News
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.
FXall makes 22 new hires globally
NEW YORK & SINGAPORE – Trading platform FXall has made 22 hires in sales, customer services, technology and regional management groups in New York, London, Singapore, Boston and Tokyo.
BIS report highlights trade growth
BASEL – Trading in currency, interest-rate and equity products continues to grow, according to the latest Bank for International Settlements (BIS) quarterly review released last Monday (June 11).
Voltrex launches platform aimed at asset managers
London-based broker Voltrex last week launched Voltrex FX, an electronic platform targeted at asset managers, corporates and private clients.
Progress adds algorithmic functionality to Apama
BEDFORD, MASSACHUSETTS – Software vendor Progress Software is today (June 18) launching an FX package that allows FX traders to run algorithms across multiple liquidity sources, accessing best price and market depth.
JP Morgan and StanChart in senior forex shakeup
LONDON & NEW YORK – JP Morgan and Standard Chartered have embarked on a series of senior-level management changes.
US banks' downward trend continues
NEW YORK – US investment banks are continuing to experience a poor year, with second-quarter results for fixed-income businesses down on the same period last year.
High volatility sparks surge in FX trading
LONDON & CHICAGO – High volatility at the beginning of the month saw strong FX trading flows transacted across major trading venues.
Saxo Bank expands London sales force
LONDON – Saxo Bank has strengthened its London sales and marketing teams with four new hires, as it continues to expand its presence in the city as part of a global strategy.
Tradition makes inroads into Malaysia and South Korea
KUALA LUMPUR & SEOUL – Interdealer broker Tradition has expanded its presence in Asia with a 40% stake in Kuala Lumpur-based broker First Taz Money Broker, and a local office in Seoul.
UniCredit continues recruitment drive
UniCredit has made further additions to its global FX team, making hires from three rival banks. It has confirmed that Mark Sweeting will begin a new role as head of real-money sales for the UK and US in September.