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Stability seems to be a characteristic of those banks that are at the top of the pile in FX. But it is a word that does not appear to be in the vocabulary of those running Bank of America/Merrill Lynch. The latest senior person to leave the firm is Vincent Delorenzo, head of FX sales for EMEA. Delorenzo was moved across to sales from his role in short-term interest rate trading following the banks' merger, so he was always going to have a tough time. But he hardly had a chance to get his seat warm before he was getting ready to pack his bags at the bank's Newgate Street building in London. A BofA spokesperson confirmed his position has been put at risk of redundancy. Sources say that as the turmoil continues at BofA, he's unlikely to be the last.

Among the many clichés that came to mind when I started writing this column I had: ‘Another week, another dollar’; and the colloquial ‘USD Brics it’. But what I really mean is that short-termism still reigns in FX.

The CME has thrown down the gauntlet to other trading venues by reducing its threshold for firms to receive a quantity discount. The move will be effective from August 1. The exchange has also slashed its charges for exchange-for-physical and block trades by 43% to $1 a contract for its futures and options (see Platform propaganda).

Someone is putting about the suggestion that a new market paradigm has emerged.

It may seem quirky, but there’s money to be made buying and selling patents, especially in the US.

CLS’ average daily volume for May was 562,340 payment instructions, a 10.5% increase on April. Its average daily value was $3.21 trillion, a 7% increase on the previous month.

Bank of America/Merrill Lynch has published an FX specific companion piece to its Merrill Lynch fund manager survey.

Global exchange broker Newedge has promoted Nicolas Breteau to the role of global head of sales and front office. Breteau, who was the company’s chief executive of Europe and Middle East, remains on the group executive committee. He has been replaced by his deputy Amaury De Villemandy.

Nomura continues to provide a home for former Lehman staff. It has apparently hired Jim McCormick, Lehman’s former global head of foreign exchange research, from Citi.

Retail platform provider Oanda has long been recognized as one of the most innovative outfits in FX, so it is not surprising it should find its staff in demand by larger shops. CIBC has just hired Alexander Shirokov from the company as a director in its FX statistical arbitrage group. He shouldn’t find it too challenging a role, he has a PhD in astrophysics from MIT. Shirokov reports to another Oanda alumnus, Hany Farag, CIBC’s managing director and head of FX statistical arbitrage.

Mike dePhillips, who was running real money sales at Bank of America/Merrill Lynch, has left the bank and is rumoured to be off to WestPac, which sources say is looking to capitalise on its relatively healthy balance sheet and make a push in FX.

Moving from overpriced government bonds to quality corporates, our recommendation last October, is now commonplace. The Madoff scandal has very negative implications for New York and for hedge funds.