News
Singapore releases inaugural forex volumes survey
SINGAPORE – The Singapore Foreign Exchange Committee released its inaugural survey of foreign exchange volume in the city-state last week.
State Street to offer settlement solution
BOSTON – State Street Global Markets (SSGM), the investment research and trading arm of State Street, will launch an online settlement instructions system linking CLS and global directory SSISearch.
EBS ends sale speculation
LONDON – Interdealer broker Icap last week confirmed it is in discussions to acquire electronic forex heavyweight EBS.
Western Union joins forces with Travelex
LONDON – Western Union, the worldwide money transfer service, and Travelex, the world's largest non-bank foreign exchange payment firm, have signed an exclusive agreement whereby the latter offers Western Union's transfer service.
Commerz continues to rebuild
FRANKFURT & LONDON – Commerzbank has boosted its FX team with four new hires in London and Frankfurt, as it continues to rebuild after cutbacks in late 2004.
BOA falls in FX
NEW YORK – Bank of America (BoA) posted a fall-off in FX trading-related revenue for 2005 versus the previous year in its annual results released last week.
Fundamentals star in December
With hedge funds becoming increasingly interested in foreign exchange as a source of alpha, FX Week in conjunction with SEB and Mellon has collated data indicating how 35 leading hedge funds have fared over the last year and a half
EBS ends sale speculation
LONDON – Interdealer broker Icap last week confirmed it is in discussions to acquire electronic forex heavyweight EBS.
Tullett Prebon sets up volatility division
LONDON – Tullett Prebon has established a volatility division, in the final stage of restructuring since parent company, Collins Stewart Tullett, acquired Prebon Yamane in 2004.
And now, the weather, from CoesFX
PLAINVIEW, NEW YORK – New York portal CoesFX last week launched a tool to predict foreign exchange rates using a 'weather forecasting' format to enable users to factor in more variables.
Integral Development boosts staff
MOUNTAIN VIEW, CALIFORNIA – Integral Development, provider of capital markets products and services, has hired five staff in business development, finance, research and marketing.
Reuters launches new version of DataScope
NEW YORK – Reuters last week launched DataScope Select, a new version of its back-office solution intended to provide more flexible access to a broader range of data.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
IFX bounces back with trio of hires
LONDON – IFX Markets has hired three and promoted two, as it looks to recover from being raided by BGC.
BGC adds institutional FX
LONDON – BGC, the voice and electronic broking business of Cantor Fitzgerald, has confirmed the creation of an institutional FX trading desk.
StanChart caters to RMB retail clients
HONG KONG – Standard Chartered has gone live with renminbi savings and time deposit services for seven business types.
CLS Bank sets new volume record
LONDON/NEW YORK – CLS Bank has set a new record for the volume of payment instructions settled in one day.
London behind on gender equality
LONDON – The paucity of women forex professionals in London is likely to persist as its reputation as a male-dominated arena continues, according to market observers.
BarCap adds CME options to Barx
NEW YORK/CHICAGO – Barclays Capital has become the first bank to provide CME eurodollar options strategies capability to its electronic trading system, Barx.
Commodities hit JPMC and Citi
NEW YORK – Poor performance in the commodities markets caused JP Morgan Chase and Citigroup to report a decline in revenues generated from their fixed-income divisions in the fourth quarter of 2005, clouding positive results for FX.
Korea to restrict currency data
SEOUL – The Bank of Korea (BoK) is set to restrict parties that are able to view real-time currency data, in a bid to curb currency speculation, from next month.
Milan bank makes cuts overseas
MILAN – Banca Popolare di Milano has closed its overseas FX capabilities and now operates exclusively from Milan.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.