News
Wayward US forex brokers struck off the register
WASHINGTON, DC - The US Commodity Futures Trading Commission has revoked the introducing broker registrations of Next Financial Services Unlimited and New World Trading, due to fraudulent FX activities.
Overlay launches EM currency fund
DUBLIN - Overlay Asset Management has launched a specialist fund to invest exclusively in emerging market currencies.
Credit and equity keep Scotia results down
The global capital markets business at Scotia Bank generated a 2% rise in revenue to $1.26 billion for the fiscal year 2007, compared with the previous year.
Forex cons caught red-handed
DETROIT - The Michigan Federal Court has ordered Millenium Trading Group and Worldwide Clearing of Florida, as well as Florida resident Cedric Stanton, to pay more than $10 million in sanctions.
Icap and CME post strong FX gains
CHICAGO & LONDON - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) continue to report strong month-on-month gains in foreign exchange trading volume.
Icap strengthens grasp on emerging markets
LONDON - Interdealer broker Icap has expanded in emerging markets, signing Raiffeisen Zentralbank Oesterreich (RZB) onto EBS Prime, its professional foreign exchange prime-brokerage solution.
BoA scales back LaSalle FX
CHICAGO - Bank of America (BoA) has culled the corporate foreign exchange and rates desk of LaSalle Bank in Chicago, resulting in more than 22 redundancies.
South Korea FX on the rise
SEOUL - Average daily volumes in South Korea's interbank foreign exchange market rose 33.2% in the third quarter of this year versus the second quarter, reaching $23.05 billion, amid heightened FX volatility.
Lehman joins retail FX rush
NEW YORK - Lehman Brothers is entering the burgeoning retail foreign exchange market with the acquisition of a 9.9% share in online retail trading company FXCM, ending months of speculation regarding the deal.
Widening of renminbi trading band unlikely
HONG KONG - Analysts are not expecting Chinese authorities to further widen the renminbi trading band in the short term, despite mounting political pressure.
Plain vanilla no longer flavour of the month
LONDON & NEW YORK - Foreign exchange staff working in plain vanilla trading and sales will need to look out for their jobs in 2008, as banks reduce hires, recruitment consultants tell FX Week .
StanChart names flow head
SINGAPORE - Standard Chartered has named its new global head of flow foreign exchange options trading, a year after Richard Leighton was promoted to London-based global head of FX from a role as global head of FX options.
Automated trading to make up 90% of futures by 2010
NEW YORK - Pit trading is fading fast. An estimated 50% of all futures markets transactions in 2007 occurred through automated trading strategies - including market-making and quantitative black-box trading activities - and this proportion will rise to…
VAR exceptions rise in third quarter
NEW YORK & ZURICH - Volatility in financial markets led investment banks to far exceed thresholds for trading losses in the third quarter, casting doubt on their risk modelling.
Commerzbank loses sales chief
LONDON - Commerzbank has seen the departure of Hugues de la Marnierre, London-based global head of sales, amid a restructure at the bank.
CME embarks on Asian FX drive
SINGAPORE - In its first foreign exchange hire in Asia, the Chicago Mercantile Exchange Group (CME) has poached KC Lam, Icap's head of sales, as head of Asian FX sales.
Fincad launches in the UK
DUBLIN - Financial analytics software and service provider Fincad has expanded its international operations by establishing an EMEA headquarters in Dublin.
RCM IPO raises $183 million
LONDON - Record Currency Management (RCM) raised £88.55 million from its London initial public offering (IPO) on November 28, with a share price of 160p.
CLS Group deepens footprint in emerging markets
SEOUL - Shinhan Bank has become a shareholder in CLS Group, bringing the total number of Asian shareholders in the settlement system to 12.
Volatility profits Icap
LONDON - High volatility in currency markets led to a 35% rise in first-half foreign exchange revenues at interdealer broker Icap, according to results released last week.
New Deutsche indexes map currency correlation in Asia
SINGAPORE - Deutsche Bank has launched a set of indexes designed to capture returns generated by the apparent growing co-ordination of currency policy among Asian central banks.
BNP unveils new FX group
LONDON, TOKYO & HONG KONG - BNP Paribas is merging its global foreign exchange business with its FX and interest rates hybrid group to take advantage of cross-asset opportunities, a source has told FX Week .