News
Goldman loses two in FX sales...
LONDON – Goldman Sachs has lost two staff from its institutional FX sales business in London.
...and CS loses two in trading
NEW YORK – Credit Suisse has lost two spot traders in New York, and reorganised its fixed-income business.
Tradition hires five in inflation, new desk head
EUROPE – Interdealer broker Tradition has added to its inflation team across Europe and appointed a new desk head, John Cullen.
BoT closes NDF trading loophole
BANGKOK – The Bank of Thailand (BoT) has again intervened in the FX markets, by ordering banks not to trade non-deliverable forwards (NDF) with foreign counterparties.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
CME, Reuters finalise FXMarketSpace
CHICAGO & LONDON – The Chicago Mercantile Exchange (CME) and Reuters are making final preparations for the launch of their joint-venture platform, FXMarketSpace.
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.
NAB recovers after options scandal
ADELAIDE – National Australia Bank chairman Michael Chaney announced "good" growth in profitability last year.
Parker index reports bad year for currency funds
STAMFORD, CONNECTICUT – Currency funds closed 2006 with weak results, according to data from Parker Global Strategies' currency funds index.
CME forex volumes rose 29% in January
CHICAGO – The Chicago Mercantile Exchange daily FX volume averaged 494,000 contracts in January, up 29% from the same period last year.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
Forex gap widens between London and New York
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the boom in mergers and acquisitions (M&A) and proximity to emerging markets provides a boost to the UK capital.
SG CIB names forex line-up
LONDON & PARIS – Société Générale Corporate and Investment Banking (SG CIB) has named three managers to head its global FX business, in its fixed income, currencies and commodities (FICC) division.
BarCap index fund gains traction
LONDON – The Barclays Intelligent Carry Index (ICI) fund has received "substantial interest" two weeks after launch, according to officials at the bank in London.
RBS breaks into Russian market
LONDON & MOSCOW – RBS Global Banking and Markets has signed an exclusive agreement with Russian investment bank Renaissance Capital to sell derivatives solutions in the country.
Capitalia extends SwapsWire connection
ROME – Capitalia SpA is extending its relationship with electronic dealer network, SwapsWire.
Fimat MD takes top US forex post at SGCIB
NEW YORK – Vincent Bonamy, Fimat's managing director of financial products and services for the Americas, is to become head of FX for Société Générale Corporate and Investment Bank (SG CIB) for the region.
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
CFTC to adapt rules governing futures traders
WASHINGTON DC – The Commodity Futures Trading Commission (CFTC) last week said futures traders will be required to become registered members of a self-regulatory trade association from February.
ODL to upgrade platform using Dresdner technology
LONDON – FX broker ODL Securities plans to upgrade its FX trading platform by incorporating technology acquired from Dresdner Kleinwort's retail services arm last week.
Smith resurfaces at BarCap
LONDON – Barclays Capital has hired Glenn Smith to head short-dated vanilla options trading in London.
Sterling to run out of steam
LONDON – Despite excitement in the markets as sterling approaches the iconic value of $2, market analysts surveyed by FX Week are unconvinced the currency will breach that level.