News
EBS enhances market data offering
LONDON & New York – FX platform EBS has enhanced its spot capabilities with an additional market data offering.
Currency strategies down in 2005
LONDON – Most currency funds are likely to have ended 2005 nursing losses, with trend followers down almost 10%, indicates research from ABN Amro.
PBoC gives OTC foreign exchange go-ahead
BEIJING/SHANGHAI – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades last week, and introduced 13 market-makers to provide liquidity in the renminbi.
StanChart builds in Asia
SHANGHAI & HONG KONG – Standard Chartered has hired Fu Qing, to head FX trading in Shanghai.
US Bank opens FX in California
LOS ANGELES – US Bank, a subsidiary of US Bancorp, has opened an FX office in downtown Los Angeles, California.
Eurex confirms US partner search
CHICAGO – Swiss-German exchange Eurex has confirmed it is in dialogue with numerous rival US-based exchanges about forming a partnership to aid its ailing US business.
RBC takes on Risque
NEW YORK – Royal Bank of Canada (RBC) is to implement Risque, a risk management tool from Sophis, a cross-asset front- to back-office solutions vendor.
Bloomberg goes live with FX options
NEW YORK – Bank of America (BoA) has become the first bank to trade FX options with customers over the Bloomberg terminal.
Keeping it real
BRASILIA – The Brazilian real (BRL) was one of the strongest currencies of 2005, and political din surrounding the October elections is expected to lead to further strength in the unit, say market observers.
Guarantees limiting overall bonus levels
LONDON – The increasing number of guaranteed bonuses in 2005 to top-performers means staff without these packages are likely to see a drop in bonus levels, say market observers.
Bloomberg goes live with FX options
NEW YORK – Bank of America (BoA) has become the first bank to trade FX options with customers over the Bloomberg terminal.
Size matters, survey finds
GREENWICH, CT – The ability to execute large currency trades is one of the key components in winning new FX business from corporates and institutional clients, according to research from Greenwich Associates.
NAB rogue traders charged, senior staff dismissed
MELBOURNE – A year after the National Australia Bank rogue trading scandal was uncovered, January 2005 saw the Australian Securities and Investment Commission (ASIC) release information about charges handed down to the traders involved.
News in brief
LONDON – November saw HSBC knock Citigroup out of the medal position at the FX Week Best Banks Awards.
Icap and CST settle dispute
HONG KONG – Interdealer brokers Icap and Collins Stewart Tullett (CST) settled a legal dispute over the defection of some 25 staff from CST to Icap.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
Disappointing Q2 for US banks
NEW YORK – Directionless markets in the second quarter offered few opportunities, with US investment banks reporting poor results year-on-year.
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
RBC Capital Markets touches base
LONDON – Royal Bank of Canada (RBC) Capital Markets has poached a three-strong metals team from Cargill Investor Services to form a base metals desk in London. The desk will be headed by Alex Heath, previously senior broker on the metals desk at Cargill…
Australia eases regulations
SYDNEY – Australia eased FX regulations to allow easier domestic foreign exchange business.
BarCap desk in Shanghai
SHANGHAI – Barclays Capital is launching an FX trading business in Shanghai after receiving a branch licence at the end of December.
Bloomberg and Reuters in, Centradia out
NEW YORK AND LONDON – February proved to be a month of arrivals and departures, with multi-bank portal Centradia ceasing to exist and Bloomberg and Reuters announcing their intention to target the buy side.