Articles by FX Markets Staff
Subprime crisis drains FX bonus pool
LONDON - Staff at banks worst hit by the subprime crisis are due to face reductions in cash payouts, sources tell FX Week .
BGC loses FX chief but gains e-commerce head
LONDON - Interdealer broker BGC Partners has lost its London-based managing director of foreign exchange, but has strengthened its e-commerce capabilities with a key hire in the City.
Banks brace for algo trading boom in 2008
As the industry continues to digest the credit market's meltdown, foreign exchange trading volumes continue to boom. Representatives of the major FX banks, Credit Suisse, HSBC and Saxo Bank, discuss the main technology trends in e-FX trading to watch in…
G-10 currencies face a grim 2008
John Hydeskov , senior FX analyst at Danske Markets in Copenhagen, predicts the road ahead for G-10 currencies in light of an ongoing financial crisis
Lehman gains from CBA split
SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank.
Goldman Sachs launches FX algos
LONDON - Goldman Sachs plans to debut foreign exchange trading algorithms in the first half of 2008, as part of a strategy to gain market share.
CIB boosts voice-trading tech
SHANGHAI - China Industrial Bank (CIB) has enhanced its voice-trading operations, adopting Orange Business Services Trading Solutions' dealing telephony.
Saxo in executive shake-up
COPENHAGEN - Christian Frahm, senior executive director and head of Europe, excluding UK and the Middle East, at Saxo Bank in Copenhagen, left the bank last month.
CLS launches NDF settlement
LONDON - ABN Amro, Credit Suisse, Fortis, HSBC and the Royal Bank of Scotland became the first settlement banks to go live with non-deliverable for-wards settlement over settlement system CLS last week.
StanChart first for trade volumes
LONDON - Standard Chartered has been ranked first for trade transaction volumes in Hong Kong, Singapore and the UAE by industry messaging co-operative Swift.
Pegging hopes on GCC currency reform
Marios Maratheftis, Dubai-based regional head of research for Middle East, North Africa and Pakistan at Standard Chartered, calls for currency reform by the GCC
Forex cons caught red-handed
DETROIT - The Michigan Federal Court has ordered Millenium Trading Group and Worldwide Clearing of Florida, as well as Florida resident Cedric Stanton, to pay more than $10 million in sanctions.
FXMS reveals profit-share plans
LONDON - FXMarketSpace (FXMS) is introducing a profit-share programme that will allocate 37.5% of its pre-tax profit between the most active traders, in an aggressive push to boost liquidity on the platform.
Credit Suisse e-trades exotics
LONDON - Credit Suisse has enabled trading in structured exotic foreign exchange options on its proprietary electronic trading platform, Merlin, with select institutional clients globally, the Swiss dealer said last week.
StanChart hires options chief from Credit Suisse
NEW YORK - Standard Chartered has hired its new head of flow business for its foreign exchange options trading desk in New York from rival bank Credit Suisse.
Hotspot FXi revamp means faster trades
JERSEY CITY, NJ - Electronic communications network (ECN) Hotspot FXi plans to implement a multiple-server matching engine architecture to replace its single matching engine in January 2008, to improve the platform's performance.
Parker FX Index up 1.4% in October
STAMFORD, CT - The Parker FX Index was up 1.44% in October as managers benefited from a declining US dollar, which was down -1.6% against a basket of G-6 currencies.
Wayward US forex brokers struck off the register
WASHINGTON, DC - The US Commodity Futures Trading Commission has revoked the introducing broker registrations of Next Financial Services Unlimited and New World Trading, due to fraudulent FX activities.
Icap completes Traiana deal
LONDON & NEW YORK - Interdealer broker Icap completed the acquisition of New York-based post-trade technology vendor Traiana on December 4.
Icap and CME post strong FX gains
CHICAGO & LONDON - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) continue to report strong month-on-month gains in foreign exchange trading volume.
Overlay launches EM currency fund
DUBLIN - Overlay Asset Management has launched a specialist fund to invest exclusively in emerging market currencies.
Credit and equity keep Scotia results down
The global capital markets business at Scotia Bank generated a 2% rise in revenue to $1.26 billion for the fiscal year 2007, compared with the previous year.