Foreign exchange
And so here it is...
If you were curious to know how much revenue a retail trading company can generate in a quarter, then here it is. Read on if you want to know what the CME Group really thinks about FXMarketSpace.
Retail forex drives up Tokyo volumes
TOKYO - Retail foreign exchange margin and short-term speculative trading in Japan contributed to a 12.9% rise in average daily spot FX turnover in April to $105.3 billion, versus the same time last year, say analysts.
BarCap shakes up Asian forex management
SINGAPORE - Steve Weller, Barclays Capital's Singapore-based Asia-Pacific head of foreign exchange since 2004, has taken a sabbatical, leaving his responsibilities split among new and veteran members of the regional forex team.
Perez-Yarza emerges at JP Morgan
LONDON - A former member of Credit Suisse's foreign exchange sales team to Southern Europe, Guillermo Cebrian Perez-Yarza, has resurfaced at JP Morgan, he has told FX Week .
Korea relaxes won NDF rules
SEOUL - Plans by South Korean officials to ease restrictions on won non-deliverable forwards (NDF) trading could shift speculative trading onshore, say traders.
Deutsche ETN yields top returns
NEW YORK - Deutsche Bank's Australian dollar currency exchange-traded note (ETN) has generated the highest three-month returns among those surveyed by FX Week , at 7.86% as of July 17.
ANZ sets sights on north-east Asia
HONG KONG - ANZ has expanded its Hong Kong office to create a new regional hub for its capital markets business and foreign exchange operations across north-east Asia, officials tell FX Week .
Another good quarter for FX
BOSTON & NEW YORK - US dealers posted record second-quarter revenues from foreign exchange business, as volatility remained high over the period.
FX head quits Credit Suisse
LONDON - Credit Suisse has lost its head of UK foreign exchange sales, the Swiss dealer has confirmed.
Gray decamps from Saxo Bank
LONDON - Saxo Bank has lost its senior manager in institutional sales in London, the Copenhagen-based dealer has confirmed with FX Week .
Lloyds TSB expands forex solutions team
LONDON - Lloyds TSB Corporate Markets has made four hires in its corporate and institutional foreign exchange solutions team in London, as part of a continued effort to expand its risk solutions service.
Will we ever move to a fee-based model?
The competition to gain retail clients and white-label partnerships by retail trading companies and vendors is leading to more creativity in service provision.
Retail platforms in currency expansion
NEW YORK - Online FX trading companies CMS Forex and FXCM have added new currencies to their trading platforms, allowing retail traders to trade in emerging market currencies.
Taratunio joins Bank of America
NEW YORK - Senior foreign exchange salesperson Gary Taratunio is heading to Bank of America (BoA) in New York, after leaving JP Morgan last month.
Icap quells fears with positive Q2 results
LONDON - Interdealer broker Icap quelled fears over the future performance of its businesses last week, by reporting a 15% rise in second quarter revenues compared with the same period last year.
Banks and hedge funds spur growth in OIS trading
LONDON & NEW YORK - Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
Internalising flow threatens brokers
As banks begin looking at ways to internalise flow, the big question is what it will mean for electronic brokers such as EBS and Thomson Reuters.
BoA in global reshuffle
NEW YORK, CHARLOTTE & LONDON - Bank of America has consolidated its global rates, currencies and commodities (GRCC) and credit products (GCP) businesses into a newly formed global fixed-income platform.
Wesselius joins Deutsche
AMSTERDAM, ATHENS & LONDON - Deutsche Bank has hired BNP Paribas' former foreign exchange sales head for the Netherlands to lead its Dutch FX coverage.
Icap shares suffer amid slow growth speculation
LONDON - Speculation of a fall-off in currencies, rates and credit products growth at Icap caused a sharp fall in the monthly share value of the London-based interdealer broker last week.
SmartStream boosts post-trade with TLM Treasury Confirmations
LONDON - London-based technology vendor SmartStream Technologies has launched TLM Treasury Confirmations for FX, money market and over-the-counter trades, in response to market demands for enhanced post-trade capabilities.
TraderTools gets smart with liquidity
NEW YORK AND PARIS - FX trading technology vendor TraderTools has implemented Smart Trade's STTP 5.5 liquidity management system for use within its Liquidity Management Platform.