News
City salaries follow firm upward growth pattern
LONDON – Senior-level salaries in the City experienced an increase of 9.2% on the previous year, while average salaries have risen by 7%, according to research from recruitment firm Morgan McKinley.
GFI completes FX options desk restructuring in Asia
SINGAPORE – GFI has completed the reorganisation of its FX options desks in Asia, after hiring a five-strong FX options team from Tullett Prebon in July.
Vietnam opens its doors to Travelex
HANOI – Forex specialist Travelex has signed a deal with a Vietnamese bank to enable overseas nationals to remit money to relatives at home.
Fimat signs four traders from Cargill
NEW YORK AND LONDON – Fimat, the brokerage arm of SG CIB, has boosted its global foreign exchange trading team with four new hires from Cargill across both sides of the Atlantic, it has confirmed.
CLS to corner foreign exchange market
LONDON AND NEW YORK – More than 80% of member trades will be settled by CLS in two years, according to research released this week.
Reuters opens post-trade service
LONDON – Reuters this week moves into the post-trade market with the launch of Reuters Trade Notification System (RTNS).
Hotspot FXi signs major asset manager
TACOMA, WASHINGTON – Asset manager Russell Investment Group is to use FX market-place Hotspot FXi to reduce trading costs, offer clients trading anonymity and provide access to additional liquidity.
Strong Q2 for US FX
BOSTON & NEW YORK – Indications that the forex industry continues to boom emerged last week as two US banks posted strong FX results for Q3.
Barx adds cross-currency swaps
LONDON – Barclays Capital (BarCap) has added cross-currency basis swaps to its Barx via Bloomberg service, it has announced.
CoesFX cuts out middle man
PLAINVIEW, NEW YORK – Electronic currency network (ECN) COESfx has removed its trading desk to give users direct access to prices on the platform.
Travelex adds more in Asia
SINGAPORE – Travelex, the global FX specialist, has continued its global expansion, opening an enlarged trading floor in the Lion City, where it has doubled the number of traders.
Fraudulent FX sites uncovered
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed yet another action against a party participating in fraudulent forex activity.
Students tested on GFT FX platform
ADA, MICHIGAN – Some 160 undergraduate finance students are putting their financial knowledge to the test by using Global Forex Trading’s (GFT) DealBook FX 2 as their web-trading platform.
Shell takes over Deutsche Bank prime brokerage
NEW YORK – Deutsche bank has replaced Andrew Coyne, head of prime brokerage, with North American currency sales and trading head Jason Shell.
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
First yuan IR swap for China
BEIJING – China took another step towards currency flexibility this month, with the first ever yuan-denominated interest rate swap receiving approval.
Mexican Peso: Activity in Mexican peso set to soar
MEXICO CITY – There is likely to be a surge in Mexican peso trading in the build-up to next year’s election, according to market participants.
ABN Amro touts for professional trader business
SINGAPORE – ABN Amro has opened a professional traders centre (PTC) in Singapore to offer proprietary and institutional traders access to the global exchange-traded derivatives markets.
Singapore sees record FX volumes
SINGAPORE – Forex trading activity in Singapore reached the highest levels in seven years in 2004, according to latest statistics from the Monetary Authority of Singapore.
StanChart poaches HSBC trio
HONG KONG – Standard Chartered has hired three FX sales staff from HSBC in the Special Administrative Region.
Barclays goes live with Barx.com
LONDON – Barclays Capital has gone live with Barx.com to complement its Barx e-commerce platform.
What e-commerce needs
HONG KONG – Best price, service, solution and the ability to price in tough market conditions are the list of requisites clients should look for from an e-commerce platform.