Foreign exchange
Deutsche offers CRI-linked auto-callables
LONDON - Deutsche Bank is now selling auto-callable and target redemption notes linked to its Currency Return Index (CRI).
StanChart launches quant academy to crack market
LONDON & SINGAPORE - Standard Chartered is boosting its quantitative skills base through a new quant academy programme.
Clients pay a price for transparency
Although some banks appear to be experiencing initial success with the rollout of algorithmic execution services to clients in foreign exchange, it seems any extension of the portfolio of tools available could be curtailed by limited data from electronic…
Thai currency restrictions here to stay
BANGKOK - The Thai central government stopped short of lifting controversial foreign currency restrictions last week, despite embarking on a push to relax capital controls last month.
EBS opened to third-party vendors
LONDON - Icap is expanding access to electronic spot foreign exchange broking platform EBS by allowing selected third-party independent software vendors (ISVs) to write directly to the platform.
August leaves Merrill for TD Securities
LONDON - Mark August, former head of UK real-money business, Europe, Middle East and Africa (EMEA), at Merrill Lynch in London, has been hired by TD Securities as managing director and head of institutional foreign exchange distribution for Europe.
Fenics Enterprise extends GFI's options data reach
LONDON - GFI Group plans to further embed itself in the trading process with a bespoke version of its Fenics FX options pricing, risk management and trading tool, Fenics Enterprise.
Schiff quits Newedge
CHICAGO & NEW YORK - Ryan Schiff, recently appointed Chicago-based global head of liquidity at the newly merged Fimat and Calyon Financial entity, Newedge, has quit the company to join rival institutional broker MF Global.
Goldman Sachs launches new Redi FX platform
LONDON - Goldman Sachs has launched Redi FX, a stand-alone, single-bank foreign exchange trading platform.
CLS calls for operations change
LONDON - Four banks are in discussions to use a warehouse solution by settlement system CLS, in a push to reduce capacity constraints at their back offices brought on by surging ticket volumes.
FX-linked investments rise as US dollar weakens
NEW YORK - Forex-linked investments enjoyed rapid growth in the US last year, as the dollar experienced further decline.
US dollar expected to bottom out in second half
LONDON - The US dollar will bottom out against the euro, pound and other European currencies in the first half of this year, according to an audience poll at Goldman Sachs' annual foreign exchange conference in London last Wednesday (February 6).
Speculation mounts over exotic FX hedge ban in India
MUMBAI - Mounting concerns over the mis-selling of exotic foreign exchange derivatives to small and medium-sized enterprises (SMEs) in India has sparked speculation of a ban on sales of the products by the Reserve Bank of India (RBI).
Pimco reaps "great" currency returns
LONDON & MUNICH - Fixed-income specialist fund manager Pacific Investment Management Company (Pimco) is confident to reap "great" returns from its first currency fund, according to Thomas Kressin, a Munich-based senior portfolio manager at the firm.
New global head of sales for Deutsche
NEW YORK - Richard D'Albert is set to become global head of sales at Deutsche Bank, based in New York.
Choosing the right carry strategy
Nikki Marmery reports on the proliferation of carry trade indexes and outlines the key differences between the main banks' offerings
Merrill Lynch culls global head of forex position
LONDON - Merrill Lynch embarked on yet another change in strategy for foreign exchange by making the global head of foreign exchange role, held by Harry Culham in London, redundant last week.
Saxo Bank adds JP Morgan to its prime broker list
COPENHAGEN - Saxo Bank is using US bank JP Morgan as its prime broker to trade anonymously over electronic spot foreign exchange trading system, Reuters Spot Matching.
NFA cracks down on AMI
CHICAGO & LONDON - The US National Futures Association (NFA) has set a precedent by ordering one of its brokerage members to only solicit promotional material from companies registered with the Commodity Futures Trading Commission (CFTC) and the NFA.
Nordea signs up with SuperD
COPENHAGEN - Nordea will use data and software vendor SuperDerivatives' market data feed to ensure price transparency, and assist with accounting and regulatory compliance.
London still top of the forex markets
LONDON, NEW YORK, TORONTO & SINGAPORE - London holds firm as the leader of the foreign exchange world, as year-on-year forex growth in the UK continues to outstrip that of the US, according to the latest figures released by regional trade bodies.
Saxo Bank sells 5% stake for $92m
COPENHAGEN, LISBON & LONDON - Espirito Santo Financial Group (ESFG) and subsidiary Banco Espirito Santo Group (BESG) have bought a 5% shareholding in Saxo Bank, in a move to expand the bank's electronic capabilities.
Icap speeds up price info on EBS
LONDON - Interdealer broker Icap has cut latency on spot-broking system EBS Spot and market data service EBS Live, according to a letter to EBS Prime bank customers seen by FX Week .