News
Commodities hit JPMC and Citi
NEW YORK – Poor performance in the commodities markets caused JP Morgan Chase and Citigroup to report a decline in revenues generated from their fixed-income divisions in the fourth quarter of 2005, clouding positive results for FX.
Korea to restrict currency data
SEOUL – The Bank of Korea (BoK) is set to restrict parties that are able to view real-time currency data, in a bid to curb currency speculation, from next month.
Milan bank makes cuts overseas
MILAN – Banca Popolare di Milano has closed its overseas FX capabilities and now operates exclusively from Milan.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
BGC poaches Icap Scandi FWDs team
COPENHAGEN – BGC Partners has hired a four-strong Scandi forwards and derivatives team from interdealer broker Icap in Copenhagen, as it continues its aggressive hiring spree.
ABN names new Asia distribution head
SINGAPORE – ABN Amro has named Andrew Ford regional head of foreign exchange and local markets distribution for Asia-Pacific in Singapore, as the Dutch bank continues its push in the region.
Nybot launches euro index
NEW YORK – The New York Board of Trade (Nybot) will today launch trading in euro index options, as further evidence of the demand for exchange-traded currency products.
Misys ups FX capabilities
NEW YORK & LONDON – Vendor Misys Banking Systems (Misys) has upgraded its integrated treasury portal, Misys Treasury Plus, aimed at corporate treasurers.
Wealth management: the new investment banking?
LONDON – Wealth management could become "the next investment banking", as more investment banks look for alternative sources of liquidity in an already over-saturated market, according to market participants.
Citi poaches Coyne to build up FXPB
LONDON – Citigroup is building up its FX prime brokerage offering, and has gazumped Barclays Capital in hiring Andrew Coyne to lead the effort.
Swedbank exits London
LONDON – Nordic-Baltic banking group FöreningsSparbanken (Swedbank) has officially closed its foreign exchange and fixed income activities in London as it pursues its strategy within the Nordic and Baltic region.
Bank of England revises forex guidelines
LONDON – The Bank of England last week introduced its updated code on good market practice in foreign exchange, changing its format and making amendments to its content.
Lamont to head money transfer association
LONDON – The UK Chancellor who presided over 'Black Wednesday' in 1992 when Britain crashed out of the ERM is to head an association of money transfer businesses.
COESfx enhances trade capabilities
PLAINVIEW, NY – COESfx, the trading platform and electronic currency network, has enhanced its offering, increasing control and ease-of-use for retail and institutional FX traders.
Goldman forex chief retires
NEW YORK – Industry veteran Peter Gerhard has retired from his post at Goldman Sachs, after 23 years there.
BoC taps EBS Spot, sets up FX desks
BEIJING – China's largest FX trading bank by volume, Bank of China (Beijing) is the latest bank to use EBS Spot, the e-FX spot broking platform.
Citi poaches Coyne to build up FXPB
LONDON – Citigroup is building up its FX prime brokerage offering, and has gazumped Barclays Capital in hiring Andrew Coyne to lead the effort.
New FX records at CME
CHICAGO – The Chicago Mercantile Exchange (CME) has posted record-breaking volumes for FX products in 2005.
EBS enhances market data offering
LONDON & New York – FX platform EBS has enhanced its spot capabilities with an additional market data offering.
Currency strategies down in 2005
LONDON – Most currency funds are likely to have ended 2005 nursing losses, with trend followers down almost 10%, indicates research from ABN Amro.
PBoC gives OTC foreign exchange go-ahead
BEIJING/SHANGHAI – The People's Bank of China (PBoC) opened up the country's spot FX market to over-the-counter trades last week, and introduced 13 market-makers to provide liquidity in the renminbi.
StanChart builds in Asia
SHANGHAI & HONG KONG – Standard Chartered has hired Fu Qing, to head FX trading in Shanghai.