News
Commerzbank's Nick Parsons takes on ALM strategic trading
LONDON – Nick Parsons, chief currency strategist at Commerzbank in London, is moving to become strategic trading manager on July 1, a spokesperson for the bank told FX Week .
Tax bill to bring the dollars home
NEW YORK – A new tax bill in the US that is likely to herald a massive repatriation of funds into the country could spell a 5%–10% hike for the dollar, according to one scenario model from Dutch bank ABN Amro.
DrKW launches Nordic team
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has hired three dealers in London for a new Nordic financial institutions derivatives marketing team. The team, which joins Dresdner from a range of top-tier banks, will market the bank's range of…
BoE's Black Wednesday FX chief joins macro hedge fund
LONDON – William Allen, the Bank of England's foreign exchange chief during 'Black Wednesday' in 1992, has joined a hedge fund.
RBC launches China sales team
HONG KONG – Royal Bank of Canada Capital Markets (RBC CM) is launching a new cross-product sales group for Chinese clients.
Year of plenty for top 30 banks
Little evidence of mid-tier contraction as revenue ranking hits new high
Twist targets corporates with new payments standards
LONDON – Twist, the treasury standards organisation, is releasing new payments standards resulting from collaboration between a number of banks, corporates and standard authorities.
Micex expands forex coverage
MOSCOW – The Moscow Interbank Currency Exchange (Micex) has launched new FX contracts in a step towards expanding the exchange-traded FX market in Russia.
NAB hires senior managers in Asia
TOKYO – National Australia Bank (NAB) has made two senior appointments in Asia. Shinya Fukumoto joins in Tokyo as director and head of capital markets, Japan, from TD Securities, where he has worked for 10 years, most recently as a director in strategic…
HSBC adds real-time flow data to auto-trader
LONDON – HSBC is piloting a new version of its FX auto-trading system to combat pricing and liquidity issues in online trading, a senior official told FX Week .
Forex firm fined record $100m for fraud
NEW YORK – A US federal court ruled in favour of the Commodity Futures Trading Commission (CFTC) last week, as it found a foreign exchange futures firm liable for the illegal sale of futures contracts. The $100 million restitution and penalty charges…
Yen volatility returns in MoF absence
TOKYO – Traders in Japan are reporting a healthy return to yen volatility following the Japanese Ministry of Finance's (MoF) withdrawal from currency intervention in mid March.
UBS loses two in fund sales
STAMFORD – UBS lost two from its institutional sales team in Stamford, Connecticut last week, a spokesperson for the bank told FX Week .
Citigroup doubles e-FX volume in first half
LONDON – Citigroup has almost doubled its e-FX trading volume during the first half of this year, a senior official told FX Week .
RBS hires four in FX and rates
LONDON – The Royal Bank of Scotland has made four senior hires in its FX and rates business in London.
Overlay staff in short supply
NEW YORK – Demand for currency overlay is outstripping the supply of available managers, as the boom in investors managing currency continues.
EBS trading soars on volatility
LONDON – Spot broker EBS reported the fourth busiest trading day in its 11-year history last Wednesday (June 9), as the market reacted to a Federal Reserve statement hinting at aggressive rate hikes.
StanChart adds for global sales
SINGAPORE – Standard Chartered last week confirmed three hires to its global sales team, reflecting growing client business in both Asia and Europe, said David Carr, global head of sales and e-commerce at StanChart in Singapore.
Election uncertainty hits Phillippine peso trading
MANILA – Market participants in the Philippines are anticipating a return to volatility in the next few weeks, as uncertainty over the recent elections clears up.
Snow hails CME's China deal
CHICAGO – The Chicago Mercantile Exchange (CME) has forged a ground- breaking deal with a central bank-sponsored FX trading platform in China, in a move hailed by US government officials as a crucial step towards renminbi flexibility.