News
Reuters to calculate official spot rate
HONG KONG – Reuters is to be the official exclusive calculator and distributor of the benchmark spot US dollar/Hong Kong dollar fixing rate. This new official spot USD/HKD fixing is owned and administrated by Treasury Markets Association (TMA) in Hong…
Second NAB trader jailed
MELBOURNE – Gianni Gray, former currency options trader at National Australia Bank (NAB), has been sentenced to 16 months imprisonment for his part in the bank's rogue trading scandal discovered in 2004.
JP Morgan hit by sales departures
NEW YORK & LONDON – JP Morgan's FX sales operation has been hit by a number of departures including a number of defections to Merrill Lynch.
China's forex reserves exceed Japan's
BEIJING – CHINA, with $853.7 billion in FX reserves, has surpassed Japan's long-held status as the world's largest holder of foreign exchange reserves, state media reported last week.
DZ deploys Cognotec's AutoDeal+
LONDON & FRANKFURT – Germany's DZ Bank has gone live with vendor Cognotec's AutoDeal+ solution for its new automated online FX trading service.
Marex Financial taps Hotspot FX
LONDON & WATCHUNG, NJ – Independent brokerage, Marex Financial, has signed its fourth deal with an FX platform in recent weeks.
FNX boosts back-office module
PHILADELPHIA – Vendor FNX Solutions has upgraded its back-office module for FX and other asset classes.
Algo trading to drive CLS business
LONDON – Algorithmic trading will bring in a significant amount of transaction business to CLS, according to the settlement system's chief executive, Rob Close.
Funds and fundamentals fluctuate in February
February saw fundamental managers occupy the middle ground while technical and systematic funds posted the best and worst returns
StanChart loses two in sales
LONDON & DUBAI – Standard Chartered has seen the departure of two of its FX sales staff in the UK and Middle East over the past few weeks.
e-FX Awards underway
The starting pistol for this year's e-FX Awards has been fired, with companies being invited to submit their pitches in the 12 categories.
Currency trading for DGCX
DUBAI – The Dubai Gold and Commodities Exchange (DGCX) is set to launch currency futures trading in coming months – the first such products to be made available in the Middle East.
Financial institutions behind FX growth
GREENWICH, CT – Forex trading volumes among financial institution customers rose 18% last year, according to statistics from research firm Greenwich Associates.
ABN merges e-businesses
LONDON – ABN Amro has merged its FX, fixed income and derivatives e-businesses into one group, as the latest part of a reorganisation announced last October.
BarCap survey finds preference for single-dealer platforms
LONDON – Financial professionals prefer using single-dealer platforms over multi-dealer systems, according to a Barclays Capital (BarCap) e-commerce survey
Madrid a magnet for FX
MADRID – Demand for FX from corporates and financial institutions in mainland Spain has led to an increased demand for sales staff, say market participants.
Financial institutions behind FX growth
GREENWICH, CT – Forex trading volumes among financial institution customers rose 18% last year, according to statistics from research firm Greenwich Associates.
ABN forms Macro Trading Group
LONDON – ABN Amro has created a new macro trading group, encompassing FX and other asset classes.
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.