News
Naked euro currency swaps face same fate as CDSs in Germany
Germany broadens shorting ban scope
Euro to continue decline
LONDON – Analysts are predicting further euro weakness, expecting the unit to return to 1.2135, with the short covering correction be short-lived.
Hotspot extends reach
JERSEY CITY, NJ - Agency broker and market-maker Knight Capital Group has connected foreign exchange and fixed-income trading platforms - HotSpot FX and BondPoint, respectively - to the Secure Financial Transaction Infrastructure (SFTI) network from NYSE…
Non-banks drive up Hotspot volumes
JERSEY CITY, NJ - HotspotFX reported a 107.9% rise in average daily volumes to $35.2 billion - double count - in April, versus $16.9 billion last year.
FXall targets Japan expansion
TOKYO – FXall continues to expand its presence in the Asia-Pacific region, with a key hire from Deutsche Bank in Tokyo.
Citi sales reorg after Jan Bak departure
LONDON – Citi has reorganised its institutional sales team with the departure of Jan Bak, head of non-UK European institutional sales in London.
SEB targets Asia growth
SINGAPORE - SEB has relocated Seppo Leskinen, chief investment officer of the SEB Multi-Manager Currency Fund, to Singapore from London, to leverage demand for currency management by investors in the Asia Pacific region.
Bank FX price feeds fall short
LONDON - Banks must improve their foreign exchange pricing and trading infrastructure or risk losing order flow, according to currency traders.
Nexaweb melds FX pricing, trading on new platform
Burlington, MA-based Nexaweb Technologies, a provider of web-based business applications, has released a trading and price-discovery platform for foreign exchange markets, with pre-configured data connectivity, aimed at banks seeking to deploy a web…
SmartTrade bows OTC pricing tool
French trading systems vendor SmartTrade will this week announce a new component to its liquidity management system for dealers to distribute customised prices on over-the-counter instruments to clients.
Controversial swaps legislation survives as US Senate passes bill
WASHINGTON, DC - Foreign exchange swaps and forwards counterparties are being included in new rules blocking swaps dealers and major swap participants from federal government support.
Venezuela cracks down on 'parallel' currency market
Venezuelan government stops trading in foreign government bonds in bid to stifle unofficial currency markets; plans for central bank to provide central platform
BBVA looks to Taiwan for growth
TAIPEI – BBVA will, in the coming weeks, apply to the Taiwan financial regulator to open a locally incorporated unit on the island, as the bank continues to look for expansion opportunities across Asia.
RBC Capital Markets adds in Asia
SINGAPORE & SYDNEY - RBC Capital Markets has added two hires to its global FX team in the Asia-Pacific region, with the appointments of Winston Quek and Amanda Lowe.
CIBC continues to grow
NEW YORK - CIBC has made two hires in its financial solutions group in New York, as it increases its presence in the city.
Hogan calls it a day at Nomura
Canice Hogan, head of fixed-income flow sales for Europe, Middle East and Africa at Nomura, retired on Friday, May 14.
Coalition team takes over at UK Treasury
The UK's new Conservative-Liberal Democrat coalition government has named its joint treasury team.
UniCredit hires new head of FX cash
LONDON - UniCredit has hired Beat Nussbaumer as European head of FX cash. Based in London, he will start on May 17, reporting directly to Nick Crawford, global head of FX in London.
Glory Sky sees potential with GFI Fenics
NEW YORK & HONG KONG - Glory Sky Group, a Hong Kong brokerage house, has chosen GFI Fenics’ Professional to help manage its FX and commodities derivatives business.
Sarb points to pitfalls of exchange rate rigidity
South African Reserve Bank keeps rates flat as inflation outlook remains steady, adviser says exchange rates an important policy tool
Concerns over euro remain despite rescue bid
Last week's news of a €750 billion international rescue package for struggling economies on the edge of the eurozone initially lifted the euro, but concerns persist about the indirect effects of the bailout, and the area's underlying economic prospects.
OCC announces new directors
The Options Clearing Corporation (OCC) has named Craig Abruzzo and Valar Mihan as directors, and appointed director Paul Brody as vice-chairman. Brody replaces Gary Yetman, who completed his term at the end of April.
Headhunters report temporary hiring freeze in wake of volatility
Headhunters on both sides of the Atlantic have reported a distinct slowdown in foreign exchange hiring as banks take advantage of the high level of volatility to make some much-needed profit, thus halting candidate interviews.