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Rising personal bankruptcy levels and an uncertain economic outlook led Euromoney to warn as early as 2006 that non-conforming and sub-prime mortgage lending may lead to disaster.

Tim Carrington has resurfaced by joining his old mucker Harry Culham at CIBC World Markets in Toronto. Carrington, who left his position as global head of FX trading at Merrill Lynch last September, becomes managing director, head of equity and commodity structured products. Carrington will also be a member of the world markets management committee.

Some readers will be pleased to know that this is my last column before I take a summer break. You can also have a break from my constant haranguing and phone stalking as I nail the biggest stories in the FX market – which is also heading for its summer quiet period. Rest assured though that we are keeping a close eye on the market and any big stories will be posted here on the FiX.

Scarcely a week goes by without some rich investment banker, broker or hedge fund manager contacting us and asking if we can send them an article out of the goodness of our hearts.

You just can’t keep Saxo out of the news. One week, the cycling team it sponsors is winning the world’s biggest annual sporting event, and the next it’s announcing that it has carried out an organizational restructuring of its senior management. With this much news flow, I can only assume that the bank is gearing up for an IPO.

The revival of the CME’s FX futures product line has been one of the financial success stories of the past decade.

The latest turnover figures from Icap, CME and CLS show that while spot volumes (assuming CME’s futures are predominantly used as a proxy for spot) are still growing, the rate of expansion is slowing. The average daily volume on EBS in July was $206 billion, a 9% increase over July 2007. On the CME, total FX turnover rose 2% on July 2007 to a daily average of 640,347 contracts, or $90.2 billion in nominal terms. Growth was stronger in its option contracts, which expanded by 7% over July 2007 to a daily average of $3 billion. This was largely driven by a greater move towards electronic trading, which expanded by 42%.

With the notable exception of the Fed, central bankers around the world seem overly concerned with the threat of inflation

A bit more light has been shed on our report last week that CMC Markets had embarked on a global redundancy programme.

Competition, consolidation and innovation are pushing forward development in payment and collection systems. By Jack & Wolfi Large

Third regional development bank will have an initial $10 billion capital.

Corporate treasurers are increasingly expected to understand and manage not just financial risks but risks across the whole enterprise. New software tools can help them do this. By Jack & Wolfi Large.