Foreign exchange
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.
ASP FFastFill to add forex support
LONDON - Application service provider (ASP) FFastfill expects to give its trading platform users expanded multi-asset strategies with the introduction of foreign exchange trading support within a few weeks, say vendor officials.
FSS suspends State St FX in South Korea
SEOUL - South Korea's financial regulator has suspended the FX business of State Street's Seoul branch for a month, following the discovery of violations to FX regulations.
TD in Asia hub shake-up
SINGAPORE, SYDNEY & TORONTO - Toronto Dominion Securities has relocated its Asia foreign exchange and rates trading hub from Sydney to Singapore, in a move to boost its coverage of the emerging markets.
Banks at odds over FX flows outlook
LONDON & PARIS - Major banks are at odds as to whether high foreign exchange volumes seen during the first quarter will continue into the rest of 2008.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
StanChart moves Africa FX team to Dubai hub
LONDON & DUBAI - Standard Chartered is moving its offshore African foreign exchange trading desk from London to Dubai, as it continues to build operations in the Middle East.
Bear Stearns gets the axe
LONDON AND NEW YORK - JP Morgan has taken a hatchet to Bear Stearns' foreign exchange business in London and New York, with 62 of 73 positions set to be put on notice, according to a senior Bear Stearns official.
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
Quick rolls out new Icap data
TOKYO - Japanese financial information vendor Quick, the country's dominant domestic provider, is adding a suite of new currency datasets and services from interdealer broker Icap to its products.
FX has record Q1 at writedown-hit UBS
ZURICH & LONDON - High volatility drove a record quarter for UBS's foreign exchange business, but could only partially offset the effects of $19 billion-worth of US mortgage- and structured credit-related losses in its fixed-income, currencies and…
SEC cracks down on Ponzi scheme
WASHINGTON, DC - The Securities and Exchange Commission is cracking down on an alleged $27.9 million Ponzi scheme involving foreign exchange trading firm Gold-Quest International (GQI).
CBA reshuffles forex
SYDNEY - The Commonwealth Bank of Australia (CBA) has made two key hires for its foreign exchange trading team in Sydney and has restructured its global sales group.
Czech forex volumes double in six months
PRAGUE - The credit crisis led to a sharp rise in Czech koruna forwards and foreign exchange swaps volumes in April, according to statistics released last week.
Saxo in $18.8m acquisition
SYDNEY - Saxo Bank is expanding its footprint in the Asia-Pacific region, with plans to acquire a 35% stake in Sydney-based broker Tricom.
UniCredit hires Craven to drive Asia expansion
HONG KONG - UniCredit has hired Joe Craven to head the bank's fixed-income, currencies and commodities (FICC) sales and trading business in Asia.
Credit Suisse names global head of forex
NEW YORK - Credit Suisse has made Steve Yanez head of its global foreign exchange business in New York as of May 1.
Bawag Bank licenses GFI's Fenics FX
PRAGUE - The Czech Republic's Bawag Bank has taken a three-year licence for pricing and risk management software Fenics FX, to price foreign exchange.
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
New governor overhauls South Korea's FSS
SEOUL - Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS), has initiated a shake-up of the financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.
Credit Suisse and Currenex switch on to Fidessa
LONDON - Buy-side technology provider Fidessa LatentZero is set to add interfaces to Credit Suisse, Currenex and Dublin-based foreign exchange broker Baxter-FX to its Minerva OEMS (order and execution management system) by the third quarter.