Foreign exchange
Credit Suisse changes its spots
ZURICH - Credit Suisse has embarked on a second reorganisation of its spot foreign exchange risk management and trading teams in Zurich, in an effort to capitalise on burgeoning opportunities across electronic commerce and third-party business.
RBS and Simplex launch RBS Swift
LONDON - The Royal Bank of Scotland (RBS) has teamed with technology provider Simplex Consulting to launch an RBS Swift Service Bureau for corporates requiring outsourced services connecting to the Swift network.
China still a global draw
SHANGHAI - China continues to be an area of growth for global banks, despite widespread cuts elsewhere, with Goldman Sachs, Deutsche Bank and Standard Chartered all making key hires in that market.
Barings launches new currency fund
LONDON - Baring Asset Management is set to launch a currency fund that will offer an alternative source of alpha and diversification to target institutional investors and funds of hedge funds.
Proprietary traders leave banks in search of 'hard cash'
LONDON - Foreign exchange and rates traders make up the majority of those looking to leave proprietary trading roles at banks, said Grant Ashton, managing director of London-based proprietary trading firm Infinity Capital Markets.
UBS: an FX beacon in a sea of doubt
UBS practically swept the leader board in the currency category of FX Week sister publication Risk 's 2008 interdealer survey released last week.
CitiFX Pro banks on Asia
HONG KONG - Citi expects Asia to represent 50% of the turnover on its foreign exchange margin trading platform, CitiFX Pro, which made its Asia debut in Hong Kong this month.
SocGen shakes up investment
NEW YORK - Société Générale Corporate and Investment Banking has named Liz Hogan and Jerome Jacques New York-based co-heads of fixed income, currencies and commodities (FICC) for the Americas.
What the Reauthorisation Act means for retail FX
Felix Shipkevich, general counsel at online FX trading company CMS Forex in New York, provides an overview of the US regulatory environment for retail FX brokers
The post-trade value chain
Nick Dyne, head of business development at post-trade technology vendor Logicscope in London, evaluates the prospect of a 'virtual' back office
Calyon cuts back in derivatives to survive downturn
PARIS - Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.
CME breaks euro and ruble records
CHICAGO & LONDON - CME Group has smashed its previous record for daily electronic trading contract volumes in the euro and the Russian ruble.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.
BoA's Mandell joins RBS
NEW YORK - The Royal Bank of Scotland (RBS) has hired Bank of America's former head of sales for global rates, currencies and commodities (GRCC) and head of foreign exchange to spearhead the growth of its FX franchise in the Americas.
Natixis in Bear Stearns forex hiring spree
NEW YORK - Natixis has hired 17 foreign exchange staff from defunct US investment bank Bear Stearns to kick-start the expansion of its FX platform.
UBS rejigs sales and relocates forex head
LONDON - Swiss dealer UBS has reorganised its London-based foreign exchange salesforce and relocated its head to Zurich, market sources tell FX Week .
Credit Suisse algos on Bloomberg
LONDON - Credit Suisse is offering its foreign exchange algorithmic trading strategies on Bloomberg FX Dealing, as the bank continues on its path to offer the service to a broader client base.
Retail FX broker suspended in Dubai
DUBAI - The Dubai Financial Services Authority (DFSA) imposed its first-ever sanctions against a foreign exchange broker last week, sending a warning to online brokers to maintain standards when operating retail FX businesses in the city.
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
UBS hires new fixed-income head
LONDON - UBS has hired Carsten Kengeter from Goldman Sachs as global head of fixed income, currencies and commodities (FICC).
Algo FX: the battle for market share
Algorithmic trading in foreign exchange is tipped to experience continued growth, but the uptake is not without its obstacles. Susanna Robinson reports
BMO boasts booming Q3
TORONTO - BMO Financial Group has achieved a strong quarter for forex trading, according to the Canadian dealer's third-quarter earnings statement.
BMO boosts London FX
LONDON - Bank of Montreal (BMO) Capital Markets has expanded its foreign exchange sales and trading desk in London with the hire of ex-JP Morgan staffer James Hennessy.