News
BNP expands in Europe
EUROPE - BNP Paribas is understood to have boosted its European presence with hires in London and Madrid, and a new representative office in Stockholm.
Capital enters retail FX
LONDON - Capital Forex, the FX arm of online trading company London Capital Group, is white-labelling Currenex's technology to break into the retail foreign exchange market.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.
Deutsche breaks into Asia's mid-market
SINGAPORE - Deutsche Bank has created a global markets centre (GMC) in Singapore to target the booming mid-market customer base in Asia.
Standard Chartered offers ESP
Standard Chartered has begun offering executable streaming prices (ESP) on the Bloomberg forex dealing platform.
Currency returns reach new high
LONDON - Currency overlay managers have achieved record median excess returns in the second quarter, according to a new survey by BNY Mellon Asset Servicing.
Citi gets go-ahead in Dhaka
DHAKA - Citi became the first foreign bank to secure a merchant banking licence in Bangladesh, enabling the US dealer to act as an adviser, underwriter and lead manager in the country's local capital markets.
Tradition goes Swiss
LAUSANNE - Interdealer broker Tradition has relocated its Scandinavian dealing operations from London to a new desk in Lausanne, Switzerland.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%
Saxo Bank gains Swiss Synthesis
GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.
Oanda receives $100 million injection
TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).
FX Solutions launches new platform
NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).
ABN Amro reshuffles e-business operations
LONDON – ABN Amro has handed over management of its European e-business operations to two senior managers at the bank in London, market sources say.
Processing costs slashed
LONDON – Confirmation-matching systems such as Swapswire and DTCC have slashed processing costs for over-the-counter derivatives trades, according to research released last week.
RBC boosts emerging markets capability
NEW YORK – RBC Capital Markets is expanding its multi-asset class emerging markets business with two hires in New York covering the Americas.
EBS launches trading in USD/TRY
LONDON – London-based spot-broking platform EBS is launching trading in the US dollar/Turkish lira currency pair today (September 17) in an effort to expand the range of tradable emerging market currencies.
Saxo Bank gains Swiss Synthesis
GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.
Japan's EBank ventures into forex market
TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.
AIB takes Eurobank's Siena Gateway for FX distribution
LONDON – Allied Irish Bank (AIB) has licensed Eurobase's Siena Gateway product to distribute foreign exchange rates within AIB's branch network.
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .