News
SG names institutional sales head
NEW YORK -- SG has appointed a new global head of institutional sales in New York, as part of its effort to better align itself with its clients’ needs, the bank announced last week.
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
Conflict puts newswires on overdrive
LONDON -- Market data firms reported booming interest in their services last week, as traders are increasingly turning to war reports to influence their trading.
Manila clamps down on ‘dollar hoarders’
MANILA -- Bangko Sentral ng Pilipinas, the Philippines central bank, last week imposed monetary and non-monetary sanctions on eight banks for violating FX laws.
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
Strategists’ role in prop trading under focus in choppy markets
NEW YORK -- Choppy markets are highlighting the difficulties of accurately forecasting currency moves -- and no more so than for those banks with capital behind their strategists’ recommendations.
Further uncertainty grips market
LONDON -- FX markets breathed a sigh of relief last week as the war in Iraq got under way, but as one source of uncertainty was removed, another popped up.
360T lures JPMC’s Mohr
FRANKFURT -- German FX technology firm 360T has hired Andrea Mohr from JP Morgan Chase in London to spearhead its sales effort.
Merrill to settle its forex trades via Citi
NEW YORK -- Citigroup has won a coveted deal to settle Merrill Lynch’s forex trades on its behalf on the new Continuous Linked Settlement (CLS) service for FX.
BoA sells Canada corp arm
TORONTO -- FX services group Travelex has bought part of Bank of America’s corporate forex business in Canada.
CLS settlement "100% on time"
NEW YORK -- Despite some disruptions, trade settlement on the new Continuous Linked Settlement (CLS) service for FX has seen 100% ‘on-time’ performance since its September 9 launch.
Italian team snubs Merrill
LONDON -- A three-strong Italian FX sales team backtracked on a move to Merrill Lynch to rejoin Goldman Sachs in London last week.
Deutsche adds to e-FX
NEW YORK -- Deutsche Bank plans to add FX options, futures and exchange-for-physical contracts to its FX electronic trading and order management platform, autobahnFX, by the third quarter.
Dollar bloc upsurge boosts Australian forex turnover
SYDNEY -- Increasing interest in Australian dollar trading is boosting Australian banks’ forex turnover, senior market participants told FX Week .
BarCap lures top dealers
LONDON -- Barclays Capital is in the midst of an aggressive recruitment campaign in London and New York, targeting staff at the world’s top investment banks.
Regulators approve Allfirst purchase
NEW YORK -- Federal and state regulators have approved M&T Bank’s purchase of Allied Irish Banks’ US subsidiary Allfirst Financial -- the bank that last February discovered it had lost nearly $700 million from fraudulent FX trading.
Goldman down, Bear Stearns up in Q1 forex
NEW YORK -- Goldman Sachs last week reported reduced forex revenues within its fixed-income, currency and commodities (FICC) division for Q1, although other US investment banks fared better.
Payments banks in CLS lead
NEW YORK -- Banks with traditionally strong payments businesses are winning the race for CLS third-party clients, according to consultancy Capco.
ACI postpones Beirut meeting
BEIRUT -- The biennial meeting of the forex industry organised by ACI-The Financial Markets Association, has been postponed until September 10--14, the ACI announced last week.
ECB highlights dangers of over-concentrated market
FRANKFURT -- Market consolidation and a reliance on electronic trading could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.