News
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
Lloyds TSB expands global derivatives capacity
LONDON – Lloyds TSB's corporate markets division has hired three senior staff in London, expanding its derivatives trading and development operations.
FXMS deepens global footprint
LONDON & HONG KONG – FXMarketSpace (FXMS) has expanded its global sales team, hiring two new sales staff in Europe and Asia.
Bear Stearns raids BNP Paribas
LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .
KMJ Currency Program reaps rewards of market turmoil
The KMJ Currency Program was up 14.7% in August, benefiting from the turmoil in the currency markets.
Parker FX Index dips 0.58% in July
STAMFORD, CT – The Parker FX Index was down 0.58% in July, with 36 indexed programmes reporting positive results and the remaining 45 incurring losses.
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .
CME Group intensifies electronic forex trading
CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.
Barclays taps HK retail investors
HONG KONG – Barclays has launched a currency-linked fund for retail investors in Hong Kong that is based on its carry index.
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
BoA shuffles top level
LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.
RBC and Citi raid BNP
LONDON – The Royal Bank of Canada (RBC) and Citi have poached two foreign exchange salespeople from BNP Paribas in London, market sources say.
Banks pilot OCL pre-settlement tool
LONDON – Two banks are piloting a pre-settlement netting solution developed by post-trade technology vendor Options Computer (OCL) to manage back-office capacity constraints brought on by high- frequency trading ( FX Week, July 16).
CLS settles record volumes in August
LONDON & NEW YORK – CLS Bank International has posted record volumes for foreign exchange payment instructions settled in August, amid heightened activity in the FX markets.
MD leaves Citigroup for Noble
HONG KONG – Jeremy Amias, managing director of Citigroup and head of fixed income, currencies and commodities (FICC) for the Asia Pacific region, is leaving the bank.
Credit Agricole up, West LB down
PARIS & DUSSELDORF – Credit Agricole and West LB posted differing results last week, the former experiencing buoyant gains while the latter suffered a decline.
Singapore banks lose FX revenues
SINGAPORE – DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) reported sharp declines in foreign exchange revenues in the second quarter of this year, down from the same period last year.
ODL embarks on global expansion
LONDON – ODL Securities, a London-headquartered foreign exchange, equities, derivatives and commodities trading firm, is expanding its FX business with the support of a private placement worth £14 million ($28 million).
Electronic brokers reach new highs
LONDON – Electronic brokers EBS and Reuters smashed records for trading volumes amid highly volatile global markets.