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In its March quarterly review, the Bank for International Settlements discusses the impact of the credit crunch. One section focuses on the turbulence on dollar, sterling, euro and yen swaps.

The Autorité des marchés financiers (AMF), the French regulator, has recently decreed that financial institutions must include the currency amount for settlement when they report their transactions. Under the Markets in Financial Instruments Directive (Mifid), firms must include the settlement amount for all securities-related transactions.

Standard & Poor’s has launched what it claims are the first two real-time currency indices, even though Deutsche Bank and others have provided similar products for several years. The company says the indices will “provide investors with exposure to emerging economic superpowers that currently lack a liquid currency futures market. The S&P Chinese Renminbi Index and the S&P Indian Rupee Index are the first in what will be a series of real-time currency indices launched in 2008.” The indices are based on rolling three-month non-deliverable forwards.

The CME has launched futures and options based on the US non-farm payroll data. It says that the contracts will allow its customers to directly manage their exposure to the government labour number or to offset positions in financial markets. In a press release, Rick Redding, CME Group managing director of products and services, says: “There is a strong correlation between the non-farm payroll report and CME financial futures contracts as well as other financial instruments. Listed futures and options on futures on the non-farm payroll are a transparent, straightforward and accessible way for our customers to offset unexpected financial market moves that often occur when this number comes out.”

David Tait, an FX trader at Peloton Partners, has chosen an extreme way to take a break from the troubled hedge fund. On March 29, he is off to climb Mount Everest – again. Tait has already been up to the top twice, so you’d think he’d now know better.

Broker Tullett Prebon’s preliminary results for the year ended December 31, 2007, show that the company’s revenue rose 20% to £753.8 million, using constant exchange rates. Its operating profit rose 19% to £131.8 million. Adjusted profit before tax came in at £114.4 million.

The National Futures Association has decreed that as of June 1, Forex dealer members (FDMs) must provide their customers with what it describes as “prescribed disclosure language.”

Deutsche Bank is believed to have suspended Riccardo d’Antonio, its head of Italian FX sales, and his subordinate Santo Caristo. Antonio, whose FSA registration became inactive on March 4, was based in London, while Caristo was working out of Milan. Sources say their suspension stems from a very small loss incurred by one of their clients, which led to an abuse of the bank’s booking procedures. Deutsche was unable to comment. I used to trade the lira, and if Deutsche needs a short-term replacement, I’m prepared to offer my services.

Calyon is reported to have recruited Chris Ball for a role in London on FX CTA sales. Ball left Merrill Lynch in January.

David Cowley has left his role in FX corporate sales at Bank of America and is rumoured to be off to Deutsche Bank in an as-yet unknown capacity.

UBS held a reorganisation of its FX & Money Markets (FXMM) business at the end of January and the changes seem to be biting. The biggest beneficiary was Darren Coote, who has moved up to the role of global head of FX trading. UBS says the move is part of its “continued efforts to strengthen our global trading business. We are convinced that the talent and energy of the new unit will propel our FX businesses to even greater success in the future.”

Citi has made three hires in its FX options business. Charlie Cernosia will join the yen options trading team in April as a director from Lehman Bros in New York; Nathan Swami also joins the yen team in April from the same bank, but this time in Singapore, and with the same rank. According to Nigel Khakoo, Citi’s head of G10 options trading, Swami’s technical proficiency will help further develop the bank’s exotics platform. Finally, Citi has hired Neil Boston in its options technology team as director and chief technical architect. Boston has the task of building the bank’s next generation of pricing and risk management systems. His previous role was at Merrill Lynch; he is due to start at Citi on May 5.