Foreign exchange
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Saxo opens in China
BEIJING – Saxo Bank opened a representative office in Beijing earlier this month, to increase proximity to clients, partners and liquidity providers in the country.
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Dual FX sales loss in Asia- Pacific region for StanChart
SINGAPORE & HONG KONG – Standard Chartered has lost two members of its FX sales team in Singapore, market sources say.
Reporting line change for JP Morgan in London
LONDON – The transitioning of Brian Tomeo's role as head of FX sales for Europe, Middle East and Africa (EMEA) has led to a reporting line shift in senior FX sales at JP Morgan, market sources say.
StanChart reports income rise
LONDON – Standard Chartered generated a 15% rise in income from FX client business in the first half of this year, the bank said in its interim results released last week.
Dealing with capacity constraints
Surging ticket volumes from algorithmic traders are leading to calls for change from dealers facing capacity constraints at their back offices.
EFX options broking sparks into life
Competition in electronic FX options broking is intensifying, with electronic brokers rolling out new tools to capture the growing business opportunity.
Three departures from SG CIB
LONDON – Société Générale Corporate and Investment Banking (SG CIB) has seen three departures in its interest rates and FX marketing team in London, market sources say.
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
Parker index hits new high
STAMFORD, CONNECTICUT – The Parker FX Index reported a record return of 1.41% in June, with 58 indexed programmes reporting positive results and the remaining 21 reporting losses.
Morgan Stanley hires Fed veteran for advisory role
HONG KONG – Morgan Stanley Investment Management has hired Dino Kos, former head of the markets group at the Federal Reserve Bank of New York, to lead a team advising on investment by central banks outside the US.
Deutsche adds in online flow
LONDON – Deutsche Bank has hired Eric Michelsen as head of online flow retail products. Based in London, he will play an integral role in developing Deutsche's global markets multi-product distribution business.
London FX volumes soar
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the city continues to reap the benefits of emerging market flows and dual time zones, according to figures released last week.
BNP Paribas boosts central bank sales
PARIS – BNP Paribas has strengthened its central bank and official institutions FX sales desk in Paris, with a senior FX sales hire.
Goldman head transfers to HK
TOKYO & HONG KONG – Goldman Sachs and JP Morgan are realigning foreign exchange management to capture growing opportunities in the Asia-Pacific region, market sources say.
Goldman head transfers to HK
TOKYO & HONG KONG – Goldman Sachs and JP Morgan are realigning foreign exchange management to capture growing opportunities in the Asia-Pacific region, market sources say.
US regulators clamp down on retail FX dealers
CHICAGO – The National Futures Association (NFA) last week (July 24) took emergency action against Fort Lauderdale-based forex dealer member (FDM) Nations Investments, for being undercapitalised by $3.5 million – the largest undercapitalisation seen by…
Oanda launches multi-client FXManager
TORONTO – Online forex trading company Oanda has launched FXManager, an interface allowing money managers to more efficiently execute and manage multiple client FX trades.
Knight prepares EMS for FX
JERSEY CITY – Market-maker Knight Capital Group plans to integrate FX trading capabilities into version 3.0 of its Knight Direct EMS platform, due out in September, say officials.
JP Morgan gets go-ahead for local incorporation in China
BEIJING – JP Morgan has received approval from Chinese regulators to establish a locally incorporated bank in the country.