News
Ellis departs CIBC
TORONTO - Craig Ellis, managing director in foreign exchange and money markets at CIBC World Markets, served his last day at the firm last Friday (December 5).
Yuan NDFs set to peak
BEIJING - Chinese renminbi non-deliverable forward (NDF) rates could peak this week, ending the rapid rise seen since the government indicated plans to allow the unit to depreciate at the end of November, according to traders .
Banks slash jobs in FX
NEW YORK & LONDON - Wider cuts at global dealers have hit foreign exchange teams across both sides of the Atlantic, with many redundancies made last week.
FX job cuts at Macquarie
SYDNEY & MELBOURNE -Australian dealer Macquarie Bank is understood to have axed a number of foreign exchange roles in its treasury and commodities division last Thursday (December 4).
Monahan ends six years at Icap
HONG KONG - Mark Monahan, chief executive at Icap's electronic business in the Asia-Pacific region, will leave the firm at the end of the year.
A licence to deal
Experienced traders and other market professionals agree, the current market conditions and environment are unique - the government effectively having to shore up the balance sheets of some of the best-known and well-established banking institutions by…
Morgan Stanley merges global FX and EM
LONDON, NEW YORK & HONG KONG - Morgan Stanley has provided further details about its new-look global foreign exchange and emerging markets business, which came into effect last Monday (December 1).
Parker FX Index posts record results in October
STAMFORD, CT - The Parker FX Index generated its largest monthly gain in October since 2003, returning 2.53%, in a month that saw a continuation of dollar appreciation.
FX bonuses expected to drop by 80%
LONDON - Bonuses will plummet by 80% for most foreign exchange staff in London, according to research by Armstrong International, a London-based search firm.
India to open rupee/dollar futures to FIIs
MUMBAI - The Reserve Bank of India and the Securities and Exchange Board of India (Sebi) are expected to allow foreign institutional investors (FIIs) to participate in the currency futures market soon, market participants speculate.
China in shock interest rate cut
BEIJING, MUMBAI & BANGKOK - The People's Bank of China shocked markets with an aggressive 108 basis point cut to interest rates last Wednesday (November 26), in its latest move to curb the rapid decline in growth.
Hedge funds outshine banks as API price-makers
LONDON - Banks are mostly price-takers when trading on spot broking system EBS through an application programming interface (API), according to analysis by interdealer broker Icap.
Ellis to leave CIBC, Monahan quits Icap
TORONTO & HONG KONG - Craig Ellis, managing director in foreign exchange and money markets, has announced his departure from CIBC World Markets effective December 5. Meanwhile, Mark Monahan, chief executive of Icap’s electronic business in the Asia…
Morgan Stanley's Mettler gets new deputy head
LONDON - Morgan Stanley has promoted Marcin Wiszniewski to a newly created role as deputy head of global foreign exchange and emerging markets (EM), effective December 1.
Crisis benefits BoA, JPM
STAMFORD, CT - Bank of America (BoA) and JP Morgan have tightened their grip on the US corporate banking market in the fallout from the financial crisis in September, according to research by Greenwich Associates.
Shah, Bear depart CBA in London
LONDON - The Commonwealth Bank of Australia (CBA) has seen a reduction in its headcount in London.
One up, three down at Citi
NEW YORK & LONDON - Citi's global head of electronic execution has been made redundant and cuts have been made to the foreign exchange sales team in London, as part of the bank's drive to reduce headcount globally.
MarketFactory Whisperer closer to launch
LONDON & NEW YORK - MarketFactory's Whisperer product is being beta-tested by a group of clients made up of banks and funds, James Sinclair, chief executive of the financial technology firm in New York, has told FX Week. He expects the first client to go…
DealHub client consolidates trades
LONDON - Options Computer Limited (OCL) has deployed its DealHub internal trade netting tool with an existing client, enabling the bank to reduce more than 100,000 component trades to 1,000 aggregate trades, according to the vendor.
New SocGen platform targets active traders
LONDON - Société Générale is set to launch a new foreign exchange trading platform in January, in a move to increase its presence among institutional clients.