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When I joined Midland Bank, it had in place a discretionary bonus scheme.

"FX keeps chugging along like a London taxi. Other markets are more like Ferraris. Pleasing on the eye, fast out of the blocks but ultimately a little bit weak, or at least temperamental mechanically."

There’s nothing like the claim to have done something first to get the old competitive juices flowing.

Add your own comments to, and read the views of: Arthur Cousins, Director Strategy and Product Development, Standard Bank; Ed Pla, Global Head of FX Prime Services, UBS; Clare Francis, managing director, financial markets sales at Lloyds TSB Corporate Markets; Michael duCharme, Russell Currency Management Group. Expert FX comment by people in the know.

Edward (Ted) Voorhees will start at Saxo Bank as its new global head of options on November 1. Voorhees, who has held senior positions in the past at Commerzbank and Deutsche Bank, has traded his own money for the past five years.

The debate on whether CLS should accept pre-netted trades, and what the impact to CLS would be, continues.

Swervin’ Mervyn King continues to get it very much in the neck from the UK press.

BMO Capital Markets has relocated a senior member of its FX team from Toronto, and hired two industry veterans to set up its new FX sales & trading desk in London. Heading up the desk will be Lorne Gavsie, who comes across the Atlantic as director, sales & trading. Joining the firm as director & senior trader is Derek Shewring, who has previously held senior roles at RBC and Bank of America. Most recently, he managed execution and marketing at UK buy-side firm C-View. The other new recruit is Simon Watkins, who has spent the bulk of his career trading forwards at TD Securities. Watkins will be a vice-president, sales & trading.

Investec is expanding the services it provides to companies with FX turnover of more than £2 million a year. An expanded team of 12 traders, headed by James Arnold who joined from Travelex a few months ago, will offer clients what Investec says is a diverse range of tailored hedging solutions that leverage various products (including forwards and options) to companies that have previously only been offered the most basic FX products and services.

Cash management poll: Results

One of the financial market problems, bank illiquidity, is slowly being solved. However, the US economy is facing slowdown or recession. We hope the rest of the world will cope.

Buried deep in the announcement of Morgan Stanley’s third-quarter earnings results was a substantial hit from the bank’s newly built hedge funds business.