Foreign exchange
Credit Suisse shifts Asia roles
LONDON & SINGAPORE - Credit Suisse is changing the role of one Singapore-based foreign exchange salesperson and relocating another member of the sales team to Tokyo.
SWFX smashes trading volume record
GENEVA - SWFX, a Geneva-based trading platform, reached a record $10 billion traded on August 16. The platform, aimed at institutions, banks, hedge funds and private investors, has averaged daily volumes of $6 billion a day this year. This represents a…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
SPECIAL FEATURE: CLS settlement: the next five years
This month marks the five-year anniversary of CLS. FX Week and Rob Close, president and CEO of CLS Bank, discuss the past five years and the future of the industry utility
BNP expands in Europe
EUROPE - BNP Paribas is understood to have boosted its European presence with hires in London and Madrid, and a new representative office in Stockholm.
Capital enters retail FX
LONDON - Capital Forex, the FX arm of online trading company London Capital Group, is white-labelling Currenex's technology to break into the retail foreign exchange market.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.
Standard Chartered offers ESP
Standard Chartered has begun offering executable streaming prices (ESP) on the Bloomberg forex dealing platform.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%
Oanda receives $100 million injection
TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).
FX Solutions launches new platform
NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).
Retail forex traders will bounce back
Retail foreign exchange traders were among the hardest hit in the August turmoil, where risk aversion led to a sharp reversal in carry trades. But it looks like many market participants haven't been deterred from pursuing the potentially lucrative…
ABN Amro reshuffles e-business operations
LONDON – ABN Amro has handed over management of its European e-business operations to two senior managers at the bank in London, market sources say.
Japan's EBank ventures into forex market
TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .
Icap and CME Group report bullish trading in August
LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.
Market-makers need to get technical
The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
Bear Stearns raids BNP Paribas
LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .