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City salaries follow firm upward growth pattern
LONDON – Senior-level salaries in the City experienced an increase of 9.2% on the previous year, while average salaries have risen by 7%, according to research from recruitment firm Morgan McKinley.
GFI completes FX options desk restructuring in Asia
SINGAPORE – GFI has completed the reorganisation of its FX options desks in Asia, after hiring a five-strong FX options team from Tullett Prebon in July.
Fimat signs four traders from Cargill
NEW YORK AND LONDON – Fimat, the brokerage arm of SG CIB, has boosted its global foreign exchange trading team with four new hires from Cargill across both sides of the Atlantic, it has confirmed.
Travelex adds more in Asia
SINGAPORE – Travelex, the global FX specialist, has continued its global expansion, opening an enlarged trading floor in the Lion City, where it has doubled the number of traders.
Shell takes over Deutsche Bank prime brokerage
NEW YORK – Deutsche bank has replaced Andrew Coyne, head of prime brokerage, with North American currency sales and trading head Jason Shell.
ABN Amro touts for professional trader business
SINGAPORE – ABN Amro has opened a professional traders centre (PTC) in Singapore to offer proprietary and institutional traders access to the global exchange-traded derivatives markets.
StanChart poaches HSBC trio
HONG KONG – Standard Chartered has hired three FX sales staff from HSBC in the Special Administrative Region.
Barclays Capital gains and loses
LONDON – Barclays Capital has lost staff in London but gained in Asia.
Gold gains shine for FX desks
LONDON – Increased buy-side buying of gold, as an alternative to currency reserves, is likely to prompt more banks to move their precious metals business under the FX remit, say market participants.
Forex structurers in demand
LONDON and NEW YORK – Structurers are in demand across different markets as FX desks look to build higher margins, according to market participants.
Deutsche’s Coyne BarCap bound
LONDON – Andy Coyne, head of FX prime brokerage at Deutsche Bank in London, is to leave to run e-commerce for Europe at Barclays Capital, in the same city.
Merrill adds FX to rates desk
NEW YORK – Harry Lengsfield, global head of rates at Merrill Lynch in New York, has expanded his responsibilities to include FX. He takes on the extended title of managing director and head of global rates and FX, global markets and investment banking.
Ex-NAB traders to stand trial
MELBOURNE – Vincent Ficarra and Gianni Gray, two former National Australia Bank (NAB) forex options traders, are to stand trial for their part in the A$360 million rogue trading scandal uncovered by the bank last year.
Three into one for GFI
LONDON – GFI Group is bringing together staff split between three locations in London to a single site in Broadgate West.
Lehman loses sales head
NEW YORK – Mark De Gennaro, head of FX sales at Lehman Brothers in New York, has left the bank, the desk has confirmed.
Headhunters out in the cold
LONDON – Banks are increasingly hiring FX staff from competitors directly, forcing search firms to focus more on other asset classes, according to market participants.
West LB closes London prop-trading desk
LONDON – German bank WestLB has closed its London prop-trading desk, according to market sources.
Saxo opens London office
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank is to open a London office early next year, as it aims to gain traction in the hedge fund and institutional markets.
ABN Amro chooses Singapore for currency futures base
SINGAPORE – Dutch Bank ABN Amro has restructured its regional futures business, and is moving staff from its Sydney office to operate out of a single office in Singapore.