News
JP Morgan and Bloomberg launch Asian currency index
SINGAPORE – JP Morgan Chase and market data vendor Bloomberg have teamed up to launch a tradable index of currencies from Asian emerging markets, the firms announced last week.
BIS paints bright future for FX
BASEL – The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements’ (BIS) triennial FX survey last week, has painted a bright future ahead for forex market participants.
Dalman quits Commerzbank
FRANKFURT – Mehmet Dalman, previously a board member and head of investment banking at Commerzbank AG in Frankfurt, is launching a new fund group called Wealth Management Group (WMG) in London.
Seven banks to start testing CME FX on Reuters
CHICAGO – Seven banks will start beta-testing CME FX, the Chicago Mercantile Exchange’s e-FX futures available on Reuters 3000 terminals, at the end of the fourth quarter, Reuters and the CME said last week.
Deutsche Bank builds research
LONDON – Deutsche Bank has reshuffled its FX research team following the departure of global head of FX research Michael Rosenberg earlier this summer.
Unclear future for merging brokers
LONDON – The purchase of Prebon Marshall Yamane by Tullett Liberty this month will have a big impact on FX brokers working in the two organisations.
Monetary policy key for Norway trades
OSLO – Norway’s monetary policy will be the major driver of the krone this year, market participants have told FX Week .
Currency derivatives turnover soars ahead
A marked feature of the Bank for International Settlements’ (BIS) latest triennial survey of the global FX markets is the massive surge in derivatives turnover.
Westpac continues reorg
SYDNEY – Westpac has hired and transferred a number of FX dealers around the world as it continues a restructuring started with the appointments of co-heads Paul Verschuer and Paul Quilkey in April ( FX Week , April 26).
US, UK and Australia win in global boom
The main winners in the booming global FX industry are those markets benefiting from control of the lion’s share of forex activity, soaring trade and commodity-related currency business – notably the UK, the US and Australia.
CoesFX adds fifth price-maker
NEW YORK – Electronic FX trading network CoesFX has signed up five new liquidity providers, which it expects to start providing prices on its Level 1 Trading platform next year.
Trading volumes surge on rupiah volatility
JAKARTA – Trade volumes in the Indonesian rupiah surged by around 50% when markets reopened following the presidential elections last week.
Foley sets out FX stall at Gelber
CHICAGO – Justin Foley, who joined Gelber Trading ( FX Week , August 30) in Chicago last Monday, has started to lay the foundations for the foreign exchange division.
Saxo returns to Australia
SYDNEY – Saxo Bank was last week able to return fully to the Australian FX market, after moves by the regulator had limited its ability to trade there since March.
Barclays aims to crack Asia
SINGAPORE – Barclays Capital has made a number of hires in Asia, in a bid to boost its presence in the region.
State St departures force restructure
MASSACHUSETTS – State Street Global Markets (SSGM) is set to restructure its e-commerce platform, Global Link, following the departure of two senior staff.
Optimism ahead of latest BIS FX trade figures
BASEL – Banks are bullish about the Bank of International Settlements' (BIS) latest FX trading figures, due out in a survey this week.
CitiFX signs up to Currenex
LONDON – Online trading platform Currenex has linked up with Citigroup to offer the CitiFX Benchmark product to its customers.
Goldman prop traders 'to retire'
LONDON – Goldman Sachs is to lose its two chief London-based prop traders at the end of the year.
NAB begins major restructuring
MELBOURNE – National Australia Bank (NAB) has instituted a major restructuring, in a bid to improve integration across divisions and put the rogue trading scandal behind it, as further departures emerged last week.
China adds two more onshore-trading banks
BEIJING – Two more banks have won approval to trade onshore derivatives in China, as the country continues opening up to foreign institutions.