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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.

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.

DrKW hires former Merrill boss

LONDON – Dresdner Kleinwort Wasserstein has hired Steve Bellotti, a former FX trading and sales head at Merrill Lynch, to become its new global head of capital markets in London.

Saxo to stream deep prices

COPENHAGEN – Denmark's Saxo Bank will make a streaming feed of executable foreign exchange prices available to clients in off-market order sizes later this year.

Townsend links with three FX firms

CHICAGO – Clients of trading technology and analytics vendor Townsend Analytics will soon be able to trade with three specialist FX trading firms via Townsend's RealTick Platform, the firm announced this month.

Hedge funds to rethink strategy

LONDON – Large numbers of hedge funds drawn to the FX market over the past year are likely to modify trend-driven FX trading, after being stung by heavy losses this year.

Mellon takes Citi VP

LONDON – Mellon Bank has expanded its European asset manager FX sales desk in London with the hire of Ben Holder from Citigroup.

Citi reorgs senior management

LONDON – Citigroup has set up a new products and services group for foreign exchange, as part of a sweeping reorganisation of senior management.

FX policy has worked, says RBA

CANBERRA – The Reserve Bank of Australia (RBA) has succeeded in its aim of stabilising the Australian dollar through intervention in the currency markets, it said last week.

HSBC launches charting package on FXall

LONDON – HSBC has launched a free online FX charting package on multi-bank portal FXall's website, covering 15 major cross rates. The service, fxcharting@hsbc, is white-labelled from UK-based charting provider TraderMade.

SG to name global FX head

LONDON – Dominick Errichetti is set to take on global responsibility for foreign exchange at SG Corporate and Investment Banking (SG CIB) in New York, according to sources close to the bank.

Sun Platinum pays $40 million penalty

WASHINGTON – FX trading firm Sun Platinum was last week ordered to pay $40 million in civil penalties and restitution to customers, after a US district court entered a default judgment against the firm.

Loewy joins bank exodus

LONDON – HSBC's former head of foreign exchange, Rob Loewy, has joined news and analysis firm Market News International (MNI) as a business consultant.

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