News
State Street ramps up in Asia
HONG KONG – State Street is hiring staff in Asia-Pacific in a bid to win more institutional business in the region.
NAB director resigns
Catherine Walter, the National Australia Bank (NAB) director who criticised a report into the bank’s forex options trading scandal, resigned last week.
Commodities drive client FX
LONDON – Banks are reporting growing business from clients needing structured FX and commodities solutions. The growth of commodity trading adviser (CTA), private banking, hedging and investor interest in FX is helping to boost demand, said bankers in…
Reuters reorganises in Asia
SINGAPORE – Reuters has shifted a number of executives to new posts in Asia-Pacific to offer senior employees "new job experiences", it said last week.
StanChart hires trading head
LONDON – David Bee is set to join Standard Chartered in June as head of FX trading in London and global head of G10 spot and forward trading.
NAB options desk "open again"
MELBOURNE – National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week.
Fairex eyes Chinese banks
SHANGHAI – Singapore-based e-FX technology vendor, Fairex International Financial Systems, is trying to win more bank clients in China through a new scheme set up by the Singapore government.
Bank rivalry in treasury opens clients’ credit lines
GREENWICH, CT – Increased competition for treasury management business among banks is making credit more easily available to global corporates and institutions, according to new research published last week.
ERM smooth says HKMA
HONG KONG – Hong Kong’s linked exchange rate mechanism worked "smoothly" last year, although the Hong Kong dollar strengthened "markedly" in Q4, the Hong Kong Monetary Authority (HKMA) said last week.
Fairex eyes Chinese banks
SHANGHAI – Singapore-based e-FX technology vendor, Fairex International Financial Systems, is trying to win more bank clients in China through a new scheme set up by the Singapore government.
CME FX up 50%
CHICAGO – The Chicago Mercantile Exchange last week said FX volumes were up 50% year-on-year in Q1 to 188,000 rounds per day, while revenues for forex rose 43% to $21 million.
Corporates and banks still behind on IAS 39
LONDON – With the January 2005 implementation date for accounting standard IAS 39 fast approaching, corporates and financial institutions are still behind in their preparation, according to a recent survey carried out by Reuters and FX Week ’s sister…
Dresdner hires six hedge fund dealers
LONDON – Dresdner Kleinwort Wasserstein has hired six hedge fund sales dealers in London, in a move a bank official described as a "significant strengthening" of its platform for the hedge fund community.
Options staff hotly pursued
LONDON – Currency options traders are finding themselves hotly pursued, as a series of high-profile moves around the world has set off a chain of demand.
Tullett reshuffle: Collins out
LONDON – Broker Tullett Liberty’s chief executive Bruce Collins left the firm at the end of April, amid rumours of board dissatisfaction with the firm’s performance in London.
GFT ramps up for institutions
ADA, MICHIGAN – Futures commission merchant Global Forex Trading (GFT) is expanding its institutional business with an aggressive recruitment drive for another new office.
ACI expects 1,200 delegates in London
LONDON – Forex industry body ACI is expecting 1,200 attendees for the European congress in London later this month, said Robin Poynder, chairman of the congress organising committee.
ABN Amro Q1 figures show return to form in forex
AMSTERDAM – ABN Amro has seen a return to form in forex, with a year-on-year rise of 47% in its Q1 FX dealing income, published last week.
Martin Wiedmann leaves UBS
ZURICH – The departure of Martin Wiedmann from UBS in Zurich last week sparked a guessing game among his peers over which bank he is set to join.
Barclays sets cap at Boston
BOSTON – Barclays Capital has raided Goldman Sachs’ sales team to recruit regional US dealers for a new institutional sales office in Boston.
Kemp takes FX helm at Merrill
NEW YORK – Morgan Stanley FX chief Stephen Kemp is set to take on the continued build-up of Merrill Lynch’s forex business, following the resignation of co-head of global FX and rates Michael DeSa.