News
Headhunters out in the cold
LONDON – Banks are increasingly hiring FX staff from competitors directly, forcing search firms to focus more on other asset classes, according to market participants.
Dow Jones adds to forex coverage
HONG KONG – Dow Jones Newswires has launched a website to complement its 'CommentaryPlus' real-time commentary and analysis service.
CST to complete takeover talks
LONDON – Collins Stewart Tullett (CST) plans to complete talks with potential buyers by the end of October, it announced last week.
China heading for free market
SHANGHAI and Beijing – China took two further steps towards currency liberalisation last week, with a widening of the yuan trading band and the introduction of forwards trading for corporates.
StanChart becomes EBS Prime bank
LONDON – Standard Chartered has joined EBS Prime as a prime bank, in a move the platform hopes will boost its penetration in emerging markets.
West LB closes London prop-trading desk
LONDON – German bank WestLB has closed its London prop-trading desk, according to market sources.
SuperD expands into rates
LONDON – Online options trading platform SuperDerivatives has launched its own interest rate options platform, SD-IR, following on from its entry into the FX market with SD-FX in 2001.
FNX extends connectivity
PHILADELPHIA – FNX, the Philadelphia-based vendor, has extended connectivity to third-party systems BrokerTec, eSpeed and to the CME and CBOT exchanges.
Saxo opens London office
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank is to open a London office early next year, as it aims to gain traction in the hedge fund and institutional markets.
Eurex US takes fight to CME
CHICAGO – Eurex US, the American subsidiary of Germany's Eurex, launched its bid to take on the CME in the FX futures market on Friday, as it started trading with 20 market-makers.
More internal changes at UBS
LONDON AND ZURICH – Swiss bank UBS has again undergone a number of major internal changes within FX as it looks at new ways to grow its global business.
Calypso signs Rabobank – and adds four staff
SAN FRANCISCO AND UTRECHT – Rabobank has gone live on vendor Calypso Technology, and is now using it for its forex processing, the vendor has announced.
ABN Amro chooses Singapore for currency futures base
SINGAPORE – Dutch Bank ABN Amro has restructured its regional futures business, and is moving staff from its Sydney office to operate out of a single office in Singapore.
Central banks increase FX holdings
BEIJING AND WASHINGTON DC – A Chinese official last week highlighted the possibility of a significant move out of US dollar reserves, as the latest IMF figures show central banks have continued to hold faith in the greenback.
GFI and Traiana offer processing boost for forex options trading
NEW YORK and LONDON – FX options trading is to get a boost, with broker GFI and technology vendor Traiana both launching automated processing services in the market.
Hotspot FXi adds Singapore dollar trading
SINGAPORE – Electronic trading platform Hotspot FXi has today launched trading in Singapore dollars to meet growing demand from clients.
UBS reaps distribution rewards
STAMFORD – UBS is seeing strong take-up for dual currency deposits (DCDs) by US retail clients after launching the product for the US market earlier this year.
SG expands electronic business
PARIS – Société Générale (SG) is to make further enhancements to its platform, SGFXtrade, as it looks to rapidly expand its geographical range between now and early next year.
GFI and Traiana offer processing boost for forex options trading
NEW YORK and LONDON – FX options trading is to get a boost, with broker GFI and technology vendor Traiana both launching automated processing services in the market.
Structured products in the spotlight
WASHINGTON, DC – Concerns over the mis-selling of structured products to investors in the US has prompted the National Association of Securities Dealers (NASD) to issue guidelines to ensure members fall within the scope of sales practice codes.
RBS hits top spot in Risk poll
LONDON – Derivatives market giants Deutsche Bank, JP Morgan, UBS and Credit Suisse First Boston (CSFB) are facing a threat from a wider number of banks trying to capture interbank business.
CST merger leads to derivatives domination
LONDON – The £132 million Collins Stewart Tullett (CST) acquisition of Prebon Yamane last October has propelled the combined group to domination of the broker categories for interest rate and currency derivatives in sister pulication Risk 's 2005 inter…