Foreign exchange
UBS makes more changes to FICC team
ZURICH - UBS has unveiled further changes to its newly created fixed income, currencies and commodities (FICC) division, less than a month after revealing substantial third-quarter losses relating to the subprime crisis.
UBS makes more changes to FICC team
ZURICH - UBS has unveiled further changes to its newly created fixed income, currencies and commodities (FICC) division, less than a month after revealing substantial third-quarter losses relating to the subprime crisis.
More forex departures at Bank of America
YORK - Further changes at Bank of America's foreign exchange business have emerged as the US dealer realigns FX with its rates business.
Electronic FX volumes expected to reach 80% by 2010
NEW YORK - Electronic foreign exchange trading will account for 80% of the overall FX market by 2010, according to research released last week.
FX Solutions presents Web Trader platform
NEW YORK - New York-based retail trading company FX Solutions has begun demonstrating a browser-based version of online trading front-end GTS Pro.
Deutsche shakes up north American FX
NEW YORK - Deutsche Bank has realigned its foreign exchange sales business in north America, with a new head of FX sales for the region, based in New York.
Japan's 120 forex brokers under investigation
TOKYO - Japan's Financial Services Agency (FSA) is investigating the country's 120 licensed retail forex brokers, after local online broker FX Sapporo filed for bankruptcy last month.
UniCredit expands FICC
NEW YORK - UniCredit has hired a new head of fixed income, currencies and commodities (FICC) for the Americas, as part of a push to expand its global foreign exchange franchise.
FXMarketSpace trading slow in October
CHICAGO - Trading on FXMarketSpace continued to decline in October, with average daily volumes dropping 16% to $696 million, according to figures released by the platform last week.
European dealers post record FX results
ZURICH & FRANKFURT – Losses linked to the credit crisis have overshadowed what has been a bumper third quarter for foreign exchange dealers, according to results released last week.
Citi hires two new heads for Asia-Pacific FICC
HONG KONG & SINGAPORE – Citi has hired Rodrigo Zorrilla and Aamir Rahim to co-head its Asia-Pacific fixed income, currencies and commodities (FICC) business, following the departure of Jeremy Amias this summer.
Saxo and JDFX offer risk management online
COPENHAGEN & ZURICH – Saxo Bank and Zurich-based foreign exchange trading company JDFX are today releasing Meta RMS, a risk management software package within JDFX’s online trading front end, MetaTrader.
GFI expands FX options trading
NEW YORK – Interdealer broker GFI Group plans to enable trading in foreign exchange options with specific interests, on electronic FX options broking system ForexMatch early next year, according to senior officials at the company in New York.
HSBC trades China’s first onshore FRAs
HONG KONG – HSBC has traded the first onshore renminbi forward rate agreements (FRAs) in China, using the Shanghai interbank offered rate (Shibor) as a reference rate.
Tullett Prebon fires up e-broking
LONDON – Interdealer broker Tullett Prebon is expanding its electronic broking capabilities by establishing a dedicated e-broking division.
Proquote signs up for Tullett’s data
Tullett Prebon Information is feeding real-time pricing data for money markets, rates and fixed income to Proquote, the London Stock Exchange’s (LSE) multi-asset class market data and trading terminal.
LiquidityHub opens with euro swaps
LONDON – London-based electronic trading consortium LiquidityHub began offering euro interest rate swaps from 12 major dealers on October 22
Merrill suffers $5.6 billion FICC losses
NEW YORK – Merrill Lynch last week reported record results in interest rates and currencies during the third quarter, but gains were wiped out by big losses in credit and mortgage markets.
FXCM launches systems selector
NEW YORK - Online broker FXCM has created a new systems trading platform, Forex System Selector (FSS), which allows clients to customise and manage their own trading systems.
South Korean forex reaches record high
SEOUL - FX turnover hit a record high in South Korea in the third quarter.
IMF turns against the dollar
U-turn on USD value dashes hopes for G-7 statement on dollar weakness
Citi posts double-digit FX growth
YORK - Citigroup last week reported double-digit percentage growth in foreign exchange revenues during the third quarter, but FX gains were overshadowed by massive losses in the credit and mortgage markets.
Philippines to continue FX deregulation
MANILA - The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is set to liberalise the foreign exchange market at the end of October, said the bank's deputy governor, Diwa Guinigundo, last week. The central bank will lift documentary…