News
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.
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.
Asian currencies bounce back after price hit
HONG KONG – Asian currencies have bounced back after taking a hit from the high price of raw materials, particularly oil, in recent weeks.