Articles by FX Markets Staff
Expert hails algo trading
NEW YORK – The rise of algorithmic trading has significantly improved the health of the FX market, according to a keynote address at the FX Week USA congress in New York last week.
CME/CBOT merger terms agreed
CHICAGO – Shareholders of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) agreed an $11.9 billion merger deal last Monday (July 9), ending CME's long-running battle with the IntercontinentalExchange (Ice) for control of CBOT.
Dresdner boosts global sales and trading coverage
LONDON & NEW YORK – Dresdner Kleinwort is expanding its sales and trading coverage across London and New York with hires from Dutch rival ABN Amro.
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
Morgan Stanley creates private wealth team
Morgan Stanley's private wealth management business has hired Robert Stolar as head of a new family wealth group. The bank has also appointed a team to serve US ultra-high-net-worth clients and family offices.
Citi adds staff in Asia
LONDON & SINGAPORE – Citi has added staff to its Singapore options trading and investor sales desks in Asia, but is believed to have lost people in FX structuring and FX real money sales in Europe.
Wall Street/Logiscope team up
LONDON & NEW YORK – Technology vendor Wall Street Systems has integrated Logiscope's TradeSTP with its FX trade processing solution, Wallstreet FX ASP.
Margin trading platform race gathers pace
The race to launch a margin trading platform continues to gather pace, with at least two further banks in the process of signing deals with online trading companies to launch retail platforms.
JP Morgan swipes HSBC rates chief
LONDON & DUSSELDORF – JP Morgan is believed to have hired HSBC's rates chief, amid a reorganisation of its global rates and G-10 FX businesses.
Offshore relocation minimises forex processing costs
LONDON – Offshoring and rising cash FX and FX options trade volume have led to a significant reduction in cost per trade, according to a survey by London-based market intelligence firm Z/Yen.
Trend strategy down this year
LONDON – Currency funds trading the trend strategy are likely to be down on a year-to-date basis, according to research by ABN Amro.
Currency volatility sparks record trading volumes
CHICAGO & LONDON – Volatility in currency markets led to record trading volumes on spot broking platform EBS and the Chicago Mercantile Exchange (CME) last month.
Keeping pace in an explosive market
Rick Schumacher, product manager at Wall Street Systems in New York, explores recent transformations in the FX market and the new challenges and opportunities these present for banks
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
Singapore hub for Julius Baer
SINGAPORE – Swiss bank Julius Baer is making its Singapore location its South-east Asia hub after being granted a licence to open a wholesale banking branch in the city sate.
SSgA hits $100 billion mark
LONDON – State Street Global Advisors (SSgA), the investment management arm of State Street, has reached $100 billion in assets under management for its currency strategies.
Banks sign up to Bloomberg NDFs
NEW YORK – HSBC, Lehman Brothers, the Royal Bank of Scotland and Standard Chartered have committed to offering liquidity in non-deliverable forwards (NDFs) over the Bloomberg FX Dealing platform.
Reorganisation at Barings
LONDON – Baring Asset Management has reorganised its UK-based fixed-income and currency team amid the resignation of chief investment officer Michael Hughes last week (July 3).
ABN Amro beefs up forex in Singapore
SINGAPORE – ABN Amro has shifted more FX staff to Singapore in a further bid to centralise its Asia-Pacific forex business.
Asian leaders call for more integration to avert crises
MANILA – Asia's financial leaders called for greater regional integration to prevent a recurrence of the 1997 Asian financial crisis, at a conference in Manila last week marking its 10-year anniversary.
Augustus launches new currency fund
LONDON – Augustus Asset Managers (AAM) has launched the JB Currency Hedge Fund, a currency fund mixing discretionary and systematic investment techniques. The move marks the manager's first move into pure FX management.
Buy side to boost trading ops by 90%
LONDON – The buy side is set to be behind 90% of the growth in trading operations by 2010, according to research released last week by London-based research company Kimsey Consulting.
Deutsche deepens cross- border presence
ISTANBUL – Deutsche Bank has bought the institutional cross-border custody unit of Istanbul-based Türkiye Garanti Bankasi (Garanti Bank), in a deal rumoured to be worth $115 million.