News
Refco’s demise aids competitors
LONDON – The black cloud of Refco’s demise is proving a valuable silver lining for other players in the field.
BNP to target real-money sales in 2006
LONDON – BNP Paribas is to invest heavily in the real-money space early next year, as it looks to gain traction in an area where the bank has so far had limited presence.
Changes to Travelex board
LONDON – Foreign exchange specialist Travelex has announced changes to its board, with the appointment of a new executive chairman, group chief executive and chief financial officer.
Trading places
BMo in capital markets rejigBank of Montreal (BMo) in Toronto has undergone a major restructure in capital markets at senior level following the retirement of its head, David Hyma.
Value strategies decline in October
LONDON – Currency managers using value strategies are likely to have had a weak month in October according to results of a naive currency management simulation by ABN Amro.
Chaos and depreciation as Zimbabweforex trading system introduced
HARARE – The introduction of a more liberal and transparent forex market in Zimbabwe saw a three-fold drop in the value of the country’s currency and suspension of trading.
SG CIB to white-label FX portal
LONDON – SG CIB is looking to boost the use of its single-bank portal with a series of white-label arrangements with banks it owns.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
Further liberalisation of yuan trade by Hong Kong and China
HONG KONG – Further flexibility in China’s currency regime is to be introduced, with details being given last week of liberalisation of trade with the Special Administrative Region.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
Asian authorities relax FX controls
SHANGHAI & HANOI – Government authorities in China and Vietnam have taken further steps towards liberalising the capital account, with a series of relaxations introduced in recent weeks.
EBS signs second largest Chinese bank
BEIJING – EBS has made further inroads into the Chinese market by signing on China Construction Bank (CCB), the second largest state-owned bank in the country.
RTFX signs BarCap and Deutsche Bank
HONG KONG – Reuters has signed up Barclays Capital and Deutsche Bank as liquidity providers on its Reuters Trading for Foreign Exchange (RTFX) platform, it announced at the Asian launch of the service last week.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.
Currenex and Traiana build API
NEW YORK & CHICAGO – Online trading platform Currenex and technology vendor Traiana have established an application programming interface (API) between their platforms to automate and streamline order processing for prime brokers trading forex over…
Consolidation continues in FX
NEW YORK – A further sign of the consolidation of the foreign exchange industry emerged last week, with a survey revealing that just under half of North America’s spot FX market is held among a handful of dealers.
Reuters revenues up third successive quarter
LONDON – Global news and information provider Reuters has reported third-quarter revenues of £611 million, up 8% on the £566 million for the same period last year.
Global change at DrKW
LONDON & SINGAPORE – Dresdner Kleinwort Wasserstein’s (DrKW) global forex strategy team is undergoing a realignment.
PBoC and BI sign swap deal
BEIJING & JAKARTA – The People’s Bank of China (PBoC) and Bank Indonesia (BI) have signed a second bilateral swap agreement (BSA) worth up to $2 billion under the Chiang Mai Initiative (CMI).
CIBC reorg sparks departure
TORONTO – The Canadian Imperial Bank of Commerce (CIBC) has undergone an internal restructure in its foreign exchange team, which has resulted in one senior departure.