News
ABN targets retail investors
DUBAI - ABN Amro has launched the Bric Infrastructure, Water and FX capital-protected note, targeted at retail investors globally.
MF Global loses $141.5m from rogue wheat trade
NEW YORK - Interdealer broker MF Global has lost $141.5 million after it was forced to cover trading losses made by one of its employees.
EBS Spot aims for NDF supremacy
LONDON - The battle to gain market share in electronic non-deliverable forwards (NDFs) broking is gathering pace, with the launch of seven Asian NDFs and Russian rouble trading on electronic spot broking system EBS Spot today (March 3).
Forex delivers for StanChart and RBS
LONDON - Income from FX helped Standard Chartered boost profits to a record high, as British banks announced full-year results tempered by exposure to subprime investments.
Thomson gets go-ahead for purchase of Reuters
LONDON & STAMFORD, CT - Thomson Corporation received approval from the European Commission, US Department of Justice and Canadian Competition Bureau to acquire Reuters last Tuesday (February 19).
Mifid compliance: a matter of principles
Since the EU's Markets in Financial Instruments Directive (Mifid) went into effect on November 1, 2007, financial firms have been racing to implement principles-based regulation to remain compliant and competitive. With various EU members in different…
UBS receives India banking go-ahead
MUMBAI - UBS joined an elite pool of foreign banks to receive an Indian banking licence last Monday (Feb 18) from the Reserve Bank of India.
Kerviel acted alone - SG report finding
PARIS - The Société Générale (SG) investigation into rogue trader Jérome Kerviel has found no evidence of an accomplice, but criticises the bank's oversight teams for failing to take the initiative in following up 93 alerts triggered by his unauthorised…
Icap suspends interbank FX forwards and swaps pricing in mainland China
LONDON & SHANGHAI - Icap stopped quoting forwards and swaps in the Chinese interbank market through its local joint venture last week, due to a lack of regulatory clarity.
Deutsche offers CRI-linked auto-callables
LONDON - Deutsche Bank is now selling auto-callable and target redemption notes linked to its Currency Return Index (CRI).
StanChart launches quant academy to crack market
LONDON & SINGAPORE - Standard Chartered is boosting its quantitative skills base through a new quant academy programme.
Barclays Capital rises above credit crisis
LONDON - Barclays Capital released solid full-year results last week, as banks across mainland Europe posted results tarnished by the effects of the credit crisis.
Taiwan banks accuracy warning
TAIPEI - The Taiwanese monetary authority issued a circular to banks last week warning dealers to ensure the necessary paper work is accurately reviewed when executing currency forwards and non-deliverable forwards trades.
Logicscope and NCI release notification tool
LONDON - Post-trade technology vendors Logicscope and NCI have entered an agreement to integrate elements of both companies' software to release a trade notification solution to end-user clients of banks, brokers and trading platforms.
Thai currency restrictions here to stay
BANGKOK - The Thai central government stopped short of lifting controversial foreign currency restrictions last week, despite embarking on a push to relax capital controls last month.
EBS opened to third-party vendors
LONDON - Icap is expanding access to electronic spot foreign exchange broking platform EBS by allowing selected third-party independent software vendors (ISVs) to write directly to the platform.
Saxo adds FX options in the US
NEW YORK - Saxo Bank is extending trading in foreign exchange options by private investors in the United States this week.
Doubts over CLS 'warehouse' system
LONDON & ZURICH - The competitive nature of back-office capacity could curtail adoption of a proposed solution by settlement system CLS to manage strains placed on these systems by surging ticket volumes, say industry experts.
August leaves Merrill for TD Securities
LONDON - Mark August, former head of UK real-money business, Europe, Middle East and Africa (EMEA), at Merrill Lynch in London, has been hired by TD Securities as managing director and head of institutional foreign exchange distribution for Europe.