News
OCC reports decline in forex derivatives trading
WASHINGTON, DC – Foreign exchange has bucked the trend for derivatives trading with a fall in value for the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
RBC departures in sales and trading
LONDON & NEW YORK – Royal Bank of Canada (RBC) is to scale down its forex operations in New York, and is understood to be closing its prop desk in London with the departure of veteran trader Keith Dack.
BoA keeps building
NEW YORK – Bank of America (BoA) is continuing the expansion of its FX capabilities with further growth in its sales team. Mark Rossi and Rodulphe Alexis started at the bank last week, reporting to Patrick Baune, head of sales at the bank. The pair join…
CSFB gets green light for Korean OTC derivatives
SEOUL – Credit Suisse First Boston received approval to engage in over-the-counter derivatives business in South Korea last week.
MetaQuotes releases MetaTrader 4 for FX
KAZAN – MetaQuotes Software will be releasing a new version of its forex trading system, MetaTrader 4, on July 1.
Poor Q2 for US investment banks
NEW YORK – Directionless markets in the second quarter of the fiscal year proved to offer few opportunities, with US investment banks posting meek second quarter results over the same period the previous year.
First Eonia swap index fixed
PARIS - The first fixing of the Eonia (euro overnight index average) swap index, took place on June 20 at 4.30pm CET.
Strong start for Chinese interbank trading platform
SHANGHAI – Volumes traded on China's interbank FX trading system (Cfets) have grown steadily since its launch in mid-May, say dealers.
New fund from ABN Amro
LONDON – ABN Amro has begun marketing a new currency fund made up of 10 underlying managed accounts, providing a diversified portfolio of currency management styles.
Eurex optimistic over forex venture
CHICAGO – Eurex's entry into FX will be facilitated by "the lack of domination in this space", according to Satish Nandapurkar, Chicago-based chief executive officer of Eurex US. He was speaking to FX Week following the exchange's recent move into FX…
Deutsche Bank takes HSBC team for ICM Plus in Japan
TOKYO – Deutsche Bank has poached a four-strong FX sales team from HSBC in Tokyo as it builds up its client coverage in the country.
Merrill raids JP Morgan, again
LONDON – Three southern European FX sales staff have made their way to Merrill Lynch's EMEA strategic solutions group, following the US investment bank's raid on JP Morgan Chase.
CLS moves complete
LONDON – CLS Group is today naming Peter Slater as its new deputy chief executive officer of CLS Group and chief executive officer of CLS Services, following board approval.
Investec closes London corp desk
LONDON – Investec, the international specialist banking group, has closed its corporate FX desk in London.
Finevo Markets takes FNX
NEW YORK – Manhattan-based broker-dealer Finevo Markets Group is employing FNX's ASP solution as its core platform for straight-through processing and processing of foreign exchange transactions.
Italy most likely to pull out of euro
GLOBAL – Of the 12 member nations currently making up the euro, Italy is most likely to dump the currency, according to a survey conducted by FX Week .
Deutsche boosts London sales desk
LONDON – Deutsche Bank has boosted its London FX sales desk with two major hires in recent weeks.
Clampdown on speculators in Asia
JAKARTA – Asian authorities have clamped down on speculative trading, with a string of new FX controls across the region.
Saxo Bank founders cash in
COPENHAGEN – Founders of Saxo Bank Lars Seier Christensen and Kim Fournais stand to pocket more than $30 million each following the sale of 25% of the business to a private equity firm.
SG CIB builds up proprietary forex trading desk in Asia
SINGAPORE & HONG KONG – SG Corporate & Investment Banking (SG CIB) has built up its proprietary trading desk in the Asia-Pacific region, with hires in Singapore and Hong Kong.
NAB currency trader jailed
MELBOURNE – Luke Duffy, former head of the National Australia Bank’s (NAB) foreign currency options desk, has been sentenced to 29 months’ imprisonment for his part in the bank’s rogue trading scandal unearthed last year.