News
Special Feature - CLS settlement: the next two years
As CLS enters its third year, Joseph De Feo discusses plans for expansion Two years ago, the CLS Group launched the world's first global settlement service for foreign exchange trades. Following several other aborted efforts to tackle Herstatt, or…
BNP expands institutional forex
LONDON/NY – BNP Paribas has hired three institutional FX sales dealers in London and New York in the past month as the bank continues to develop coverage for this growing client sector.
GFI launches new FX option data service
NEW YORK – Broker and market data firm GFI Group has launched a new currency options historical data service for quantitative experts, risk managers and middle-office employees at banks active in the FX markets.
Alex Mann adds to FX search team
LONDON – Recruitment firm Alexander Mann has expanded its FX search team, with the appointment of Tony Marshall as head of UK and European capital markets from rival AT Kearney. His appointment follows the August hire of Shani Shamah as a director in…
Bear expands EM trading
LONDON – Bear Stearns is expanding its European emerging markets trading desk in London with two new hires from Calyon and two more planned additions in the new year.
Margin squeeze benefits Japan derivatives dealers
TOKYO – Derivatives dealers in Japan are in demand, as spread compression in vanilla FX has prompted foreign banks to look elsewhere for margin.
EBS gets foothold in China
SHANGHAI – Spot broker EBS has signed up Bank of Montreal as the first bank in mainland China to use EBS Spot, its spot broking platform. Through the agreement, Bank of Montreal (BMo) will be able to trade spot FX from its offices in Beijing, Guangzhou…
JP Morgan and Bloomberg launch Asian currency index
SINGAPORE – JP Morgan Chase and market data vendor Bloomberg have teamed up to launch a tradable index of currencies from Asian emerging markets, the firms announced last week.
BIS paints bright future for FX
BASEL – The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements’ (BIS) triennial FX survey last week, has painted a bright future ahead for forex market participants.
Dalman quits Commerzbank
FRANKFURT – Mehmet Dalman, previously a board member and head of investment banking at Commerzbank AG in Frankfurt, is launching a new fund group called Wealth Management Group (WMG) in London.
Seven banks to start testing CME FX on Reuters
CHICAGO – Seven banks will start beta-testing CME FX, the Chicago Mercantile Exchange’s e-FX futures available on Reuters 3000 terminals, at the end of the fourth quarter, Reuters and the CME said last week.
Deutsche Bank builds research
LONDON – Deutsche Bank has reshuffled its FX research team following the departure of global head of FX research Michael Rosenberg earlier this summer.
Unclear future for merging brokers
LONDON – The purchase of Prebon Marshall Yamane by Tullett Liberty this month will have a big impact on FX brokers working in the two organisations.
Monetary policy key for Norway trades
OSLO – Norway’s monetary policy will be the major driver of the krone this year, market participants have told FX Week .
Currency derivatives turnover soars ahead
A marked feature of the Bank for International Settlements’ (BIS) latest triennial survey of the global FX markets is the massive surge in derivatives turnover.
Westpac continues reorg
SYDNEY – Westpac has hired and transferred a number of FX dealers around the world as it continues a restructuring started with the appointments of co-heads Paul Verschuer and Paul Quilkey in April ( FX Week , April 26).
US, UK and Australia win in global boom
The main winners in the booming global FX industry are those markets benefiting from control of the lion’s share of forex activity, soaring trade and commodity-related currency business – notably the UK, the US and Australia.
CoesFX adds fifth price-maker
NEW YORK – Electronic FX trading network CoesFX has signed up five new liquidity providers, which it expects to start providing prices on its Level 1 Trading platform next year.
Trading volumes surge on rupiah volatility
JAKARTA – Trade volumes in the Indonesian rupiah surged by around 50% when markets reopened following the presidential elections last week.
Foley sets out FX stall at Gelber
CHICAGO – Justin Foley, who joined Gelber Trading ( FX Week , August 30) in Chicago last Monday, has started to lay the foundations for the foreign exchange division.
Saxo returns to Australia
SYDNEY – Saxo Bank was last week able to return fully to the Australian FX market, after moves by the regulator had limited its ability to trade there since March.