News
Saxo upgrades trade tool
COPENHAGEN – Saxo Bank is working on an upgraded version of its SaxoTrader online trading tool. The product will soon be in alpha testing and is expected to go into production in mid June, following a period of testing with partners and customers.
New fund for ABN Amro AM
LONDON – ABN Amro Asset Management is considering launching a second currency hedge fund in June, said officials at the asset manager in London.
Volkswagen hit by strong euro
WOLFSBURG – Volkswagen (VW) took an e800 million exchange rate hit to operating profits in 2004, with US sales dealt a significant blow from the strong euro.
TD hires in London and Toronto
TORONTO & LONDON – TD Securities has beefed up its global team with two new hires in Toronto and London.
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
More changes at Lehman
LONDON – Lehman Brothers’ foreign exchange team has undergone further changes with two senior departures and a number of hires.
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
Buy-side access to hit banks
NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
Deutsche Postbank loses staff post ING-BHF Bank acquisition
LONDON – Deutsche Postbank, which bought ING-BHF Bank in London on January 1, is understood to have lost several in its FX dealing room team since the acqusition.
Danske relocates sales head
NEW YORK – Sander Fynboe, global head of sales at Danske Bank in New York, is transferring to the London office, the bank has confirmed.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
Merrill Lynch hires globally
NEW YORK – Merrill Lynch has boosted its global trading desks with appointments across three continents.
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Avecia uses RBSFiX for huge deal
MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).
HSBC posts strong year for forex
LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.