News
SuperDerivatives storms Singapore
SINGAPORE – SuperDerivatives has signed 10 new contracts in Singapore for its FX option pricing system SD-FX since the beginning of this year.
StanChart hires hedge fund sales chief
SINGAPORE – Standard Chartered in Singapore has hired Michael Drennan as head of global hedge fund sales. The newly created position reflects increased client demand in the sector, said David Carr, global head of sales and e-commerce at StanChart in…
ACI Congress debates future
LONDON – The European forex community gathered in London last week for the ACI European Congress hosted by ACI UK. Among the contentious issues discussed during the three-day event were operational risk, the future of the European Union and trading in…
Collins Stewart to buy Prebon
LONDON – Broker Tullett Liberty’s parent company, Collins Stewart Tullett, is buying rival Prebon Yamane, it confirmed last week. The firm said it does not intend to merge the two brokers, or close any desks as a result of the deal. Instead, each desk…
ABN Amro AM launches new currency products
AMSTERDAM – ABN Amro Asset Management (AAAM) is launching two new currency products for institutional investors and high-net-worth clients.
Westpac makes Singapore inroads
SINGAPORE – Westpac has hired Henry Young as head of Asian institutional FX sales, based in Singapore, as part of an expansion of the bank’s FX business in the region. Young, who starts at the Australian bank in mid-June, joins from Barclays Capital in…
CME and Reuters pool liquidity
LONDON – Trading systems vendor Reuters and the Chicago Mercantile Exchange are bringing together their pools of buy-side and sell-side liquidity in what may be the first move towards an exchange model for the FX market.
DrKW hires but gaps remain
LONDON – Dresdner Kleinwort Wasserstein has hired 10 in global FX sales and derivatives in the past month, but is still yet to fill gaps in senior management created by recent departures.
Calyon retains CAI EM team
LONDON – Calyon, the bank created from the merger of Credit Agricole Indosuez (CAI) and Credit Lyonnais (CL) in April, is retaining an almost unchanged global emerging markets trading team from CAI, a senior official told FX Week.
Yen vol boosts BTM revenues
TOKYO – Yen volatility has boosted Bank of Tokyo-Mitsubishi’s (BTM) FX revenues, it said last week, as client demand for currency options soared in fiscal 2003.
BoA hires for Asian structured products
SINGAPORE – Bank of America has created a new debt management team in Asia as part of a plan to expand structuring and trading in the region.
SSiSearch CLS Directory fills up
LONDON – SSiSearch, a vendor of authenticated FX settlements reference data, said last week it has now signed up 41 out of the 53 settlement members of the continuous-linked settlement service (CLS) for its CLS directory.
EBS opens up prime broker service
LONDON – Spot broker EBS has opened EBS Prime, its FX prime brokerage service, to more banks, following a 20-week pilot programme with prime brokers Deutsche Bank, JP Morgan Chase and The Royal Bank of Scotland, along with 16 pilot customers.
Raising the standard for London
ACI’s European Congress in London this week has been two years in preparation. Robin Poynder, chairman of the organising committee, describes the agonies and ecstasies of staging the forex industry event in the UK capital
Dealers dismiss UK euro entry
LONDON – More than a quarter of forex dealers interviewed for an exclusive poll for FX Week think sterling will never become part of the single European currency. Another 10% believe the UK’s entry into the euro is at least another 10 years away – with…
SG continues sales build-up
LONDON – Francesco Quilici joins SG Corporate & Investment Bank (SG CIB) in London today, May 24, as an analyst supporting Italian FX sales. Quilici will report to Jean-Philippe Castellani, head of FX sales in London, and works alongside Italian sales…
Bear adds for 24-hour sales
LONDON – Bear Stearns has added to its London-based sales team in an effort to improve overnight liquidity at the 24-hour centre, an official told FX Week .
Calyon to expand research
LONDON – Calyon is aiming to expand its currency and macro strategy team, following the merger last month of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL).
Misys and Currenex link for STP
NEW YORK – UK systems provider Misys Wholesale Banking Systems and multi-bank FX trading portal Currenex have formed an alliance to provide clients with straight-through trade processing from execution to confirmation and settlement.
GFI white-labels options pricing
LONDON – Inter-dealer broker and market data firm GFI Group last week announced its first white-label deal for Fenics FX Online, the web-based version of its flagship forex options pricing, analytical and revaluation system.
Bank One casualties emerge
LONDON – The first casualties from JP Morgan Chase’s upcoming purchase of Bank One – due to complete on July 5 – emerged last week with the news that both the Chicago-based bank’s FX heads in London are leaving.
Rocketing oil price dominates currencies
LONDON – The rocketing price of crude oil is continuing to dominate the currency markets, propping up the currencies of oil producers while hitting oil consumers hard.