News
EU banks get London boost
LONDON – Deutsche Bank and Société Générale have bolstered their London teams with fresh hires in foreign exchange sales and trading, market sources tell FX Week.
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Hotspot expands footprint in Russia
IZHEVSK - Hotspot FX expanding its footprint in the Russian retail foreign exchange market by streaming liquidity to Izhevsk-based Izhcombank's margin forex trading platform.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.
Emerging market ETFs booming
ROCKVILLE, MD - Rockville-based Rydex Investments is set to launch four currency exchange-traded products linked to emerging market currencies at the end of the month, as the market for these products grows.
Merger could shake up e-FX options
NEW YORK - The potential merger of Tullett Prebon and GFI Group could boost competition for market share in the electronic forex options market, according to analysts.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Credit Suisse adds EM currencies to algos
LONDON - Credit Suisse has added six emerging market currencies to its algorithmic trading models for foreign exchange.
CME continues growth in July
CHICAGO - The Chicago Mercantile Exchange (CME) reported a 16.9% rise in year on year average daily notional value of foreign exchange contracts traded in July to $90.2 billion, based on 640,347 contracts.
Dresdner bulks up trading
LONDON - Constantinos Constantinou is to rejoin Dresdner Kleinwort after decamping to its US competitor Merrill Lynch last year, the German dealer has confirmed with FX Week .
Banks expand in North America
NEW YORK & TORONTO - Bank of America (BoA) and CIBC World Markets have made key hires in New York and Toronto, respectively.
Trend followers suffer losses
LONDON - Currency managers employing trend strategies are likely to be nursing heavy losses after the past 12 months, according to research by ABN Amro.
Europe's banks up in forex
LONDON - European banks had a bumper first half of the year in foreign exchange, which was driven by higher customer volumes.
Parker FX Index doubles returns in June
STAMFORD, CT - The Parker FX Index returned 0.17% in June, up from 0.08% in May, amid dollar volatility throughout the month.
Commerzbank and Credit Suisse lose strategists in London
LONDON - Commerzbank and Credit Suisse are understood to have lost two senior foreign exchange strategists in London, market sources tell FX Week .
New spot FX trading chief at Morgan Stanley
LONDON - Morgan Stanley has lost its head of European spot foreign exchange trading in London, the US dealer has confirmed with FX Week .
Credit Suisse raids rivals to boost London sales
LONDON - Credit Suisse made a bid to strengthen its salesforce in London with three new hires from top-tier rivals Goldman Sachs and Barclays Capital.
Elysium attracts six new buy-side clients
STAMFORD, CT - Elysium Technology has added six buy-side clients for GridIron, a foreign exchange aggregation system, and MPTracker, its database management software, in the first half of this year.
Citi hires one but loses three in Singapore FX
SINGAPORE & LONDON - Citi has added a spot desk head but has also cut three members from its foreign exchange team in Singapore, said market sources.
StanChart reshuffles e-FX division in Singapore
SINGAPORE - Standard Chartered is restructuring its electronic foreign exchange business with the creation of a new global FX electronic pricing and trading division.