News
Velocity Trade readies API connectivity
TORONTO - Canadian foreign exchange dealer Velocity Trade expects to take its first client live sometime this week, say officials, with an application programming interface (API) connection into the dealer's middle- and back-office systems.
Consistent liquidity makes HSBC best bank in Asia-Pacific
HSBC has held on to the title of best bank for FX in the Asia-Pacific with a commitment to providing consistent liquidity, as the market turmoil forced competitors to cut their exposure to the region.
CMC builds with StreamBase
LONDON - CMC Markets has deployed a complex event processing (CEP) system from StreamBase to price foreign exchange, and plans to extend the use of the system to indexes, commodities, treasuries and equities trading by year-end.
Powell departs BoA Merrill Lynch
LONDON - David Powell, a G-10 currency strategist at Bank of America Merrill Lynch, left the bank in London last week (November 10), market sources have told FX Week .
Citi topples UBS as leading CLS third-party provider
Citi has pipped UBS to the post to become the leading provider of CLS third-party services, in a year where settlement risk management remained the single most significant risk to the foreign exchange market.
StanChart continues US build-up
NEW YORK - Standard Chartered has hired Peter Hirsch as head of rates trading, Americas, and Brian Varga as head of US Treasury trading, Americas, in New York.
Options voters choose Deutsche's steady hand
Deutsche Bank took top honours in the options category this year, having come fourth in 2008. Consistency is the key to its success, said Kevin Rodgers, the bank's London-based global head of foreign exchange options.
FX Connect top professional electronic trading venue
FX Connect has claimed top spot in the best professional electronic trading venue category, after trailing behind FXall in second place in the multibank foreign exchange portal category last year.
Deutsche jumps to top spot in Scandinavian currencies
Deutsche Bank has taken the honours in the Scandinavian currencies, ousting local rival Danske Bank. The Copenhagen-based bank has topped the category for the past two years, while the German dealer made its first appearance in 2008, ranking fourth.
London swings for Canadian dollar but not Swiss franc
The Bank of Montreal (BMo) has burst into the top spot for the Canadian dollar this year, having occupied second place since FX Week introduced the category in 2004. Royal Bank of Canada, which has won the award for the previous five years, came fourth…
ETF Securities lists 18 new forex products in London
LONDON - ETF Securities launched 18 G-10 currency-linked exchange-traded commodities (ETCs) on the London Stock Exchange (LSE) last week.
India's RBI to allow OTC FX options
MUMBAI - The Reserve Bank of India (RBI) released draft proposals on November 12 that will allow importers and exporters to write over-the-counter forex options contracts, in response to calls by banks and industry bodies.
Barclays Capital poster child for e-forex
Barclays Capital has solidified its standing as the poster child for electronic foreign exchange, taking home the accolade for the best bank electronic trading platform for the second year running.
Deutsche unseats UBS for prime brokerage
Customers voted Deutsche Bank top for foreign exchange prime brokerage (FXPB) this year, unseating UBS, which won the award in 2008. Barclays Capital and Citi completed the top three.
RBS sees currencies business decline
LONDON - The Royal Bank of Scotland reported a 66% fall in income from the currencies business, to £141 million in the third quarter of this year, versus the same quarter in 2008.
Adaptability key to BarCap structured products win
Barclays Capital has come top of the class for foreign exchange structured products. Having finished third last year, the bank clinched top spot by reacting quickly to changing client requirements, according to Andy Kaufmann, its London-based head of FX…
HSBC's risk focus pays off in forex forwards
HSBC retains its edge as the best bank for foreign exchange forwards as improved pricing and risk management ensured the bank was able to continue delivering liquidity during the credit crisis.
Trèny joins Credit Suisse
LONDON - Stéphane Trèny is set to join Credit Suisse later this month to head the Swiss dealer's foreign exchange corporate sales team for southern Europe, according to market sources.
Sharp dollar carry trade unwind ruled out
A rise in dollar interest rates is unlikely to lead to a frantic scramble to close out short dollar positions, according to analysts polled by FX Week .