News
Rouble convertible by July – Putin
MOSCOW – Russian president Vladimir Putin wants to make the Russian rouble a convertible currency by July 1 this year, he said last week.
FNX adds more liquidity sources
PHILADELPHIA – Technology vendor FNX Solutions is linking to five more liquidity providers to give customers a wider range of sources to which they can link their execution engines.
Nutland takes on larger role at Calyon
LONDON – French bank Calyon has named Steve Nutland as global head of trading, spot and options in London.
Retail rollout for major banks
GLOBAL – A number of banks are launching retail FX offerings this year as they see growing opportunities for attracting flow from this market.
April strong for forex
NEW YORK – April was a positive month for FX trading, with platforms EBS and FXall both breaking respective trading volumes.
Downward turn for Parker FX index in March
STAMFORD, CT – The Parker FX index was down 1.27% in March, with currency markets highlighted by a strong euro, a mixed US dollar and a weakening yen.
BNY signs Fundtech deal for corporates
NEW YORK – The Bank of New York (BNY) and vendor Fundtech have signed a deal enabling mid-sized banks to easily and affordably provide FX services to corporate clients.
European banks charge ahead in Q1
EUROPE – European banks have posted a sharp rise in trading revenues for the first quarter of this year, continuing a trend set by US rivals.
Philippine central bank and BoJ sign second bilateral swap deal
MANILA & TOKYO – The central bank of the Philippines (BSP) and the Bank of Japan (BoJ) have signed a second bilateral swap arrangement (BSA) under the Chiang Mai Initiative (CMI).
GFI sees Q1 profits soar
NEW YORK – Inter-dealer brokerage GFI Group last week revealed an increase of more than 50% in first-quarter revenues over the same period last year.
Systematic and technical managers gain in March
The best- and worst-performing managers in March were systematic, while technical managers occupied the lower and middle ground
RBC creates dual senior role
TORONTO & LONDON – Canadian bank RBC Capital Markets, has restructured its FX operations, implementing a new management hierarchy to reflect a more global focus.
Currenex takes algo plunge
NEW YORK – Currenex is moving into algorithmic trading with the launch of CX SmartOrder, a platform that enables customers to use a number of standard models or to create their own.
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Deutsche Bank reorg sees return to Tokyo
GLOBAL – Deutsche Bank is to open a trading desk in Tokyo as it reorganises senior foreign exchange man agement across three continents.
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Eurobase launches four electronic trading modules
LONDON – Vendor Eurobase Banking Solutions has launched four e-trading modules aimed at providing banks with tools to maximise revenue generation across FX and other asset classes.
Hedge funds down, but retail FX soars
GREENWICH, CONNECTICUT – Hedge fund FX trading has slowed down, while FX retail trading has taken up the slack, according to research from Greenwich Associates.
Fraud charges at Florida's FIG
WASHINGTON, DC – The US District Court for the Southern District of Florida has frozen the assets of foreign currency firm First International Group (FIG) following fraud charges by the US Commodity Futures Trading Commission (CFTC).
BoA poaches pair from Morgan Stanley
LONDON – Bank of America is expanding its rates capabilities with two senior hires from Morgan Stanley in London.
Lehman hires new FX head
NEW YORK & LONDON – The turnover at Lehman Brothers continues with two senior appointments in London and New York.
Reuters adds ISK
Reykjavik – Global information provider Reuters has launched the Icelandic krona on its Dealing 3000 spot FX matching service.