News
GFI brokers first algorithmic trade of forex option
Interdealer broker GFI brokered the first screen-based algorithmic trade of an FX option through its option trading platform, Forexmatch, last month.
International Assets expands in Hong Kong
HONG KONG – Florida-based institutional trading company International Assets Holding is expanding its collateralised FX trading business in Hong Kong.
CLS Bank posts daily record for payment instructions
NEW YORK – Last Wednesday (June 20), CLS Bank International posted a new record for the value of payment instructions settled in one day. The bank settled 604,860 payment instructions with a gross value of $7.28 trillion, beating the previous record of …
BNP Paribas boosts sales teams in London and Paris
PARIS & LONDON – BNP Paribas has added to its London-based FX hedge fund sales team, and strengthened its Paris-based FX sales team to cater for central banks and official institutions.
FXMS opens for business in Singapore
FXMarketSpace received clearance from the Monetary Authority of Singapore to operate in the city state last Monday (June 18).
StanChart steers forex operations to Dubai
GLOBAL – It is understood that Charles Brown, head of quantitative development for global financial markets covering rates, FX and capital markets, for Standard Chartered in Singapore, is leaving the bank this month.
Johannesburg launches currency futures
JOHANNESBURG – The Johannesburg Stock Exchange (JSE) launched the first in a series of currency futures contracts last Monday (June 18). The rand/dollar futures started trading on Yield-X, JSE's interest rate exchange platform.
New forex head for Morgan Stanley
LONDON – Morgan Stanley has named Sarah Edgington as the new London-based European head of FX, following the departure of Paul Blain earlier this month, the bank confirmed ( FX Week , June 11).
IMF makes landmark update to exchange rate monitoring
MONTREAL – The International Monetary Fund (IMF) announced an overhaul of its exchange rate policy surveillance framework last Monday (June 18), for the first time in 30 years. The changes oblige member countries to avoid exchange rate policies that…
Julius Baer takes on Wallstreet FX-Web
ZURICH – Private bank Julius Baer has taken on Wall Street Systems' web-based FX solution, Wallstreet FX-Web for its internal portfolio managers to directly access the bank's trading system.
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
Lehman Brothers continues e-FX drive
Lehman began offering prices over the Bloomberg FX Dealing system on June 12.
BNP Paribas multi-asset trading system to go live this year
LONDON – BNP Paribas plans to go live with a new multi-asset trading system in the third quarter of this year, marking the move of another bank away from silo-based trading and sales.
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
Traders shrug off Brazilian controls
BRASILIA & NEW YORK – Traders and analysts have largely shrugged off currency and capital controls introduced by the Central Bank of Brazil on Friday, June 8.
Inspectors find Vietnamese state bank guilty
HANOI – The State Bank of Vietnam is to blame for $5.4 million in FX trading losses at the state-run Industrial and Commercial Bank of Vietnam (Incombank) last year, according to local government inspectors.
Marex hires two in push to expand e-business coverage
LONDON – Independent brokerage Marex Financial has made two sales hires at its FX desk in London, as part of plans to expand coverage of e-business and hedge fund sales.
Bank of America loses two in London
LONDON – Bank of America (BoA) has suffered two departures in London.
Deutsche Bank begins trials of DB Marketplace
LONDON – Deutsche Bank has begun trialling DB Marketplace, a new trading venue developed by the bank, with clients.
Bear Stearns widens its footprint in western Europe
PARIS, FRANKFURT & LONDON – Bear Stearns has stepped up its global FX expansion by re-entering Paris, and is considering reopening an office in Frankfurt.
Call for rejig in liquidity management
LONDON – FX banks are in need of a radical overhaul of their liquidity management systems, according to research released Friday (June 15) by London-based research and advisory company ClientKnowledge.