News
Yield strategy delivers in July
LONDON - Currency managers using the yield strategy were the best performers in July, benefiting from improving European economic data and positive banking stress tests, shows research from Royal Bank of Scotland (RBS).
Wade's in at Deutsche Bank
NEW YORK - Deutsche Bank has boosted its electronic foreign exchange sales effort to corporate clients with a key hire from Citi.
Currency managers down in June
STAMFORD, CT - The Parker FX index made a loss at -0.79% in June, as currency markets saw a broad-based reversal of currencies versus the US dollar.
Citi hires Margolis from Goldman Sachs
LONDON – Citi has hired Adam Margolis from Goldman Sachs to its foreign exchange sales team in London, according to market sources
Global forex growth on the up
GLOBAL - Global foreign exchange growth increased this year from October 2009, as investor confidence in the FX market has returned following the global financial crisis, despite concerns over the eurozone.
In Brief, August 2, 2010
Read this week's In Brief to stock up on the latest technology news around the FX world.
ETF Securities to add 3x leveraged currency product
LONDON – ETF Securities is looking to add to its range of 58 listed currency exchange-traded products (ETP) by adding currency products that are leveraged by a multiple of three in September, said its chief operating officer in London, Nik Bienkowski.
State Street hires two in London
LONDON – State Street has hired in its sales team and Currenex group in London, according to market sources.
BNP Paribas promotes in spot and structuring
LONDON & HONG KONG - BNP Paribas has hired a new head of structuring for Asia, excluding Japan, and a new spot trader in London, said a bank spokesperson.
BarCap expands in American FX sales
TORONTO & SAN FRANCISCO – Barclays Capital (BarCap) has hired two foreign exchange salespeople in North America, according to an internal source.
CBA revamps FX business with Wall Street Systems
Commonwealth Bank of Australia (CBA) has selected Wall Street Systems to provide a full front-to-back multi-entity risk management system for its foreign exchange and money markets businesses globally.
Trading Places, August 2, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
LCH.Clearnet may offer 'lite' membership to sovereigns
Clearer's plans to create a special membership category for central banks and other sovereigns could undermine CCPs' risk-mutualisation model, rivals claim.
Emeap: Cross-border collateral may alleviate dollar funding strains
Executives’ Meeting of East Asia-Pacific Central Banks says crisis revealed shortcomings in regional money markets; swaps deals, cross-border collateral could alleviate some problems
UBS nabs BarCap trio in e-FX
LONDON - UBS has hired an electronic algorithmic trading team from Barclays Capital (BarCap) in London, according to an internal announcement today (July 27).
Liquidity critical to OTC clearing, argue dealers
Regulators should consider liquidity when deciding which over-the-counter derivatives should be cleared, say market participants
Markets brace for stress tests
LONDON – The euro traded firmly ahead of the European bank stress test results last Friday (July 23), despite expectations several banks will fail. But analysts warned the common currency is still a risk asset.
CLS targets buy side with Omgeo
NEW YORK - CLS and Omgeo have teamed up to improve post-trade reporting by the buy-side community with the addition of CLS FX instructions to Omgeo’s standard settlement instruction (SSI) database.
EBS chases competition with decimalisation launch
NEW YORK - EBS's plans to offer decimalisation at the end of August could lead to a fall in market liquidity, caution traders.
Hotspot FX volumes up year-on-year
JERSEY CITY, NJ - Hotspot FX reported average daily volumes of $37.2 billion – double count – in June, up from $22.5 billion a year earlier.
Regulatory uncertainty hits US banks’ Q2 results
NEW YORK - Most US banks reported a slump in forex revenues in the second quarter this year versus last year, citing a drop in risk appetite and liquidity amid concerns over regulatory changes and the European debt crisis.
CitiFX Pro to launch in Singapore
SINGAPORE & LONDON - CitiFX Pro, Citi’s margin foreign exchange trading platform, will launch in Singapore soon, targeting small institutional clients, said Kevin Wilson, director of margin FX trading for Citi's institutional clients group in New York.
Sales head Héritier quits RBC
LONDON – François Héritier, managing director in foreign exchange sales, has left Royal Bank of Canada Capital Markets (RBC) in London, according to market sources.
Trading Places, July 26, 2010
Read this week's Trading Places to catch up on people moves across the FX world.