Articles by FX Markets Staff
RBNZ uses Reuters to intervene in spot market
AUCKLAND – The Reserve Bank of New Zealand (RBNZ) used Reuters’ spot matching system on June 11 to intervene in the spot Kiwi market for the first time, market sources say. The RBNZ intervened in the FX market to sell New Zealand dollars on June 11. This…
JP Morgan's reshuffle of management continues
Chris Willcox and Matt Zames have been named co-heads of global rates and currency trading at JP Morgan, excluding Asia, including Japan. The pair will also co-manage JP Morgan’s North American corporate marketing, commercial bank marketing and global e…
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
Saxo debuts retail algorithmic tool
LONDON – Saxo Bank is today (June 25) launching its retail algorithmic trading tool, TradeCommander, in the UK market ( FX Week , January 8).
IMF makes landmark update to exchange rate monitoring
MONTREAL – The International Monetary Fund (IMF) announced an overhaul of its exchange rate policy surveillance framework last Monday (June 18), for the first time in 30 years. The changes oblige member countries to avoid exchange rate policies that…
New forex head for Morgan Stanley
LONDON – Morgan Stanley has named Sarah Edgington as the new London-based European head of FX, following the departure of Paul Blain earlier this month, the bank confirmed ( FX Week , June 11).
What happens when the state steps in
The effects of state intervention on exchange rate policy are examined by Peter Luxton , London-based global markets adviser at Informa Global Markets
International Assets expands in Hong Kong
HONG KONG – Florida-based institutional trading company International Assets Holding is expanding its collateralised FX trading business in Hong Kong.
Lehman Brothers continues e-FX drive
Lehman began offering prices over the Bloomberg FX Dealing system on June 12.
CLS Bank posts daily record for payment instructions
NEW YORK – Last Wednesday (June 20), CLS Bank International posted a new record for the value of payment instructions settled in one day. The bank settled 604,860 payment instructions with a gross value of $7.28 trillion, beating the previous record of …
Julius Baer takes on Wallstreet FX-Web
ZURICH – Private bank Julius Baer has taken on Wall Street Systems' web-based FX solution, Wallstreet FX-Web for its internal portfolio managers to directly access the bank's trading system.
Johannesburg launches currency futures
JOHANNESBURG – The Johannesburg Stock Exchange (JSE) launched the first in a series of currency futures contracts last Monday (June 18). The rand/dollar futures started trading on Yield-X, JSE's interest rate exchange platform.
StanChart steers forex operations to Dubai
GLOBAL – It is understood that Charles Brown, head of quantitative development for global financial markets covering rates, FX and capital markets, for Standard Chartered in Singapore, is leaving the bank this month.
GFI brokers first algorithmic trade of forex option
Interdealer broker GFI brokered the first screen-based algorithmic trade of an FX option through its option trading platform, Forexmatch, last month.
BIS report notes low volatility
LONDON – FX markets were characterised by high levels of turnover and historically low volatility in 2006, according to the Bank for International Settlements' (BIS) 77th annual report, released today (June 25).
BNP Paribas multi-asset trading system to go live this year
LONDON – BNP Paribas plans to go live with a new multi-asset trading system in the third quarter of this year, marking the move of another bank away from silo-based trading and sales.
BNP Paribas boosts sales teams in London and Paris
PARIS & LONDON – BNP Paribas has added to its London-based FX hedge fund sales team, and strengthened its Paris-based FX sales team to cater for central banks and official institutions.
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
FXMS opens for business in Singapore
FXMarketSpace received clearance from the Monetary Authority of Singapore to operate in the city state last Monday (June 18).
BNP Paribas wins sex discrimination case
The London Central Employment Tribunal has unanimously dismissed the high-profile case brought against BNP Paribas by former FX salesperson Katharina Tofeji.
Bear Stearns widens its footprint in western Europe
PARIS, FRANKFURT & LONDON – Bear Stearns has stepped up its global FX expansion by re-entering Paris, and is considering reopening an office in Frankfurt.
JP Morgan and StanChart in senior forex shakeup
LONDON & NEW YORK – JP Morgan and Standard Chartered have embarked on a series of senior-level management changes.