News
Deutsche merges Benelux FX
AMSTERDAM -- Deutsche Bank began a move to relocate its Benelux FX sales coverage to Amsterdam earlier this month, as part of its strategy to grow FX business across all client sectors, sources close to the bank told FX Week .
Reuters to exit Fleet St
LONDON -- UK information and technology firm Reuters is set to move out of its historic headquarters in Fleet Street by the middle of next year, releasing £32.3 million in estate capital and saving about £5 million per year in property costs.
CME targets online FX market for Asia growth
BEIJING -- Electronic foreign exchange derivatives trading will play a key role in the Chicago Mercantile Exchange’s (CME’s) development in Asia over the next few years, according to a senior official at the exchange.
IASB favours banks, says Treasury Association Group
LUXEMBOURG -- The International Accounting Standards Board (IASB) is favouring the demands of banks and insurance companies over the interests of corporations, the International Group of Treasury Associations (IGTA) said last week.
State St to launch FX fund in fourth quarter
LONDON -- State Street Global Advisors (SSgA), the investment management arm of State Street, is set to launch a currency fund in the fourth quarter as part of its newly created hedge fund strategies group, a senior official at the firm told FX Week .
MMS/MCM merger leads to Asia-Pacific lay-offs
SINGAPORE -- Forex market commentary provider MMS has already started shedding jobs in the Asia-Pacific region as part of its merger with Informa subsidiary MCM, according to a source at the firm.
China stands firm on peg
BEIJING -- China will continue to stand firm in the face of increasing international pressure to relax the yuan’s peg to the US dollar, analysts in the Asia-Pacific told FX Week .
RBS hires FX prime brokerage team
CHICAGO -- The Royal Bank of Scotland has hired three FX dealers to run a newly established North American prime brokerage business in Chicago.
Italians step up FX use
ROME -- Italian corporates have increased their derivatives use over the past 12 months as companies have honed their risk management skills to battle against currency volatility.
Sterling to survive Hutton Inquiry
LONDON -- The Hutton Inquiry into the death of UK government weapons inspector David Kelly has had a limited short-term impact on sterling, but could in the long term contribute to the weakening of the government, analysts said last week.
Central Europe sees shift in fortunes
BUDAPEST -- Economic fortunes have been changing in central Europe, possibly more so than markets have recognised, said FX strategists at Merrill Lynch.
Currenex targets retail with ESP
LONDON -- Currenex is targeting the retail forex market with its new executable streaming prices (ESP) technology, in a move that marks a repositioning in strategy for the multi-bank platform.
Banks eye buy-side dealers
LONDON -- Banks are increasingly looking to recruit staff from the buy side in an effort to satisfy their asset management clients.
Volkswagen steps up currency hedging
WOLFSBURG -- European car manufacturer Volkswagen (VW) has increased its use of FX hedging, after seeing its profits in the first half sink by 55% year-on-year, as a result of euro strength.
Ideaglobal makes Thrush COO
LONDON -- Market data firm Ideaglobal has named Paul Thrush, Barclays Capital’s former global forex chief, as its chief operating officer, based in London. He had been on the firm’s executive board since last November ( FX Week , December 2).
Merrill takes Reuters/AVT
NEW YORK -- Merrill Lynch has gone live with Reuters’ bank-to-customer FX trading technology, in what marks the UK vendor’s first sale since it merged its B2C unit with AVT Technologies last December.
Banks offer capital intro to hedge funds
LONDON -- Investment banks are stepping into a new role by offering a capital introduction service to hedge fund clients in order to increase their business with them, officials told FX Week .
Currenex names new CTO
NEW YORK -- Currenex has hired Sean Gilman as chief technology officer, based in New York. He replaces Matthew Arrott, who left last month.
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Banks failing SMEs on hedging
LONDON -- More than half of UK businesses with exposure to currency transactions totalling £20 million per year are failing to hedge their exposure, according to research produced by currency services firm Travelex in the UK. The lack of protection is…
Nissan Motor takes Reuters risk system
Volkswagen is not the only car manufacturer in the process of increasing its currency risk management. Last week, Reuters announced it has sold its Kondor trade-processing risk and trade management product, Kondor+, to Japanese car manufacturer Nissan…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.