News
JSE futures volumes top $1bn
JOHANNESBURG - Increased volatility in the currency markets has helped push the total value of currency futures traded on the Johannesburg Stock Exchange (JSE) beyond the $1 billion mark within 12 months of launch.
CME posts surge in Q2 forex volumes
CHICAGO - The Chicago Mercantile Exchange (CME) reported a strong increase in contract volumes in second-quarter results released last Tuesday (July 1).
Last FX man standing quits at Credit Suisse
LONDON & GREENWICH - The last member of Credit Suisse's defunct foreign exchange team for southern Europe is leaving the bank, market sources tell FX Week .
RBS gets smart with prime brokerage
LONDON & GREENWICH - The Royal Bank of Scotland (RBS) has taken its prime brokerage platform Smartprime live today (June 30) through online portal RBSMarketplace.
More currency ETFs hit US
NEW YORK - Two more currency-linked exchange-traded funds (ETFs) were listed on the New York Stock Exchange's NYSE Arca on June 25.
Onix offers real-time market data solution
LONDON - London-based software vendor Onix Solutions has released a FIX engine and ITCH real-time market data solution set integrated with Hotspot FXi.
Rival banks scoop Merrill Lynch defectors
LONDON - Morgan Stanley and Barclays Capital have made two hires from Merrill Lynch, market sources tell FX Week .
Oanda offers money-transfer service
NEW YORK, TORONTO ZURICH & SINGAPORE - Online trading company Oanda is today (June 30) launching a new wire transfer service called FXGlobalTransfer for cash management in cross-border funds transfer.
Investors keen on double-short euro ETNs
NEW YORK - Morgan Stanley's Market Vectors double-long leveraged euro exchange-traded notes (ETNs) have outperformed their double-short counterparts by almost 30 times in trading volumes.
More departures from JP Morgan
LONDON - Mass redundancies are continuing to affect the foreign exchange desks of JP Morgan in London, with two former Bank One staff reputed to have left the US dealer this month.
Small US banks free to use standardised approach
WASHINGTON, DC - The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.
NAB strengthens UK forex team
LONDON - National Australia Bank (NAB) has expanded its London foreign exchange team, with three hires covering Europe-domiciled business.
Nordea signs up to 360T
COPENHAGEN - Nordea has joined the 360 Treasury Systems (360T) TEX multi-dealer cross-product trading system, in response to a spike in interest among mid-cap clients for the platform, the bank said.
HSBC emerges in Georgia
TBILISI - HSBC is capitalising on rising demand for forex services in the former Soviet Union by opening its first commercial banking branch and head office in Georgia.
CFTC moves to close 'London loophole'
LONDON - The Commodity Futures Trading Commission (CFTC) has moved to impose US position limits and hedge exemption requirements on US customers trading West Texas Intermediate (WTI) crude oil on London-based ICE Futures Europe.
Quant demand in full force
GLOBAL - The high demand for quantitative foreign exchange specialists continues, fuelled by concerns over risk controls and growth in local currency derivatives and hybrid derivatives trading, industry sources have told FX Week .
BMO opens branch in Shanghai
SHANGHAI - BMO Financial Group opened its Shanghai branch on May 13th. Initially a representative office, the branch has been upgraded in a bid to increase the bank's coverage of the Yangtze River Delta region.
Icap breaks into retail forex market
LONDON - Icap is breaking into the lucrative retail foreign exchange market by teaming up with London-based retail equity and FX trading sister company City Index, senior officials tell FX Week .
Two FX options traders quit Merrill Lynch
LONDON - Merrill Lynch has lost two star foreign exchange options traders in London, market sources tell FX Week .
Ex-UBS FX bank sales team set to start at Citi
ZURICH, LONDON & SINGAPORE - The former UBS bank foreign exchange sales team is set to begin at US rival Citi from July 1, Citi confirmed.
UniCredit eyes up US
NEW YORK - UniCredit has turned its sights to the US by making key foreign exchange hires, after driving its sales and trading businesses in Asia.