News
Foley to launch Gelber FX desk
CHICAGO – Bank One's former forex options chief Justin Foley is joining Gelber Trading, a division of Chicago-based trading firm Gelber Group, to set up a new FX desk in September.
ABN Amro takes Traiana for PB
CHICAGO – ABN Amro has signed up to use Traiana's TRM (Trading Relationship Management) solution, which automates the give-up of trades between prime brokers.
FX volumes up by a third
LONDON – FX trading volumes are up by nearly a third over the past three years, according to new research from UK consultancy ClientKnowledge.
Boom time for research staff
LONDON – FX strategists are finding themselves in demand as a result of a prolonged period of seat switching across banks globally. The latest moves underline the importance banks place on research as a driver of growth of their businesses.
Two more quit Westpac London
LONDON – Two more senior forex managers have left Westpac in London, adding to the loss of co-head of global institutional foreign exchange, David Beale earlier in August.
New hedging policy adds $35m fizz to Fosters
MELBOURNE – Australian brewer Fosters Group added nearly US$35 million to its operating profits after changing its FX policy this year in response to upcoming accounting standard IAS 39.
RiskMetrics signs 200th client for ASP platform
NEW YORK – Risk management vendor RiskMetrics Group has signed 200 clients for ASP (application service provider) delivery of its RiskManager, CreditManager and CDOManager tools, it said last week.
Commerce FX storms US retail market
BOSTON – Commerce FX, a subsidiary of Boston-based Commerce Bank & Trust, is reaping the rewards of its entrance into the retail margin trading market last year, an official told FX Week .
PHP trading volumes surge in "fiscal crisis"
MANILA – Traders in Manila are seeing soaring volumes in Philippine peso trading, after the country's president said it was in the midst of a fiscal crisis last week.
CSAM to add emerging markets to FX management
LONDON – Credit Suisse Asset Management (CSAM) is looking to add emerging market currencies to its suite of forex management services from early next year.
BNP beefs up NY trading capabilities
NEW YORK – BNP Paribas has made seven appointments to its interest rate group in New York, headed by Zbigniew Ryzak. Nick Moore and Matthew Thomas move from the London office in trading roles. Moore becomes global head of US dollar vanilla options…
Dresdner's FX trade revenues in decline
FRANKFURT – A reduction in Dresdner Kleinwort Wasserstein's FX trading revenues, coupled with a drop in earnings from the rates business, has knocked about 10% off the bank's total year-to-date operating revenues, it said last week.
Dollar/yen break-out expected
TOKYO – Technical indicators suggest dollar/yen could be set to break out of the tight trading range it has been trapped in since June. "Resistance is declining and support is rising. We will get a decent break-out trade soon," said Karen Griffith, head…
Lloyds hit by treasury departures
LONDON – Lloyds TSB's treasury sales team has been hit by two senior departures just as the bank has boosted its regional presence.
Westpac transfers sales chief
LONDON – Westpac's Hugh Killen is relocating from Sydney to London to take on sole responsibility for global institutional foreign exchange sales, following the departure of former co-head David Beale.
EBS reports per-minute record post jobs data
LONDON – Traders manning the traditionally quiet summer desks saw a surprise burst of action on August 6, as a massive surge in volumes followed shock jobs data out of the US.
BarCap hires IR derivatives team
LONDON – Barclays Capital has made two interest rate derivatives appointments in London.
China eases restrictions on capital account
BEIJING – The Chinese government made further steps towards liberalising the capital account last Wednesday by allowing insurance companies to invest 80% of foreign exchange assets overseas.
RBS flicks to video switches for forex
NEW YORK – FX traders at Royal Bank of Scotland (RBS) in New York are battling data latency by reverting to a traditional form of technology – video switches.
Return of the voice broker
Cantor Fitzgerald revives voice broking market with spin-off firm. NEW YORK - Cantor Fitzgerald reversed a trend of consolidation in the broking market last week by spinning off a new firm to focus exclusively on voice broking.
CSFB gets OK for derivatives in China
HONG KONG – The China Banking Regulatory Commission (CBRC) authorised Credit Suisse First Boston (CSFB) to launch a financial derivatives business in China last week.
No vote sustains Scandi dealers
LONDON – Scandinavian, and particularly Swedish, FX sales staff are in demand nearly one year on from Sweden's referendum ruling out the imminent introduction of the euro.