Foreign exchange
New technology boosts retail FX volumes
BOSTON & LONDON – New technology has been behind booming daily volumes in the global retail FX market, according to Catherine Hardiman, London-based head of Deutsche Bank's retail platform dbFX.
Morgan Stanley names sales heads
NEW YORK – Morgan Stanley has appointed two new FX sales heads, a spokesperson at the bank has told FX Week .
BNP Paribas adds three in sales from HSBC
SINGAPORE – BNP Paribas is believed to have boosted its FX sales team in Singapore, with three hires from banking rival HSBC.
Strong second quarter for major banks
NEW YORK & STOCKHOLM – Merrill Lynch, Citi and SEB reported strong financial results last week, with all three banks experiencing year-on-year gains.
ANZ buys into Vietnamese brokerage
HO CHI MINH CITY – Australian and New Zealand Banking Group (ANZ) has agreed to acquire a 10% stake in Vietnamese securities and investment banking organisation Saigon Securities.
BoA realigns under GRCC umbrella
NEW YORK – Bank of America has realigned its currencies business alongside global rates and commodities, within a new global rates, currencies and commodities (GRCC) function, the bank has confirmed.
Dresdner boosts global sales and trading coverage
LONDON & NEW YORK – Dresdner Kleinwort is expanding its sales and trading coverage across London and New York with hires from Dutch rival ABN Amro.
GFI installs temporary management structure
NEW YORK & SINGAPORE – Interdealer broker GFI has introduced a temporary management structure in light of the recent departure of Michel Everaert, London-based chief information officer for e-commerce.
UBS distribution teams hit by senior departures
LONDON & SINGAPORE – UBS has been hit by senior departures in its distribution teams in London and Singapore, with at least three headed for Deutsche Bank.
VWD switches FX providers to Tenfore
FRANKFURT – Data vendor VWD Group is to replace FX data provided via its internet- and terminal-based data products with new data sourced from UK-based Tenfore Systems' Tenforex feed, officials said.
GL Trade acquires Infotec in forex push
PARIS – Technology vendor GL Trade has purchased Infotec, a Swiss real-time market data vendor, to extend its coverage of products and increase its buy-side presence. Infotec's FX trader and treasury management users will in turn use GL Trade's order…
Icap speeds up FX data feed
LONDON – Interdealer broker Icap last week (July 11) announced it had improved its EBS Live spot data feed by reducing processing and communication latency.
Market expands on rising international investment
NEW YORK – Surging international investment has fuelled expansion in the FX market, heard delegates at the FX Week USA congress in New York last Tuesday (July 10).
JPM designs emerging market FX carry index
LONDON – JP Morgan has extended its range of investable currency index products, with the creation of an index that seeks to exploit the carry trade in emerging market currencies.
CME prepares to handle increased trading volume
NEW YORK – The Chicago Mercantile Exchange (CME) plans to add additional servers and lanes to handle increased exchange-traded volume, according to a presentation on technology bottlenecks in the global FX market at the FX Week USA conference in New York…
Algos annihilate platform favouritism
NEW YORK – Algorithms are making trading on FX platforms agnostic, according to a panel discussion at FX Week 's USA congress in New York last week (July 10).
Surveying our changing landscape
The e-FX awards celebrate best practice and innovation in the forex market. The increasingly demanding needs of clients from the sell-side to the buy-side have meant technological developments continue at full throttle. This year was no exception. In…
Dresdner boosts global sales and trading coverage
LONDON & NEW YORK – Dresdner Kleinwort is expanding its sales and trading coverage across London and New York with hires from Dutch rival ABN Amro.
Keeping pace in an explosive market
Rick Schumacher, product manager at Wall Street Systems in New York, explores recent transformations in the FX market and the new challenges and opportunities these present for banks
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
Deutsche deepens cross- border presence
ISTANBUL – Deutsche Bank has bought the institutional cross-border custody unit of Istanbul-based Türkiye Garanti Bankasi (Garanti Bank), in a deal rumoured to be worth $115 million.
Currency volatility sparks record trading volumes
CHICAGO & LONDON – Volatility in currency markets led to record trading volumes on spot broking platform EBS and the Chicago Mercantile Exchange (CME) last month.
Singapore hub for Julius Baer
SINGAPORE – Swiss bank Julius Baer is making its Singapore location its South-east Asia hub after being granted a licence to open a wholesale banking branch in the city sate.
Margin trading platform race gathers pace
The race to launch a margin trading platform continues to gather pace, with at least two further banks in the process of signing deals with online trading companies to launch retail platforms.