News
Citi raids UBS to target banks
LONDON & ZURICH - Citi is hitting at the core of UBS's foreign exchange business with up to nine hires, which includes the Swiss dealer's banks team globally.
Small US retail forex firms set to "suffer"
NEW YORK - New legislation passing through the US government is likely to consolidate the retail foreign exchange industry, as proposals to dramatically increase minimum adjusted net capital requirements squeeze small operators from the market.
Rising trade volumes in Japan prompt BNP hire
TOKYO - BNP Paribas Securities Japan has hired Adrian Averre to head trading for a newly merged rates and foreign exchange group in Tokyo.
Canada's pension funds ignore FX risk
GREENWICH, CT & TORONTO - More than a third of Canadian pension funds are still not hedging their currency exposure, despite large non-domestic investments, according to research released last week.
US dollar plummets against the yen
LONDON - Despite USD/JPY hitting 12-year lows last Thursday, traders are expecting a further collapse of the US unit versus the yen.
Citi reassesses forex options
LONDON - Citi has made three hires in foreign exchange options, under its new head of G-10 options trading, Nigel Khakoo, in London.
Debate on SWFs heats up
LONDON - Calls for greater transparency by sovereign wealth funds were matched by demands from the funds themselves for fair regulatory treatment, at last week's Sovereign Wealth Management conference in London.
Calyon makes Nutland head of Asia forex
LONDON - Steve Nutland, London-based global head of foreign exchange trading for spot, options and emerging markets at Calyon, will shortly become head of FX for Asia.
S&P launches real-time currency indexes
LONDON - Rating agency Standard & Poor's launched the industry's first real-time currency indexes, the S&P Chinese Renminbi index and Indian Rupee index, last week.
Volatility suits Tullett Prebon
LONDON - Favourable market conditions have seen interdealer broker Tullett Prebon increase revenue by 20% to £753.8 million on 2006, last year.
US dollar plummets against the yen
LONDON - Despite USD/JPY hitting 12-year lows last Thursday, traders are expecting a further collapse of the US unit versus the yen.
Aegis ups algo capability for AthenaTrader 4.0
NEW YORK - Trading technology vendor Aegis Software has increased the number of algorithmic trading models available on the latest version of its execution system, AthenaTrader.
HotspotFX in white-label talks for retail offer
JERSEY CITY - HotspotFX is in talks with an undisclosed number of banks for the use of its retail electronic communications network (ECN) platform, HotspotFXr, following a global rollout of the platform at the beginning of this year.
Culham takes key role at CIBC World Markets
TORONTO - Harry Culham, former global head of foreign exchange at Merrill Lynch in London, is set to join CIBC World Markets as managing director and head of fixed income and currencies (FIC). He will be based in Toronto.
CME FX up in February
CHICAGO - CME Group's foreign exchange volumes averaged 566,000 contracts a day in February, up 12% on 508,000 contracts in the same period last year.
Baht convergence limited
BANGKOK - The convergence of onshore and offshore baht trading may be short-lived, as new capital controls come into force on Saturday (March 15), say some analysts.
January loss for Parker FX
STAMFORD, CT - The Parker FX index produced a 0.33% loss in January, as extreme volatility hit funds using trend-following strategies.
Trend strategies pay off in February
LONDON - Currency managers running trend strategies were the top performers in February, according to research by ABN Amro.
FX supports profits at HSBC
LONDON - The global banking and markets business at HSBC reported pre-tax profits up 5% to $6.1 billion for 2007, despite severe disruption in the global credit markets.
Reuters releases new latency monitor
NEW YORK - Reuters has launched Reuters Latency Monitor (RLM), based on technology from New York-based data technology vendor Trading Metrics, to help clients determine the speed of market data delivery over the Reuters Market Data System (RMDS) data…