News
Tradition goes Swiss
LAUSANNE - Interdealer broker Tradition has relocated its Scandinavian dealing operations from London to a new desk in Lausanne, Switzerland.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%
Saxo Bank gains Swiss Synthesis
GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.
Oanda receives $100 million injection
TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).
FX Solutions launches new platform
NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).
ABN Amro reshuffles e-business operations
LONDON – ABN Amro has handed over management of its European e-business operations to two senior managers at the bank in London, market sources say.
Processing costs slashed
LONDON – Confirmation-matching systems such as Swapswire and DTCC have slashed processing costs for over-the-counter derivatives trades, according to research released last week.
RBC boosts emerging markets capability
NEW YORK – RBC Capital Markets is expanding its multi-asset class emerging markets business with two hires in New York covering the Americas.
EBS launches trading in USD/TRY
LONDON – London-based spot-broking platform EBS is launching trading in the US dollar/Turkish lira currency pair today (September 17) in an effort to expand the range of tradable emerging market currencies.
Saxo Bank gains Swiss Synthesis
GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.
Japan's EBank ventures into forex market
TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.
AIB takes Eurobank's Siena Gateway for FX distribution
LONDON – Allied Irish Bank (AIB) has licensed Eurobase's Siena Gateway product to distribute foreign exchange rates within AIB's branch network.
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .
Icap and CME Group report bullish trading in August
LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.
Asia seeks cross-asset sales specialists
LONDON & HONG KONG – Cross-asset salespeople are in high demand by banks building up their presence in Asia, according to market participants.
StanChart makes global sales push
DUBAI, MUMBAI & NEW YORK – Standard Chartered is making a global sales push in e-commerce with three major hires covering emerging markets, south Asia and the Americas.
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
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.