloyds, is about to take part in the Scally Rally again, accompanied by his two daughters Victoria and Sarah (see his attempt a couple of years ago).
  • A group of leading inter-dealer brokers have got together to launch an association to promote a better understanding of the critical role they play in the efficient functioning of financial markets and improve the quality and standards of the industry.
  • Back in the old days, I remember a sales jub challenging me to make a price good enough for a large oil company to trade on in USD/DEM. “64 choice,” I replied. The client didn’t trade; apparently, it had got a better choice price away.
  • Saxo has confirmed that the well-liked and well-connected Nick Beecroft is acting as a consultant at its London office, although I’m not sure how attractive that is, given that the office recently suffered from an outbreak of swine flu.