News
Morgan Stanley creates private wealth team
Morgan Stanley's private wealth management business has hired Robert Stolar as head of a new family wealth group. The bank has also appointed a team to serve US ultra-high-net-worth clients and family offices.
Citi adds staff in Asia
LONDON & SINGAPORE – Citi has added staff to its Singapore options trading and investor sales desks in Asia, but is believed to have lost people in FX structuring and FX real money sales in Europe.
Banks sign up to Bloomberg NDFs
NEW YORK – HSBC, Lehman Brothers, the Royal Bank of Scotland and Standard Chartered have committed to offering liquidity in non-deliverable forwards (NDFs) over the Bloomberg FX Dealing platform.
SSgA hits $100 billion mark
LONDON – State Street Global Advisors (SSgA), the investment management arm of State Street, has reached $100 billion in assets under management for its currency strategies.
Buy side to boost trading ops by 90%
LONDON – The buy side is set to be behind 90% of the growth in trading operations by 2010, according to research released last week by London-based research company Kimsey Consulting.
Reorganisation at Barings
LONDON – Baring Asset Management has reorganised its UK-based fixed-income and currency team amid the resignation of chief investment officer Michael Hughes last week (July 3).
Offshore relocation minimises forex processing costs
LONDON – Offshoring and rising cash FX and FX options trade volume have led to a significant reduction in cost per trade, according to a survey by London-based market intelligence firm Z/Yen.
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
BIS confirms continuing importance of carry trade
BASEL – Foreign exchange carry trades continue to be a main driver of global exchange rate movements, according to the Bank for International Settlements’ 2007 annual report, released on June 24.
Credit Suisse gains in sales and strategy
Credit Suisse has boosted its FX research and sales businesses with hires in London and Singapore.
Lloyds TSB satisfies FX-linked solutions demand
Lloyds TSB Corporate Markets has expanded its UK wealth management team to satisfy demand for a wider-range of FX-linked solutions from private bank clients, Clare Francis, managing director and head of sales at the bank told FX Week.
Calyon expands in rates trading in Hong Kong
HONG KONG – Calyon has raided Standard Chartered and interdealer broker GFI as it looks to expand its interest-rate trading team in Hong Kong.
Lehman Brothers in Asia-Pacific rollout
SINGAPORE – Lehman Brothers is expanding its coverage of the Asian market with the planned extension of FX into Singapore, Richard Gladwin, global head of FX at the bank told FX Week.
AXA IM forex fund targets institutional investors
LONDON – AXA Investment Managers (AXA IM) has launched its first active FX fund since creating a new currency management team last July.
Liffe to launch time pro-rata algorithm for STIRT futures
LONDON – Euronext’s derivatives business Liffe has developed a new trade-matching algorithm for its short-term interest rate (STIRT) futures contracts, which will include a time element in the allocation process.
List of e-FX Awards finalists drawn up
The shortlist for the FX Week e-FX Awards has been decided. This year we received an unprecedented number of submissions, each of a high degree of quality, demonstrating the increasingly competitive landscape for e-FX.
F&C gathers assets for FX volatility hedge fund
LONDON – F&C Alternative Investments has begun raising funds for its F&C Garnet Fund, a hedge fund targeting absolute returns by investing and trading in FX volatility and forward rate bias (FRB). The move indicates the growing prominence of volatility…
Citi launches advanced alpha FX indexes
LONDON – Citi has launched a set of six tradable FX indexes that employ active management and FX options when generating returns.
JP Morgan's reshuffle of management continues
LONDON & NEW YORK – JP Morgan has made further senior management changes under its newly structured global rates and G10 foreign exchange business.
FXMarketSpace enhances prime brokerage service
LONDON & NEW YORK – FXMarketSpace (FXMS) has joined the ranks of spot broker EBS and electronic communications network Hotspot FX by introducing the NetLink service onto the platform.
Derivative Fitch launches beta CFXO model
LONDON – Derivative Fitch last Wednesday (June 27) released a beta version of its Vector CFXO model for collateralised foreign exchange obligations, aimed at increasing transparency in the market and the understanding of its ratings.
China slams speculative inflow banks
BEIJING – HSBC, Standard Chartered, Citi and the Bank of East Asia were among 10 international banks disciplined by the Chinese FX regulator last week.