Foreign exchange
BIS report notes low volatility
LONDON – FX markets were characterised by high levels of turnover and historically low volatility in 2006, according to the Bank for International Settlements' (BIS) 77th annual report, released today (June 25).
GFI brokers first algorithmic trade of forex option
Interdealer broker GFI brokered the first screen-based algorithmic trade of an FX option through its option trading platform, Forexmatch, last month.
International Assets expands in Hong Kong
HONG KONG – Florida-based institutional trading company International Assets Holding is expanding its collateralised FX trading business in Hong Kong.
BNP Paribas boosts sales teams in London and Paris
PARIS & LONDON – BNP Paribas has added to its London-based FX hedge fund sales team, and strengthened its Paris-based FX sales team to cater for central banks and official institutions.
StanChart steers forex operations to Dubai
GLOBAL – It is understood that Charles Brown, head of quantitative development for global financial markets covering rates, FX and capital markets, for Standard Chartered in Singapore, is leaving the bank this month.
New forex head for Morgan Stanley
LONDON – Morgan Stanley has named Sarah Edgington as the new London-based European head of FX, following the departure of Paul Blain earlier this month, the bank confirmed ( FX Week , June 11).
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
Lehman Brothers continues e-FX drive
Lehman began offering prices over the Bloomberg FX Dealing system on June 12.
BNP Paribas multi-asset trading system to go live this year
LONDON – BNP Paribas plans to go live with a new multi-asset trading system in the third quarter of this year, marking the move of another bank away from silo-based trading and sales.
Merrill gains three in Asian forex
LONDON & HONG KONG – Merrill Lynch is believed to have strengthened its Asian forex team with three new hires, but to have lost in FX options trading in London.
Traders shrug off Brazilian controls
BRASILIA & NEW YORK – Traders and analysts have largely shrugged off currency and capital controls introduced by the Central Bank of Brazil on Friday, June 8.
Marex hires two in push to expand e-business coverage
LONDON – Independent brokerage Marex Financial has made two sales hires at its FX desk in London, as part of plans to expand coverage of e-business and hedge fund sales.
Bank of America loses two in London
LONDON – Bank of America (BoA) has suffered two departures in London.
Bear Stearns widens its footprint in western Europe
PARIS, FRANKFURT & LONDON – Bear Stearns has stepped up its global FX expansion by re-entering Paris, and is considering reopening an office in Frankfurt.
FXall makes 22 new hires globally
NEW YORK & SINGAPORE – Trading platform FXall has made 22 hires in sales, customer services, technology and regional management groups in New York, London, Singapore, Boston and Tokyo.
Progress adds algorithmic functionality to Apama
BEDFORD, MASSACHUSETTS – Software vendor Progress Software is today (June 18) launching an FX package that allows FX traders to run algorithms across multiple liquidity sources, accessing best price and market depth.
JP Morgan and StanChart in senior forex shakeup
LONDON & NEW YORK – JP Morgan and Standard Chartered have embarked on a series of senior-level management changes.
US banks' downward trend continues
NEW YORK – US investment banks are continuing to experience a poor year, with second-quarter results for fixed-income businesses down on the same period last year.
High volatility sparks surge in FX trading
LONDON & CHICAGO – High volatility at the beginning of the month saw strong FX trading flows transacted across major trading venues.
Saxo Bank expands London sales force
LONDON – Saxo Bank has strengthened its London sales and marketing teams with four new hires, as it continues to expand its presence in the city as part of a global strategy.
An unseasonal game of musical chairs
As we enter the summer months the unseasonal slew of hiring and restructuring looks unlikely to abate. Considering these functions are usually done and dusted by May, it is curious that a number of banks are just trying to begin new ideas at this point…
UniCredit continues recruitment drive
UniCredit has made further additions to its global FX team, making hires from three rival banks. It has confirmed that Mark Sweeting will begin a new role as head of real-money sales for the UK and US in September.
JP Morgan and StanChart in senior forex shakeup
LONDON & NEW YORK – JP Morgan and Standard Chartered have embarked on a series of senior-level management changes.