News
Volkswagen hit by strong euro
WOLFSBURG – Volkswagen (VW) took an e800 million exchange rate hit to operating profits in 2004, with US sales dealt a significant blow from the strong euro.
TD hires in London and Toronto
TORONTO & LONDON – TD Securities has beefed up its global team with two new hires in Toronto and London.
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
More changes at Lehman
LONDON – Lehman Brothers’ foreign exchange team has undergone further changes with two senior departures and a number of hires.
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
Buy-side access to hit banks
NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
Deutsche Postbank loses staff post ING-BHF Bank acquisition
LONDON – Deutsche Postbank, which bought ING-BHF Bank in London on January 1, is understood to have lost several in its FX dealing room team since the acqusition.
Danske relocates sales head
NEW YORK – Sander Fynboe, global head of sales at Danske Bank in New York, is transferring to the London office, the bank has confirmed.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
Merrill Lynch hires globally
NEW YORK – Merrill Lynch has boosted its global trading desks with appointments across three continents.
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Avecia uses RBSFiX for huge deal
MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).
HSBC posts strong year for forex
LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.
JPMorgan rolls out EM carry-to-risk model
LONDON – JP Morgan has rolled out a model that analyses risk-adjusted returns on emerging market currency positions.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.