Foreign exchange
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.
Best to return to State Street from JP Morgan
NEW YORK – Stephen Best, former global head of e-commerce at JP Morgan in New York, is due to resurface at State Street, the bank has confirmed.
Shock departures at Icap
NEW YORK – Interdealer broker Icap has witnessed the resignation of three senior members of the former EBS team, shortly after the departure of former chief executive Jack Jeffery.
BarCap poaches Tokyo team from JP Morgan
TOKYO – Barclays Capital has poached four FX sales staff from JP Morgan in Tokyo, as part of an effort to expand its coverage of the Japanese market.
GSAM jumps on Hotspot FX bandwagon
JERSEY CITY – Goldman Sachs Asset Management (GSAM) is understood to have signed on for electronic communication network (ECN) Hotspot FX, sources have told FX Week .
SEB introduces worldwide senior management changes
LONDON, STOCKHOLM & NEW YORK – Skandinaviska Enskilda Banken (SEB) has undergone a reshuffle of senior FX management.
Citi forex teams in London and Paris suffer losses
LONDON & PARIS – Citi has suffered two losses at its FX trading and sales teams in London, and is believed to have lost a third man in Paris.
FX and DX: volatility events and the bid-ask spread
Charles Wright suggests a rational means for adjusting the bid-ask spread to compensate for the uncertainty associated with routine event-driven conditions
FXMarketSpace's advantage is eroded
FXMarketSpace has released its second set of volume figures, showing the platform is growing steadily.