News
Currenex introduces staged order management tool
LONDON – Currenex has added a staged order management feature, in response to client demand for a large block trading tool.
Saxo adds more in London
LONDON – Saxo Bank has built up its presence in London with three new institutional sales hires.
FXCM abandons Refco negotiations
NEW YORK – Forex Capital Markets (FXCM) has abandoned negotiations with Refco creditors to acquire the assets of the defunct brokerage's unregulated currency trading operation.
TD moves towards one-stop shop
TORONTO & LONDON – TD Securities has merged its FX, fixed income and rates businesses, in a bid to provide a one-stop-shop service to clients.
India looks to capital account convertibility
MUMBAI – Indian authorities took a step towards further FX liberalisation last week, by forming a committee to establish a framework for fuller capital account convertibility.
HSBC names Brown global FX chief
GLOBAL – HSBC has undergone a major reorganisation in FX, resulting in a newly created global head of FX role.
Morgan Stanley follows US bank rivals
NEW YORK – Morgan Stanley has continued the trend of record results from US investment banks, announcing a sharp rise in revenues for sales and trading in fixed income.
Senior change at Credit Suisse
NEW YORK & LONDON – Credit Suisse has made further senior management changes in FX, after the reshuffle seen at the end of last month.
Citigroup raids Merrill Lynch
GLOBAL – Two senior FX officials have made their way to Citigroup as the bank continues to raid its US rival, Merrill Lynch.
Lava launches new staging area offering
NEW YORK & LONDON – LavaFX, the electronic communications network (ECN), has built a new staging area aimed at reducing execution errors on the platform. Orders placed via direct connections or an order management system (OMS) are sent to the staging…
CBRC sends out warning
China's regulatory body, the China Banking Regulatory Commission (CBRC), sent out a warning to foreign companies against marketing their FX businesses in China.
Further changes at DrKW
LONDON & NEW YORK – Dresdner Kleinwort Wasserstein (DrKW) continues to make changes to its global FX business with another appointment and a departure.
EBS completes 90% of client migration to new platform
LONDON – EBS has migrated 90% of customers and all EBS Spot brokers on to a new IP-based platform.
Talks mount over FXall buyer
NEW YORK – FXall has agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, say sources.
CLS sets one-day record
CLS Bank has set a new record for the value of payment instructions settled in a single day. The platform settled 344,318 payment instructions with a gross value of $4.65 trillion on March 15. The last time a record was set was on December 21 last year,…
US banks announce record first-quarter results
NEW YORK – The US investment banks have stormed through the first quarter of this year, with record-breaking results released last week.
Talks mount over FXall buyer
NEW YORK – FXall has agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, say sources.
Commit to algos, banks warned
LONDON – Banks must commit now or be prepared for a life outside the fast-moving algorithmic space, warned Jeremy Smart, executive director at Morgan Stanley.
Marex continues expansion
NEW YORK & LONDON – Independent brokerage firm Marex Financial has signed its third deal with an FX platform in recent weeks.
Reuters adds trading service for exchanges
LONDON – Reuters last week entered the exchange-traded space with an offering that enables the buy side to execute trades on exchange products with brokers from a single screen.