Articles by FX Markets Staff
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.
Credit Agricole up, West LB down
PARIS & DUSSELDORF – Credit Agricole and West LB posted differing results last week, the former experiencing buoyant gains while the latter suffered a decline.
BoA shuffles top level
LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.
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.
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).
Risk aversion favours the dollar
The greenback is, paradoxically, likely to benefit from the recent spate of risk aversion brought on by the subprime crisis, writes Mansoor Mohi-uddin, chief currency strategist at UBS Investment Bank in London
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Capitalising with caps
Loïc Henry, head of Paris FX structuring at French Bank Calyon, suggests the introduction of caps when participating in spread options
Saxo opens in China
BEIJING – Saxo Bank opened a representative office in Beijing earlier this month, to increase proximity to clients, partners and liquidity providers in the country.
Increased volatility highlights resilience
Recent weeks of volatility have made currency markets an extremely exciting place to be trading.
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
Goldman swipes Vella from JP Morgan
LONDON – Andrea Vella, co-head of derivatives sales and marketing for southern, central and eastern Europe, the Middle East and Africa at JP Morgan in London, has quit the bank for Goldman Sachs, according to informed sources.
Citi gains in Milan, loses in London
LONDON & MILAN – Citi has gained a senior salesperson in Milan but has lost a senior trader in London, market sources say.
Forex escapes revenue decline at UBS
ZURICH – UBS has experienced revenue gains in FX and money markets over the second quarter, despite experiencing a 31% year-on-year decline in fixed income, rates and currencies (FIRC).
UBS gives Richards expanded role
STAMFORD, CT – Paul Richards is replacing Rob Garwood as global head of forex asset management distribution at UBS, as Garwood leaves the bank in London.
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
FOMC slouches towards neutrality
According to Robert DiClemente , chief US economist at Citi in New York, the lingering policy bias should not dissuade markets from anticipating an eventual reversal
StanChart reports income rise
LONDON – Standard Chartered generated a 15% rise in income from FX client business in the first half of this year, the bank said in its interim results released last week.
Reporting line change for JP Morgan in London
LONDON – The transitioning of Brian Tomeo's role as head of FX sales for Europe, Middle East and Africa (EMEA) has led to a reporting line shift in senior FX sales at JP Morgan, market sources say.
Saxo Bank expands globally
COPENHAGEN – Saxo Bank is building a global wealth management business as part of its corporate growth strategy for 2010.
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week .