News
FXall breaks volume record
NEW YORK -- Growing institutional use of FXall helped the multi-bank portal set a new volume record in November, it announced last week.
Goldie-Morrison files claim against BoA
NEW YORK -- Duncan Goldie-Morrison, former head of Bank of America’s debt financing and foreign exchange client business, and a pioneer of the derivatives business from the late 1970s, has filed a $7.3 million claim against his former employer with the…
Lack of IT raises cost of processing options
LONDON -- The transactional processing cost of spot FX is falling, but a lack of systems investment means the cost of processing currency options remains flat this year, according to the third annual survey of banks by London-based risk management…
Hedge funds attract record inflows
NEW YORK -- Hedge funds attracted net new investment of $24.6 billion during Q3, up from $13.8 billion in Q2, according to Tass Research, a unit of Tremont Capital Management.
Icap hires external lawyers over NY fraud allegations
LONDON -- Inter-dealer broker Icap has instructed external lawyers to carry out an investigation into the alleged FX fraud in New York involving three of its Swiss franc brokers.
Ex-BoA head joins Icap
NEW YORK -- Duncan Goldie-Morrison joined inter-dealer broker Icap on November 20 as a non-executive director and member of the audit, remuneration and nominations committees.
Buy side debates FX as an asset class
The acceptance of FX as an asset class is growing, but some debate still remains, according to a panel of speakers at the FX Week congress in London.
Caterpillar takes SuperDerivatives
PEORIA, IL -- US construction and mining equipment manufacturer Caterpillar is the latest corporate to implement SuperDerivatives’ options pricing system, the vendor will announce today (December 1).
AIG cuts ahead of integration
GREENWICH, CT -- Recruitment consultants in the US report that up to 70 staff have already left the American Insurance Group as it prepares to integrate subsidiaries AIG Trading and AIG Financial Products.
Dollar trend drives fund profits
STAMFORD -- The success of models in capturing early trend moves in the dollar drove 57% of currency fund managers in the Parker FX Index to achieve gains in October. But gains were limited, as the index was up only 0.6%.
White-labelling risks in the spotlight
Panelists at the FX Week Congress last week reviewed some of the risks inherent in white-labelling.
Market consolidation ‘not all bad’
Consolidation in the FX market has not adversely affected efficiency or liquidity, Mark Monahan, global head of sales at EBS told delegates at the FX Week congress in London last week.
Tokyo-Mitsubishi’s ‘creativity’ boosts revenues
TOKYO -- Bank of Tokyo Mitsubishi (BTM) has strengthened its position as one of Japan’s top FX providers, with a rise in FX revenues for the first half of the financial year.
HSBC reorgs by client sector
LONDON -- HSBC has created six new global positions to manage different client sectors within corporate, investment banking and markets (CIBM). They will co-ordinate strategy and client service teams across all products, including FX.
Politics drives Philippine peso
MANILA -- The Philippine peso is likely to weaken in the medium-term, with political factors remaining one of the currency’s main drivers. Market participants in the Asia-Pacific told FX Week that the currency was unlikely to strengthen in the run-up to…
SG reshuffles management
LONDON -- SG Corporate and Investment Banking (SG CIB) last week announced three senior FX management appointments within the debt finance group of its corporate and investment banking division.
‘No euro target’ for ECB
LONDON -- The European Central Bank has no target level for the exchange rate of the euro, director of monetary policy, Hans-Joachim Klöckers, reiterated at FX Week ’s second annual congress last week.
BarCap expands sales team
LONDON -- Barclays Capital will hire up to five additional dealers to its UK corporate foreign exchange sales team in London as part of a continued build-up in the area, a senior official at the bank told FX Week .
CME cuts European fees
CHICAGO -- The Chicago Mercantile Exchange (CME) has slashed transaction fees for all products traded electronically on Globex in Europe, bringing its costs in line with rivals the Chicago Board of Trade and Eurex. However, the cut of 73% to 44 cents,…
FX scam at top banks exposed
NEW YORK -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered last week as part of…
RG Niederhoffer launches negative correlation fund
NEW YORK -- New York-based hedge fund manager RG Niederhoffer Capital Management has launched a negative correlation fund to help equity investors take advantage of short-term FX moves.