Articles by FX Markets Staff
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
Parker FX Index dips 0.58% in July
STAMFORD, CT – The Parker FX Index was down 0.58% in July, with 36 indexed programmes reporting positive results and the remaining 45 incurring losses.
Asia seeks cross-asset sales specialists
LONDON & HONG KONG – Cross-asset salespeople are in high demand by banks building up their presence in Asia, according to market participants.
Bear Stearns raids BNP Paribas
LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
StanChart makes global sales push
DUBAI, MUMBAI & NEW YORK – Standard Chartered is making a global sales push in e-commerce with three major hires covering emerging markets, south Asia and the Americas.
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .
KMJ Currency Program reaps rewards of market turmoil
The KMJ Currency Program was up 14.7% in August, benefiting from the turmoil in the currency markets.
Tough times ahead for US dollar
Mike Gallagher, director of research at IDEAglobal in London, evaluates the outlook for the US dollar amid prospects for lower US growth and rates
FXMS deepens global footprint
LONDON & HONG KONG – FXMarketSpace (FXMS) has expanded its global sales team, hiring two new sales staff in Europe and Asia.
Lloyds TSB expands global derivatives capacity
LONDON – Lloyds TSB's corporate markets division has hired three senior staff in London, expanding its derivatives trading and development operations.
Market-makers need to get technical
The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…
Icap and CME Group report bullish trading in August
LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.
Electronic brokers reach new highs
LONDON – Electronic brokers EBS and Reuters smashed records for trading volumes amid highly volatile global markets.
RBC and Citi raid BNP
LONDON – The Royal Bank of Canada (RBC) and Citi have poached two foreign exchange salespeople from BNP Paribas in London, market sources say.
Rating agencies assess CP markets
EUROPE – Fitch Ratings and Moody's sought to capture the effect of the commercial paper (CP) market's lack of liquidity on the wider banking outlook in two conference calls last week.
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
ODL embarks on global expansion
LONDON – ODL Securities, a London-headquartered foreign exchange, equities, derivatives and commodities trading firm, is expanding its FX business with the support of a private placement worth £14 million ($28 million).
Banks pilot OCL pre-settlement tool
LONDON – Two banks are piloting a pre-settlement netting solution developed by post-trade technology vendor Options Computer (OCL) to manage back-office capacity constraints brought on by high- frequency trading ( FX Week, July 16).
Singapore banks lose FX revenues
SINGAPORE – DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) reported sharp declines in foreign exchange revenues in the second quarter of this year, down from the same period last year.