Foreign exchange
Bloomberg Tradebook back on track
NEW YORK - Bloomberg Tradebook is this week re-launching its foreign exchange electronic communications network after suffering up to eight weeks of outage as it sought to replace AIG as its central clearer.
More crisis casualties
LONDON - Morgan Stanley, Citi and Deutsche Bank have all announced thousands of global job cuts in response to the market dislocation, with foreign exchange teams unavoidably in the firing line.
Industry pushes to expand CLS coverage
LONDON - Panellists at the FX Week Europe Congress held in London last week applauded CLS for its role in alleviating settlement risk, but pushed for expansion to cover more counterparties, currencies and products.
Algos 'point inwards' amid low liquidity
LONDON - There will be greater internalisation of flow as banks search for liquidity, according to a panel discussing algorithmic trading developments at last week's FX Week Europe Congress.
Retail FX benefits as traders go DIY
LONDON - The retail foreign exchange revolution could benefit from reduced headcounts within the financial services industry, according to Mark Davison, vice-president of pro-sales at Forex Capital Markets (FXCM).
Fisher: FX will slow down to assess risk
LONDON - Activity in the foreign exchange market will "pull back" over the next couple of years, while risk management will become a key focus for the industry, according to Paul Fisher, London-based head of the FX and reserves management division at the…
Forex contends with great expectations
The foreign exchange industry is set for a shake-out next year as re-pricing of risk forces change in the make-up of the industry.
Market risk brings client relationships to the fore
LONDON - Relationship pricing has become key for banks, reflecting the increase in market risk, according to panellists at last week's FX Week Europe Congress in London.
UBS shines as CLS provider during turmoil
UBS took home the accolade for the best third-party CLS provider, in a year that has tested the model's basic premise.
Gu appointment casts shadow over BoA FX
LONDON & NEW YORK - David Gu has been slated to head rates and currencies following the merger of Merrill Lynch and Bank of America (BoA), throwing into doubt the future of the BoA foreign exchange team, say market sources.
UBS wins with front-to-back approach
UBS has retained its number one position as the best bank for foreign exchange prime brokerage in this year's FX Week Best Bank Awards. Deutsche and Citi followed in second and third places respectively.
Icap adds new functionalities to EBS Spot
LONDON & SINGAPORE - Interdealer broker Icap is rolling out new features on its foreign exchange electronic trading platform, EBS Spot, this Saturday (November 22), officials told FX Week .
OTC derivatives on the up
BASEL - The Bank for International Settlements' (BIS) semi-annual report has shown a significant increase in the growth of over-the-counter foreign exchange derivatives in the first half of this year.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Danske leads locals in Scandi domination
Danske Bank was victorious in the Scandinavian currencies category, benefiting from its local market advantage.
Credit Suisse advances in Asia forex
HONG KONG & SYDNEY - Credit Suisse released its advanced execution service (AES) for foreign exchange in Asia last month, following the system's US and European rollout earlier this year.
Icap still best broker for forex
Icap holds onto its crown as best broker for spot FX ahead of rival Thomson-Reuters.
Best FX Bank Awards: Barclays Capital has e-trading edge
Barclays Capital has usurped UBS to take pole position as the best bank for electronic trading, after coming second in last year's rankings.
Mizuho hires ex-Lehman e-trading team
TOKYO - Mizuho Financial Group, the Japanese bank, has hired 16 former Lehman Brothers staff to help kick-start its electronic trading business.
Citic Group in currency bail-out
HONG KONG - Citic Pacific has reached an agreement with parent company Citic Group to provide financial support to meet liabilities from exposure to leveraged FX contracts disclosed on October 20.
Thomson Reuters shows eye for detail
Thomson Reuters has retained first place as best vendor in the dealing technology category thanks to a focus on detail, according to Paul Allmark, global head of Reuters Electronic Trading (RET).
Customers look to HSBC for stability
HSBC has held on to its title of best bank for foreign exchange in the Asia-Pacific, as customers flock to dealers with a long-standing history in the region during the market turmoil.
Diversity key to success for FXall
FXall has triumphed in the best multibank foreign exchange portal category for the seventh consecutive year.