News
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.
Rating agencies assess CP markets
EUROPE – Fitch Ratings and Moody's sought to capture the effect of the commercial paper (CP) market's lack of liquidity on the wider banking outlook in two conference calls last week.
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).
UBS gives Richards expanded role
STAMFORD, CT – Paul Richards is replacing Rob Garwood as global head of forex asset management distribution at UBS, as Garwood leaves the bank in London.
Goldman swipes Vella from JP Morgan
LONDON – Andrea Vella, co-head of derivatives sales and marketing for southern, central and eastern Europe, the Middle East and Africa at JP Morgan in London, has quit the bank for Goldman Sachs, according to informed sources.
Forex escapes revenue decline at UBS
ZURICH – UBS has experienced revenue gains in FX and money markets over the second quarter, despite experiencing a 31% year-on-year decline in fixed income, rates and currencies (FIRC).
Citi gains in Milan, loses in London
LONDON & MILAN – Citi has gained a senior salesperson in Milan but has lost a senior trader in London, market sources say.
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.