News
HSBC promotes Gupta
SINGAPORE - HSBC has promoted Amit Gupta to head of global markets in Singapore, with effect from April 1. He was previously head of sales for global markets and succeeds John McGowan, who will retire in June.
Banks continue to target retail forex
SALT LAKE CITY - Two major banks have made moves to benefit from the burgeoning retail foreign exchange market.
Goldberg departs BNP Paribas
NEW YORK - Andrew Goldberg, New York head of foreign exchange trading, left the bank last week.
Citi in e-FX shake-up
LONDON & SINGAPORE - Citi has restructured senior management of its electronic foreign exchange business, while also announcing the retirement of Gavin Wells, London-based head of FX e-commerce, from the bank this month.
Edsparr to join Citadel
LONDON & NEW YORK - Chicago-based hedge fund Citadel has hired JP Morgan's head of rates, FX, secondary products and principal investment, Patrik Edsparr.
Texan FX trader fined $3m over misleading website
WASHINGTON, DC & TEXAS - The Commodity Futures Trading Association (CFTC) has collected more than $3 million in civil money penalties and restitution monies from anti-fraud action against a Texas-based foreign exchange trader.
CMC Markets launches TWI-based CFD currency indexes
LONDON - CMC Markets is launching 10 contract for difference (CFD) currency indexes based on the trade-weighted indexes (TWI) of central banks.
Voting for e-FX Awards now under way
The starting pistol for this year's e-FX Awards has been fired, with companies invited to submit their pitches in the 13 categories.
Ex-EBS trio develops new distance latency product
NEW YORK - Market Factory, a company formed by three former senior EBS figures, is developing a software product that could potentially be sold back to their former employer.
Turnaround for Parker FX Index
STAMFORD, CT - The continued decline in the US dollar has halted three consecutive months of negative returns for the Parker FX Index, producing a return of 1.34% for February.
Oiling the FX wheels
The Royal Bank of Canada is offering capital protection with a new FX-linked product that is based on currencies from six countries, including two of the world's biggest oil producers
Citi raids UBS to target banks
LONDON & ZURICH - Citi is hitting at the core of UBS's foreign exchange business with up to nine hires, which includes the Swiss dealer's banks team globally.
Saxo increases spot FX margins
COPENHAGEN - Saxo Bank increased spot foreign exchange margins for 11 currencies on Wednesday (March 19) as capital was pulled out of certain emerging market currencies.
CLS Bank sets record for payment instructions value
LONDON & NEW YORK - CLS Bank set a record for the value of payment instructions settled in a single day on March 19.
Credit Suisse sacks mispricing traders
ZURICH - Credit Suisse has sacked or suspended the traders behind the mispricing that cost it a $2.65 billion writedown last month.
Lehman Bros comes under fire in Asia
SINGAPORE - Attempts by Lehman Brothers to quash rumours that DBS Bank, Singapore's largest bank, had ceased trading with it last Monday (March 17) failed to reassure traders in Asia.
TCA low priority for FX traders
LONDON & NEW YORK - Transaction cost analysis (TCA) is unlikely to take hold in 2008, as the market prioritises access to liquidity, say senior bankers in London.
Nedbank signs up WSS
JOHANNESBURG - Nedbank Capital has begun deploying a real-time trade processing system, Wallstreet FX, to support developments in its forex and money markets operations.
All change in Singapore
SINGAPORE - Remy Klammers is set to take up the newly created role of global head of fixed-income trading at Standard Chartered in Singapore, according to sources familiar with the situation.
Top order changes at UBS
ZURICH & SINGAPORE - UBS has seen a reshuffle at the top of its FX business, after establishing a new FX trading unit at the end of January.
US banks give poor performance in Q1
NEW YORK - Strong results in foreign exchange failed to offset a first quarter blighted by continued credit market turmoil, with US investment banks reporting significant declines in fixed-income revenues last week.