Islamic Finance
ABN targets retail investors
DUBAI - ABN Amro has launched the Bric Infrastructure, Water and FX capital-protected note, targeted at retail investors globally.
StanChart launches quant academy to crack market
LONDON & SINGAPORE - Standard Chartered is boosting its quantitative skills base through a new quant academy programme.
Saxo Bank sells 5% stake for $92m
COPENHAGEN, LISBON & LONDON - Espirito Santo Financial Group (ESFG) and subsidiary Banco Espirito Santo Group (BESG) have bought a 5% shareholding in Saxo Bank, in a move to expand the bank's electronic capabilities.
StanChart hires ex-Deutsche head
SINGAPORE - Standard Chartered is continuing its assault on foreign exchange and interest rates with a key hire in Singapore.
Deutsche signs record sharia collar trade
DUBAI - Deutsche Bank has closed the largest Islamic profit-rate collar to date, for Dubai Islamic Bank (DIB).
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.
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).
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.
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.
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.
FXMarketSpace's advantage is eroded
FXMarketSpace has released its second set of volume figures, showing the platform is growing steadily.
FXMarketSpace volumes continue to rise
LONDON – Average daily trading volumes on FXMarketSpace rose 54% in May, indicating steady growth over the platform, say analysts.
Exchange-traded rupee futures contract to launch
DUBAI – On June 7, the Dubai Gold and Commodities Exchange (DGCX) will launch the first exchange-traded Indian rupee futures contract.
Credit Agricole and Macquarie post mixed results
PARIS & SYDNEY – Credit Agricole and Macquarie Bank posted differing results earlier this month, with the former experiencing buoyant gains in its FX business, the latter a decline.
GCC currency uncertain after Kuwait abandons dollar peg
SAFAT, KUWAIT – The decision to abandon the Kuwaiti dinar’s peg to the US dollar in favour of a basket of major currencies has brought into question plans to introduce a single currency for the six Gulf Cooperation Council (GCC) states.
Further restructuring at Bank of America
LONDON – Ravi Mudan has been promoted to global head of FX proprietary trading at Bank of America (BoA) in London.
EIIB launches Islamic money-market instrument
LONDON – The European Islamic Investment Bank (EIIB) has begun accepting funds under Wakala placements, following approval by the Financial Services Authority (FSA) in the UK.
E-commerce and algo trading to drive recruitment this year
LONDON – Headhunters are predicting that the next 12 months could see a significant amount of staff turnover in the FX market.
Citigroup launches Islamic finance products in Singapore
SINGAPORE – Citigroup has launched commodity murabaha investments denominated in the US dollar, euro, pound sterling and Singapore dollar.
More top changes at BoA
LONDON & NEW YORK – Bank of America (BoA) is undertaking a further restructuring of its senior FX management team, as the bank seeks to drive its growth to the next level.
Sharia forex hedges take off
KUALA LUMPUR & DUBAI – The market for sharia-compliant forex hedges continues to grow, with Citigroup structuring the first cross-border sharia-compliant cross-currency profit rate swap worth $230 million.
Asian expansion for Fimat
ASIA-PACIFIC & MIDDLE EAST – Fimat, the brokerage arm of Société Générale, is slated to use BT Radianz’ Proximity Solution in Asia to provide low-latency access to derivatives exchanges in Korea, Singapore and Japan.