Royal Bank of Scotland is projecting the renminbi will meet world’s need for a “new, more stable global reserve currency.’’ The United Kingdom’s finance regulator charged two men with taking $7.75 million in a fraudulent currency-trading scheme. Ian Doull has joined Integral Development Corp. as managing director in product marketing.
RBS: The Royal Bank of Scotland is projecting China’s renminbi will meet the world’s need for a “new, more stable global reserve currency,’’ starting by 2015.
Financial crises in the U.S. and Europe are leading to the switch, according to John McCormick, chief executive of Markets & International Banking for RBS. A number of factors suggest Chinese authorities want to make RMB internationalisation happen by 2015, he said in a report.
•The International Monetary Fund is reviewing its special drawing rights basket, which uses four key international currencies to supplement member countries’ official reserves and bolster liquidity. The deadline for completing that review is 2015.
•The Shanghai Municipal Government has set a goal of making the city the global pricing center for both onshore and offshore RMB financial products by 2015.
•China’s work with the United KIngdom Government promoting London as a trading center for its currency.
Roughly $6 billion worth of Chinese currency trades internationally today, he said, about double that of a year ago.
REGULATION: The United Kingdom’s finance regulator charged two men with setting up a fraudulent currency-trading scheme, taking $7.75 million from its investors.
Alex Hope, from London, and Raj Von Badlo, from Buckinghamshire, were charged with 10 offenses linked to the scheme, the Financial Conduct Authority said.
Both men were arrested following searches of their homes carried out by the City of London Police and the then-finance regulator, Financial Services Authority, from which the FCA took over earlier this month.
INTEGRAL: Ian Doull has joined Integral Development Corp. as managing director in product marketing.
He will be responsible for existing and yet-to-be-announced products and services. In addition, he will act as an evangelist for Integral and gather input from market participants to inform future versions of Integral’s cloud-based services.
“Very few designers have Ian’s breadth of experience, having been involved in the development of the three dominant FX platforms in existence today — EBS, Bloomberg, and Integral’s FX Inside Professional™,” said Harpal Sandhu, CEO, Integral Development Corp. “His unmatched professional knowledge will benefit our customers as we continue to roll out industry-leading technology solutions and expand into new markets.”
Doull has worked at Charles River Development, Dow Jones, Bloomberg, Integral, Reuters, and EBS.
Doull will be based in New York.