News
TWD defies poll woes
TAIPEI -- Taiwan’s presidential election debacle will not have a significant impact on the Taiwan dollar in the medium- to long-term.
Calyon names regional managers
PARIS -- Calyon, the group to be formed from the merger of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) on April 30, has agreed the structure of its global spot FX business and appointed regional heads, a senior official said last week.
Fundtech adds two CLS clients
NEW JERSEY -- Two Fundtech clients have extended their use of payments software Payplus for CLS (continuous-linked settlement) to support the growth of their FX businesses.
Deutsche names trading chiefs
LONDON -- Deutsche Bank has promoted its London head of FX trading, Gordon Wallace and Singapore manager Nitin Gulabani, to become co-heads of global FX trading.
Lehman raids Merrill team
LONDON -- Lehman Brothers has raided rival investment house Merrill Lynch for a team of three FX options dealers in London, according to sources close to the bank.
Investment banks break records
NEW YORK -- This year looks set to be a record-breaker for banks' FX earnings, if the commercial banks follow the lead set by the US investment houses.
NAB OPTIONS SCANDAL - NAB crisis deepens with latest departure
MELBOURNE -- The staffing crisis at National Australia Bank (NAB) deepened last week as Peter Cunningham, joint global head of FX left the bank, in a move a NAB spokesperson described as a "mutual agreement".
Seven leave Dresdner in FX flight
LONDON -- Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month.
EBS sees fruit of 'sustained effort on sterling'
LONDON -- Spot broker EBS last week quantified the success of its initiative to build sterling volumes on its platform.
Reuters buys remainder of Icor
LONDON -- Reuters has taken over Icor Brokerage's electronic FX options platform, following its announcement last week that it has bought the remaining 50% stake in Icor it did not already own.
Dollar volatility rockets over terror fears
LONDON -- Continued terrorist threats are expected to plague the FX markets in the coming weeks, due to a heightened level of concern over further attacks following the Madrid bombing on March 11, analysts warned last week.
SuperD adds 10 European banks
LONDON -- Ten more banks in Germany and Austria have started using SuperDerivatives’ FX options pricing system, the vendor said last week.
Banks add NDFs to e-trading tools
LONDON -- Royal Bank of Scotland, Barclays Capital and Standard Chartered are planning to launch electronic trading of non-deliverable forwards (NDFs) this year, chasing market leaders in the field such as Dresdner Kleinwort Wasserstein and Deutsche Bank.
FXpress switches architecture
BALA CYNWYD, PA -- A new version of vendor FXpress’ exposure management and trading platform will enable corporate users to share position-keeping information with their remote offices via the internet.
US election to highlight Asian intervention issues
BEIJING -- As the US presidential race picks up, campaigning will inevitably highlight US opposition to Asian currency intervention. But analysts interviewed by FX Week disagreed on the impact this added pressure would have on the ground in Asia.
NAB report: managers axed
FX head and three executives leave NAB in wake of report on forex losses MELBOURNE -- National Australia Bank (NAB) sacked head of FX Gary Dillon on Friday (March 12) after he was criticised by PricewaterhouseCoopers’ independent report into the bank’s A…
US salaries moderately up
NEW YORK -- FX dealers in the US saw slight increases in their wages this year, according to a new salary survey out this month.
IFX loses foreign exchange head
LONDON -- Ongoing restructuring at financial trading and spread-betting firm IFX claimed another staff departure last week, with the exit of head of FX Peter Romilly.
FX is platform for growth at Merrill
NEW YORK -- Merrill Lynch’s investment in foreign exchange will form a platform for growth for the US investment bank, said chairman and chief executive Stanley O’Neal last week.
Volatility plays havoc with cross-border M&A
LONDON -- Foreign exchange volatility might be offering traders unprecedented opportunities in the currency markets -- but sales dealers are paying for it with the loss of cross-border mergers and acquisitions (M&A) business.