News
Bond and cyclical trades best for currencies
LONDON – Bond spread and cyclical divergence trades should make up a greater share of currency portfolio risk in coming months, according to research from JP Morgan.
First non-deliverable RMB rate swaps traded
HONG KONG – HSBC and Standard Chartered traded the first non-deliverable renminbi (RMB) interest rate swaps deals last Wednesday (August 16), marking a significant step in the development of the local currency derivatives market.
Musical chairs for Citi seniors
LONDON – Citigroup is set to make senior personnel changes in London and New York following the transfer of former London chief dealer Raymond Ng to Singapore.
Travelex makes first foray into Austria
EUROPE – Travelex, the FX specialist, has acquired the overseas business of ReiseBank for e3.4 million.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Commerz hires trading trio
FRANKFURT – Commerzbank Corporates & Markets (CBCM) has boosted its Frankfurt-based forex trading desk with three new hires in over-the-counter options and warrants trading.
Forex trader faces possible execution
HANOI – A bank employee faces possible execution in Vietnam after the bank lost some $5.4 million in allegedly unauthorised prop trading.
Pension funds should increase FX exposure – Deutsche Bank
LONDON – Pension funds should substantially increase their exposure to forex in order to increase returns and decrease volatility of returns, according to research from Deutsche Bank released last week.
Rouble hits seven-year peak against dollar
MOSCOW – The rouble hit its highest level against the US dollar for seven years last week, as the soaring price of oil boosted the Russian unit.
MarketSpace gears up for launch
CHICAGO & NEW YORK – FXMarketSpace, the CME/Reuters joint venture, is set to reveal its offering with a prototype graphical user interface (GUI) to be released later this month as it makes its first hires.
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Gladwin starts in top FX role at Lehman
LONDON – Richard Gladwin started in his role as global head of foreign exchange at Lehman Brothers last Monday (July 31).
BGC team travels to Copenhagen
COPENHAGEN – Interdealer broker BGC has relocated a team of eight brokers to Copenhagen, to set up an interest rate derivatives broking business in the country.
BoA adds to London staff
LONDON – Bank of America (BoA) has made a number of hires in London as it continues to expand its forex capabilities in the City.
FXpress enhances web treasury product
BALA CYNWYD, PENNSYLVANIA – FXpress Corporation, the treasury solutions provider, has released First S6, the latest version of its web-based treasury software for corporations worldwide.
Calypso launches middle-office tool
SAN FRANCISCO – Calypso, the US technology vendor, has launched Calypso Enterprise Risk Service (ERS), middle-office risk software for FX and other asset classes.
City Index acquires IFX
LONDON – FX broker IFX agreed last week to be acquired by spread-betting company City Index. The deal, which is subject to shareholder approval, is worth £1.80 per share or about £57.9 million.
Wall Street Systems buys Trema with private backing
NEW YORK & LONDON – Technology vendor Wall Street Systems (WSS) last week purchased Trema, another major player in treasury, FX and back-office systems, in a deal believed to be worth up to $150 million.
European banks up in Q2
EUROPE – European banks have followed the trend set by their US peers, releasing a strong set of second quarter results last week.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.