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MF Global gets new CEO as Davis quits
NEW YORK - Kevin Davis resigned as chief executive of MF Global on October 29 and has been replaced by Bernard Dan, after a turbulent few months for the institutional broker.
Harsh climate suits Aus FX
SYDNEY - Australian foreign exchange dealers expect to continue benefiting from increased deleveraging and client hedging activities seen since September.
Westpac reports rise in FX revenues
SYDNEY - Westpac has reported a rise in foreign exchange and energy revenues amid heightened market volatility.
FX results up down under
LONDON & SYDNEY - Australian lenders ANZ and National Australia Bank (NAB) have announced strong full-year revenues for foreign exchange, despite revealing overall profits affected by tumultuous financial market conditions.
NFA in FX regulatory crackdown
CHICAGO - The National Futures Association (NFA) is proposing an overhaul of the regulations governing foreign exchange trading for members, in a bid to protect the interests of retail traders in the US.
Managed Models adds two new clients
LONDON - London-based data analytics company Managed Models has signed on two more banks, as institutions seek to add efficiency to foreign exchange liquidity management operations.
A true test for Asian markets
"Don't panic, but be fearful" was the message at this year's FX Week Asia Congress, held last Tuesday (October 21) in Singapore.
Coupland expected to head forex sales at Lloyds-HBOS
LONDON - Nigel Coupland is tipped to become head of foreign exchange sales at the merged Lloyds TSB-HBOS entity in London, according to a London-based headhunter.
Calls on low yielders overpriced
GLOBAL - Dealers report an overpricing on calls in low-yielding currencies, as investors move into less risky assets.
BNP Paribas ups the ante in forex
LONDON - BNP Paribas plans to roll out a new foreign exchange trading platform to select clients by the end of the year, in a bid to grow its presence in FX.
Citic admits $2bn loss
HONG KONG - Citic Pacific is being investigated by the Hong Kong Securities and Futures Commission after admitting it could face almost $2 billion in losses due to involvement in unauthorised currency hedging.
SEB's multi-manager fund thrives
STOCKHOLM - SEB's multi-manager currency fund has returned 2.45% over cash on a year-to-date basis and 48 basis points for September, say bank officials.
A return to vanilla
GLOBAL - Banks are preparing for a vanilla year next year in the derivatives market, as investors seek transparent structures in an environment of heightened volatility and inconsistent liquidity.
Three Nomura Lehman hires named
LONDON - Details continue to emerge about the identities of the 150 Lehman Brothers staff who made the move to Nomura in London two weeks ago ( FX Week , October 13).
Forex derivatives under scrutiny
MEXICO CITY - Mexican authorities will interview banks selling currency derivatives to corporates in the country, as part of an investigation into irregular reporting of exposures by listed companies.
BoNY signs up to GFI's Fenics FX
NEW YORK - Bank of New York Mellon has signed a three-year licence for GFI Fenics FX, a pricing and risk management software system.
Futures broker RCG buys MG Financial
CHICAGO & NEW YORK - Rosenthal Collins Group (RCG) completed the acquisition of online foreign exchange trading company MG Financial on October 15.
Currencies shine in Q3
NEW YORK - Record levels of volatility are ensuring rates and currency businesses continue to be the shining lights, as evident in third-quarter fixed-income results released by dealers last week.
BarCap picks Caplin for rates
LONDON - Barclays Capital has signed a contract to purchase web-based application Caplin Trader for its fixed-income electronic commerce system.
Interbank lending eases further
LONDON - The Ted spread, along with overnight and three-month Libor, fell for the fourth day in succession after European governments announced bail-out packages on Monday (October 13), and the US followed suit on Tuesday.
Ex-Lehman UK staff find new FX roles
LONDON - Deutsche Bank, Credit Suisse, Standard Chartered and JP Morgan have all moved to make further hires from Lehman Brothers' former foreign exchange team.
Credit Suisse launches currency basket options
LONDON - Credit Suisse has introduced currency basket options on Merlin, its proprietary electronic foreign exchange structured products trading platform, in response to client demand.