News
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
Slovakia hits the euro road
Slovakia looks set to be the next country to join the euro, but political uncertainty caused by forthcoming elections means there are still likely to be opportunities for those seeking to trade the koruna
ABN loses head of spot
LONDON AND AMSTERDAM – Turnover at ABN Amro has continued apace, with a senior departure and two promotions and at the Dutch bank.
New structure for RBS
LONDON – The Royal Bank of Scotland is set to reorganise its corporate banking & financial markets division (CBFM), with a new structure to be in place from next year.
New structure for RBS FXCM fined by NFA
NEW YORK – Futures commission merchant FXCM has been fined by the National Futures Association (NFA) for distributing misleading promotional material.
CLS to cut prices for largest users
LONDON – CLS is set to introduce a new pricing structure next year to reward banks for settling more transactions through the system.
Forex revenues set 'to slow in 2006'
LONDON – Growth in forex revenues is set to fall off next year, according to research from Morgan Stanley released last week.
Man to build on Refco's ashes
NEW YORK – UK financial services firm Man Financial is to reincarnate part of the old Refco business with the launch of Man FX Clear by the middle of this month.
Orchard leaves CSFB
NEW YORK – Nick Orchard, director in treasury operations at Credit Suisse First Boston (CSFB) in New York, has left the bank. Orchard, who left on November 30, spent 10 years at the bank, serving in Moscow, Zurich and New York.
Swiss e-swaps from ABN Amro
LONDON AND ZURICH – Dutch bank ABN Amro last week launched electronic trading in Swiss franc-denominated interest rate swaps (IRS), moving it across from the previous voice-only service.
India looks to tourism
LONDON – India is looking to make tourism the number one source of foreign exchange in the next three years, by doubling its forex earnings, according to tourism minister, Renuka Chowdhury.
Citigroup launches flow-weighted currency indexes
LONDON & NEW YORK – Citigroup has launched 10 indexes that measure currencies' value using customer flow data.
Korea to relax currency restrictions
SEOUL – South Korea is to relax regulations on forex trading next year, but authorities have vowed to keep a close eye on how the market develops, according to officials.
Refco exodus begins
LONDON - US brokerage firm Refco has seen the first known departures in the wake of the scandal that rocked financial markets last month.
Tullett Prebon enters China
SHANGHAI - Interdealer broker Tullett Prebon is boosting its presence in the Chinese market by establishing a joint venture broking business with Shanghai International Trust and Investment Corporation.
Lloyds makes senior hire
LONDON - Lloyds TSB has boosted its London financial markets division (FMD) with a senior appointment.
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
WestLB loses its forex head
DUSSELDORF - WestLB lost its foreign exchange chief last week as a further sign of the challenges facing the bank's FX business.
StanChart launches risk index
LONDON - Standard Chartered last week introduced a risk appetite index based on IMF methodology.
CLS data shows rising usage
Settlement system CLS has started publishing in detail weekly volume and value figures on a monthly basis. For the month of October, the system settled an average of 215,016 instructions a day with a value of $2.2 trillion.
BoJ/MAS sign second swap agreement
TOKYO & SINGAPORE - An agreement between Singapore and Japan to trade swaps signed earlier this month is the latest sign of closer co-operation between Asian economies.