News
BNP appoints head of e-commerce
NEW YORK & LONDON – BNP Paribas has boosted its global forex team by making two hires in New York and London.
Global FX sales reorg at Deutsche
LONDON & NEW YORK – Deutsche Bank has made changes to senior management in its global FX sales team following the retirement of global head of FX sales Dan Almeida last month.
Fimat to become CLS member
LONDON – Brokerage firm Fimat will be going live on the continuous-linked settlement (CLS) service by the end of September, a senior official told FX Week .
Asian currencies at risk from oil surge
JAKARTA – Asian currencies have taken a hit from surging oil prices, which remained above $60 last week despite falling off record levels set earlier this month.
UK banks storm ahead in forex
LONDON – UK banks are storming ahead in FX, with a strong set of results reported for the first half of the year.
ACM expands in Middle East
DUBAI – ACM-Refco, the online currency and metal trading firm, has opened a representative sales office in Dubai, United Arab Emirates.
Voting underway for Best Banks Awards
LONDON – Voting for the FX Week Best Banks Awards 2005 got underway last week, with more than 300 votes already having been cast.
China announces reference basket
BEIJING – The People's Bank of China (PBoC) has announced the four currencies that will act as a basket against which the renminbi (RMB) will be pegged.
Aussie/Kiwi influx keeps lid on spiralling London salaries
LONDON – The steady flow of Aussie and Kiwi staff into London's FX arena has helped keep a lid on spiralling wages, according to market participants.
BoA's Nutland defects to Calyon
LONDON – Steve Nutland, head of trading at Bank of America (BoA) in London, has left after almost six years, the bank has confirmed.
BoA build-up complete
LONDON – Bank of America (BoA) has completed its planned build up this year with a hat trick of senior hires on its emerging markets trading desk.
Broker consolidation in the spotlight
LONDON – Consolidation of the broking industry is looming large again, with the unexpected announcement by Collins Stewart Tullett (CST) last week that it had received a number of bids for the company.
PBoC liberalises derivatives market
BEIJING – The People's Bank of China (PBoC) has issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market. Meanwhile, non-bank companies such as insurance firms and asset managers can also apply…
Berkshire Hathaway hit by strong dollar
OMAHA – Berkshire Hathaway, the investment and insurance company run by billionaire investor Warren Buffet, has suffered $926 million in mark-to-market losses from its foreign currency contracts, amid a strong US dollar in the first half of the year.
BNP and RBS boost bank sales
GLOBAL – BNP Paribas and Royal Bank of Scotland (RBS) have boosted their presence in the financial institutional forex space by opening a new desk and hiring new staff, respectively.
Deutsche boosts prime brokerage
LONDON – Deutsche Bank has extended its prime brokerage offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
Ueda Harlow taps Internap
TOKYO – Japanese FX broker Ueda Harlow has selected technology vendor Internap Network Services for internet IP connectivity on its new online FX trading service. Ueda Harlow-FX, launched at the end of June, will use the intelligent routing technology…
Citi extends structuring
NEW YORK – Citigroup has extended its structuring capabilities by setting up a group dedicated to providing derivatives-based solutions for clients.