News
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Gladwin starts in top FX role at Lehman
LONDON – Richard Gladwin started in his role as global head of foreign exchange at Lehman Brothers last Monday (July 31).
BGC team travels to Copenhagen
COPENHAGEN – Interdealer broker BGC has relocated a team of eight brokers to Copenhagen, to set up an interest rate derivatives broking business in the country.
BoA adds to London staff
LONDON – Bank of America (BoA) has made a number of hires in London as it continues to expand its forex capabilities in the City.
FXpress enhances web treasury product
BALA CYNWYD, PENNSYLVANIA – FXpress Corporation, the treasury solutions provider, has released First S6, the latest version of its web-based treasury software for corporations worldwide.
Calypso launches middle-office tool
SAN FRANCISCO – Calypso, the US technology vendor, has launched Calypso Enterprise Risk Service (ERS), middle-office risk software for FX and other asset classes.
City Index acquires IFX
LONDON – FX broker IFX agreed last week to be acquired by spread-betting company City Index. The deal, which is subject to shareholder approval, is worth £1.80 per share or about £57.9 million.
Wall Street Systems buys Trema with private backing
NEW YORK & LONDON – Technology vendor Wall Street Systems (WSS) last week purchased Trema, another major player in treasury, FX and back-office systems, in a deal believed to be worth up to $150 million.
European banks up in Q2
EUROPE – European banks have followed the trend set by their US peers, releasing a strong set of second quarter results last week.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
BNP makes senior hires in institutional client group
LONDON – BNP Paribas has made two senior sales hires in its European institutional client group within fixed income in London.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
StanChart offers sharia swap
KUALA LUMPUR – Standard Chartered has structured what it claims to be the first cross-currency swap compliant under sharia (Islamic law) in Malaysia.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
RFXA and Gain abandon their negotiations
NEW YORK – Refco FX Associates (RFXA) and futures commission merchant Gain Capital have abandoned negotiations for the sale of the former's retail customer account information and related assets to Gain.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.