Foreign exchange
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 .
HK bank Wing Lung licenses Fenics FX
HONG KONG & LONDON - A growth in Hong Kong bank Wing Lung's foreign exchange options business has prompted it to license GFI Group's options pricing and risk management system, Fenics FX.
BoA scales back global FX
LONDON, NEW YORK & SINGAPORE -Bank of America (BoA) is continuing to scale back its global foreign exchange operations, with senior-level departures and desk closures last week.
Deutsche cuts forex in London
LONDON - Deutsche Bank has made five cuts to its foreign exchange team in London, as part of wider redundancies in the global markets business.
Ex-BNP FX head joins Bear
LONDON - Bear Stearns has realigned senior foreign exchange management in Europe, with Loïc Meinnel, former global head of FX at BNP Paribas, taking the helm in London.
Carrying a mixed bag
Analysts polled by FX Week reveal an industry split on the sustainability of resurging risk appetite and the future of yen-based carry trades. Compiled by Wendy Mock
Platforms see record trading in volatile markets
LONDON - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) posted record trading volumes last Tuesday (Jan 22), amid an upswing in market volatility.
FX thrives in South Korea
SEOUL - Foreign exchange derivatives were behind the large gains posted by banks operating in South Korea in the third quarter of 2007, according to official statistics.
Calyon chief heads Newedge
LONDON, NEW YORK, PARIS - Newedge, the joint venture institutional brokerage formed through the merger of Calyon Financial and Fimat, last week, announced its new foreign exchange line up.
Reduced growth will fuel FX competition
As the market gears up for a fresh year of activity, Patrick Lefler, FX consultant at Wall Street Systems, predicts the key FX market developments in 2008