Foreign exchange
Deutsche strengthens in Russia
MOSCOW & BRASILIA - Deutsche Bank has boosted its FX operations in Russia and Brazil by recruiting staff from JP Morgan and Merrill Lynch.
Russia confirms rouble conversion
ST PETERSBURG - The Russian Government has confirmed plans to convert the rouble into a reserve currency in the near future.
Staff shedding continues at JP Morgan
NEW YORK AND LONDON - In one of the first cuts to its own FX team, JP Morgan is said to have axed a senior FX salesperson in New York, as part of a continuing attempt to reduce headcount after acquiring troubled bank Bear Stearns.
Westpac boosts FX sales ahead of merger
LONDON AND NEW YORK - Australian dealer Westpac is bolstering its FX sales presence in the US and UK, less than a month after announcing plans to merge with domestic rival St George.
Saxo Bank boosts white-label partnership
COPENHAGEN - Saxo Bank has boosted its white-label partnership by appointing Stephan Martinussen to a new role as global head of partner sales.
Standard Chartered gains French foothold
PARIS - Standard Chartered opened a branch in Paris on June 5 in response to the growth in its global corporates and financial institutions business in France.
India to allow exchange-traded FX futures
MUMBAI - Indian regulators have recommended the introduction of exchange-traded currency futures to further develop the India's foreign exchange markets.
Deutsche builds EM options
LONDON - Deutsche Bank has moved to enhance its emerging markets options capabilities with a key hire from Goldman Sachs in London.
Lloyds TSB expands in derivatives
LONDON - Lloyds TSB Corporate Markets is continuing to expand its global derivatives business, with two key hires for its foreign exchange derivatives trading team.
Short volatility strategies profitable again
LONDON - A short volatility strategy would have gained currency managers the highest returns in May, according to strategy research carried out by ABN Amro.
RBC Capital Markets cuts London forex
LONDON - RBC Capital Markets has made cuts to its London foreign exchange team in the wake of a fall-off in second-quarter results.
Saxo opens in Tokyo
TOKYO - Saxo Bank has announced it is opening a Tokyo office, Saxo Bank Japan, to expand its trading presence in the Asia-Pacific region.
Funds becoming more reliant on e-FX
STAMFORD, CT - Requirements to prove best execution have led to an increased reliance on electronic trading by fund managers and pension funds, according to research released on June 2.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
Cultural change needed post-crisis
BOSTON - As banks and other market players seek to close risk management loopholes exposed by tottering markets, some post-mortems are homing in on a broader issue: corporate culture.
SPDR Gold Trust to trade futures and options
WASHINGTON, DC - US regulators approved trading and clearing for futures and options based on the Standard & Poor's Depositary Receipts (SPDR) Gold Trust, an exchange-traded fund (ETF), on June 2.
Forex volumes on CME up in May
CHICAGO - Average daily foreign exchange volumes at the Chicago Mercantile Exchange reached 621,334 contracts with a notional value of $87.92 billion in May, up 29% and 48% respectively on the same period last year.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
OSE to launch FX margin trading market
OSAKA - The Osaka Securities Exchange (OSE) will launch a foreign exchange margin trading market in March next year.
Hedge funds keen on FX
STAMFORD, CT - Hedge funds increased their forex trading volumes by 180% in 2007, as global FX trading volumes rose 36% to $99 trillion, according to statistics released May 28.
Between a rock and a hard place
Patrick Lefler, foreign exchange consultant at Wall Street Systems in New York, looks at the future of CLS as demand grows for bilateral netting
Saxo Bank gains French foothold
PARIS - Saxo Bank plans to acquire Paris-based online foreign exchange broker Cambiste in a seven-figure deal, in anticipation of demand for forex and contracts-for-differences (CFDs) trading in the local French market.