News
Commerzbank continues EM expansion
FRANKFURT – Commerzbank has re-hired Frank Berger as head of emerging markets FX forwards in Frankfurt, as it continues to expand its EM capabilities.
Clariden centralises forex pricing data
LONDON – Swiss private bank Clariden Leu has rolled out an FX pricing solution to centralise pricing and distribution of FX rates throughout the organisation.
Merrill reorg triggers forex hires
LONDON & NEW YORK – Merrill Lynch has made four hires in its FX options team, amid a reorganisation of its FX and local currency trading businesses.
Former FX salesperson sues BNP Paribas for discrimination
LONDON – A former FX salesperson at BNP Paribas, Katharina Tofeji, is suing the bank for £1.35 million ($2.7 million) on the grounds of sex discrimination, victimisation and constructive dismissal.
Continental shift for Reuters sales force
SINGAPORE, LONDON & NEW YORK – Electronic broker Reuters has realigned its sales force across three continents, to adapt to the evolving market-place.
Forex shuffle at London Citi
LONDON – Citi is undergoing changes at its FX team in London, with three departures and two hires.
Lehman Brothers expands e-FX capabilities
LONDON – Lehman Brothers is expanding its e-commerce capabilities, as part of the continued expansion of the bank's forex business.
Four ISE forex contracts go live
NEW YORK – Four FX options contracts began trading on the New York-based International Securities Exchange (ISE) last Tuesday (April 17).
Citi and Merrill post bullish results
NEW YORK – Citi and Merrill Lynch have posted record results for their fixed-income businesses, with FX playing a strong role. Merrill said record currency revenues helped revenues from the fixed-income, currencies and commodities division grow from…
Sterling breaches $2 barrier for first time in 15 years
LONDON – Only five banks predicted correctly that sterling would breach $2.00 in mid-April and be capped below $2.02, according to FX Week 's currency forecasts.
Cantor Fitzgerald rejects rival bid for eSpeed
LONDON – A takeover bid for electronic trading network eSpeed was rejected by majority owner Cantor Fitzgerald last week.
Saxo Bank hails record month
COPENHAGEN – Danish-based investment bank Saxo Bank saw a 12% rise in new-client acquisition in March over the previous month.
Merrill reorg triggers forex hires
LONDON & NEW YORK – Merrill Lynch has made four hires in its FX options team, amid a reorganisation of its FX and local currency trading businesses.
Marex hooks up with Accelor
LONDON – Independent brokerage Marex Financial has established connectivity to Accelor, FXall's new electronic communications network, enabling clients to trade over the platform.
Icap challenges Reuters with i-Forwards platform
GLOBAL – Interdealer broker Icap is taking on rival electronic forward FX broker Reuters, with the global rollout of i-Forwards, its electronic trading platform.
Directional Trading opens to investors
LONDON – Proprietary trading company Directional Trading has opened three currency management programmes to investors, in the form of managed accounts.
Calyon deploys global electronic interest rate derivatives platform
PARIS – Calyon is in the process of deploying an electronic interest rate derivatives (IRD) distribution and trading platform globally.
China forex market advances with launch of RMB e-trading
SHANGHAI – The Chinese Foreign Exchange Trading System (Cfets) last week launched electronic trading in RMB crosses, marking the next phase in the evolution of the country's foreign exchange market.
More UK pensions actively manage currency exposure
LONDON – An increasing number of UK pension funds are choosing to actively manage currency exposure, according to a new survey gathered from 651 European pension funds.
ABN Amro departures highlight staff jitters
HONG KONG – ABN Amro continues to suffer departures in FX sales and structuring in Hong Kong, as rival banks target talent at the regional operations of the Dutch bank.
BarCap loses two, gains one in London
LONDON – Barclays Capital has undergone changes to its foreign exchange team in London, with two departures and a hire.
Merrill Lynch reshuffles London forex sales structure
LONDON – Merrill Lynch has reorganised its London-based forex sales team, as it shifts away from a regional structure to a client-focused one.