News
Citi targets EM settlement
NEW YORK & BOGOTA - Citi's domestic settlement service is set to gain a foothold in emerging markets where CLS is currently not active.
Roche leaves Standard Chartered
SINGAPORE - Tom Roche, global head of the electronic commerce sales and retail products group at Standard Chartered in Singapore, has left the bank, market sources tell FX Week .
Trading records fall during turbulent month
NEW YORK & LONDON - Records tumbled on foreign exchange trading platforms last month, with EBS and Currenex reporting record trading volumes for the month and FXall a record quarter.
India reacts to rise in FX derivatives losses
MUMBAI - Indian accounting regulators have brought forward the deadline for complaince with disclosure requirements related to foreign exchange derivatives, amid rising losses linked to complex hedges by small to medium-sized enterprises (SMEs).
Yen rise triggers PRDC hedging
TOKYO - The sharp appreciation of the yen in March has left dealers jostling to hedge exposures to power-reverse dual currency notes (PRDCs) and other similar structured products.
Merk offers Asian currency fund
PALO ALTO, CA - Merk Investments launched the Merk Asian Currency Fund (MACF) on Tuesday (April 1), a mutual fund that invests in a basket of Asian currencies, aimed at retail investors.
Siena Gateway gets Fix adaptor
LONDON - Eurobase last week (April 4) launched a Fix adaptor for its e-trading connectivity product, Siena Gateway.
Asian SWFs increase global share
LONDON - Asian sovereign wealth funds (SWF) are growing at a faster rate than their Middle Eastern counterparts, due to larger balance of payment surpluses, according to a report by the private sector industry body International Financial Services London…
Caplin wins three new clients
LONDON - London-based web technology vendor Caplin Systems has gained three new clients for its multi-product web-based client connectivity platform, Caplin Trader, said an official at the company.
Icap grows in Middle East
BAHRAIN - Interdealer broker Icap is expanding its footprint in the Middle East by adding the Bank of Bahrain and Kuwait (BBK) as an EBS Prime customer.
Wing Hang selects Misys Summit FT
HONG KONG - Wing Hang Bank has signed a deal with a global application software vendor Misys to instal treasury and capital markets software in its Hong Kong head office and subsidiary bank's operation in China.
Handelsbanken shuts down New York desk
NEW YORK - Handelsbanken Capital Markets is closing down its New York FX proprietary trading operation and concentrating this activity in Stockholm, where it is based, as part of a move to reduce earnings volatility.
US trading revenues plummet in 2007
NEW YORK - US commercial banks recorded $5.5 billion in trading revenues in 2007, down $13.3 billion from the record of $18.8 billion set in 2006, according to a report published by the Office of the Comptroller of the Currency last week (April 2).
BoA and Deutsche shake-up e-FX
NEW YORK - Bank of America (BoA) and Deutsche Bank have realigned the senior management of their electronic foreign exchange businesses, and have seen senior departures from the banks in New York and London.
SocGen reshuffles FICC
LONDON & PARIS - Société Générale restructured its fixed income, currencies and commodities (FICC) division last week (April 3).
UBS loses euro options head to Goldman Sachs
LONDON - Goldman Sachs is said to have hired Amol Devani, former European head of foreign exchange options at UBS, in London.
Dresdner enhances risk appetite tool
LONDON - Dresdner Kleinwort has enhanced its proprietary multi-asset class risk appetite measurement tool, ARPI (aggregate risk perception index), ahead of a strong global push later this year.
FXMS enters CLS market
LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.
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.