News
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
StanChart makes key hires in derivatives
LONDON – Standard Chartered is building up its FX options capabilities with key hires in London.
Further changes at Merrill Lynch
NEW YORK – Stephen Kemp, global head of FX at Merrill Lynch, has left his role at the US investment bank.
Bank of Communications selects Misys' Summit FT
LONDON & HONG KONG – Bank of Communications has implemented vendor Misys Banking Systems' Summit FT for its NET treasury and capital markets business.
Greenback 'to keep falling'
LONDON – The US dollar is to continue its decline against many commodity and 'new broader world' currencies, despite a rise against the euro and yen, according to Jim O'Neill, chief economist at Goldman Sachs in London.
Weaker currency economies outperform
LONDON – Currency strength is not an indicator for long-term equity returns, according to a joint study by ABN Amro and London Business School.
Thai baht added to Reuters Dealing 3000
BANGKOK – Reuters has introduced trading of the Thai baht against the US dollar through its electronic matching service, Reuters Dealing 3000 Spot Matching.
Dresdner sales head departs
FRANKFURT – Juergen Barthel, global head of FX sales at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt, has left the bank. Although DrKW declined to comment, it is understood Barthel's departure is part of an ongoing restructuring by Harry Culham,…
China allows RMB IR swaps
BEIJING – The People's Bank of China (PBOC) has issued new regulations allowing banks to conduct renminbi-denominated interest rate swap transactions on a trial basis.
JP Morgan FX salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested last week, making the US bank the latest to be embroiled in a trading scandal.
NAB 'rogue trader' pleads guilty
MELBOURNE – Ex-National Australia Bank (NAB) FX options trader, Gianni Gray, last week pleaded guilty to three charges for his part in the A$360 million rogue trading scandal discovered in 2004.
FXall signs TD
NEW YORK & TORONTO – Multibank platform FXall has added Toronto Dominion to its list of liquidity providers, taking its current number of banks to over 60.
Barcap survey shows options e-commerce still lags behind
LONDON – A survey by Barclays Capital of its corporate customers has found that options are lagging behind in the move to e-commerce from voice brokerage.
JP Morgan FX salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested last week, making the US bank the latest to be embroiled in a trading scandal.
FFastFill signs Merrill for CME FX on Reuters
LONDON – Merrill Lynch has become the seventh bank to go live with trading software firm FFastFill's application service for the Chicago Mercantile Exchange (CME) FX on Reuters.
BoA builds algo FX capabilities
NEW YORK – Bank of America (BoA) has taken a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.
JPM creates new reporting structure
LONDON – JP Morgan has introduced a new reporting structure in FX following the departure of Frank Rawlins, head of spot FX for Europe and global head of metals trading at the bank in London.
CFTC charges another forex fraudster
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) last week charged an individual with defrauding more than $5 million by soliciting customers to trade foreign exchange futures contracts via hedge funds.
SG CIB names deputy
PARIS – Société Générale Corporate & Investment Banking has made Serge Topolanski deputy head of Europe and Asia global FX activities – a newly created position.
Dresdner builds in sales
LONDON – Dresdner Kleinwort Wasserstein (DrKW) is building its sales capabilities globally, has introduced a new e-trading platform, and is developing its FX prime brokerage capabilities.
Tullett Prebon Information to revamp distribution platform
NEW YORK – Tullett Prebon Information plans to expand its set of FX products and services, as it builds up its presence in FX.
FX trading down for ABN Amro
AMSTERDAM – ABN Amro posted a large drop in income from foreign exchange dealing for 2005, despite a large increase in overall trading.