A prominent Japanese foreign exchange seller at Goldman Sachs is departing from the company. Wako Ogawa, 44, is a vice president at the bank and will leave for another financial institution whose name isn’t known.
Hiroko Matsumoto, the spokeswoman for Goldman Sachs in Tokyo, refused to comment on the matter when contacted by reporters.
Ogawa joined Goldman Sachs Group in 2007 and was a common feature in TV Tokyo’s financial program “Morning Satelliteâ€. Goldman Sachs is the 10th biggest participant in international currency trading with a market share of 2.5 percent, an improvement from 11th position last year, according to Euromoney magazine. Citigroup is the largest forex market participant.
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Most lenders are reducing their foreign exchange staff as income from the segment declines due to lower market volatility owing to more liquidity in the banking system.
In a separate report, the National Futures Association has banned the use of credit cards to finance retail forex and futures accounts after its research showed that most futures traders hardly accept the use of credit cards.
“Since our inception, NFA has been committed to protecting investors,†NFA President and CEO Dan Roth said in a statement published on the association’s website. “Forex and futures markets are both high-risk and volatile, and individuals who wish to participate should use only risk capital to fund their accounts. Allowing customers to fund accounts with credit cards encourages them to trade with borrowed money.â€
Another report indicated that futures and options electronic trading solutions provider OptionsCity Software now offers its customers to access to Liffe US products after it transitioned to futures clearing houses and exchanges managed by International Exchange. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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