Foreign exchange
Bear Stearns realigns forex, rates and credit
NEW YORK, LONDON & HONG KONG – Bear Stearns has made several strategic hires to drive the consolidation of its global credit, FX and rates business into three major regional trading groups in Europe, Asia and the US.
Steady growth on FXMarketSpace
LONDON, CHICAGO & NEW YORK – Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace went live last week, with volumes understood to be growing gradually.
Preparing for a decline in cable
WHAT STRATEGY SHOULD BE ADOPTED AHEAD OF STERLING'S FALL AGAINST THE US DOLLAR? BEN TYLER , ASSOCIATE DIRECTOR, STRUCTURED FX AT LLOYDS TSB CORPORATE MARKETS IN LONDON INVESTIGATES
Panel findings highlight evolving role of buy-side
LONDON – The rise of algorithmic trading indicates that the traditional distinction between the buy- and sell-side is fading, according to a panel discussion held in London last week.
Morgan Stanley adopts multi-asset class approach
NEW YORK & LONDON – Morgan Stanley has restructured its fixed-income and equities businesses to adopt a multi-asset class approach to dealing with clients.
Dresdner loses three in Moscow and Singapore
MOSCOW & SINGAPORE – Dresdner Kleinwort is understood to have lost three members of its FX team in Moscow and Singapore.
Citigroup shakes up Asia forex
SINGAPORE – Citigroup has restructured senior FX management in Asia, as it realigns its business under the new fixed-income, currencies and commodities (FICC) structure.
SmartStream launches TLM Trade Process Management
LONDON & BOSTON – London-based technology vendor SmartStream Technologies last week released a system that automates the transaction lifecycle from execution to settlement.
Bloomberg Tradebook adds forex forwards
NEW YORK & LONDON – Electronic broker Bloomberg Tradebook plans to add FX forwards to its electronic communications network Bloomberg Tradebook FX, in the second quarter.
CME widens footprint and connectivity
CHICAGO – The Chicago Mercantile Exchange (CME) has outlined plans to broaden its global FX footprint and improve international connectivity.
Reuters develops Mifid data solutions
LONDON – Reuters is developing a series of tools aimed at meeting data requirements under Europe's Markets in Financial Instruments Directive (Mifid).
BNP Paribas gains in London, loses in Paris
LONDON & PARIS – BNP Paribas has appointed Peter Snasdell to a senior FX sales role in London.
FXDD launches PowerTrader platform
NEW YORK – Online FX trading company FXDD has partnered with an undisclosed prime broking bank to launch a platform targeting institutional investors. The platform, called PowerTrader, is a white-label product that uses a prime broker to access pricing…
Banks gear up to fight online traders
Last week provided some interesting insight into the insecurities some banks are suffering from vis-à-vis online trading companies.
EBS adds NZ dollar to platform
Interdealer broker Icap is adding the New Zealand dollar to EBS Spot, its spot broking platform, on April 26.
A quick fix for Mifid
Sell-side firms must adopt the FIX protocol or lose out, warns Chris Pickles , chair of the directive's Joint Working Group in London
HSBC hit by departures in FX
LONDON & HONG KONG – HSBC's international FX operations saw the loss of a number of staff last week.
When opportunity comes a-knockin'
In the past few weeks, FX Week has looked at opportunities the retail forex market presents for banks.
Merrill Lynch to boost FXPB
LONDON – Merrill Lynch looks to be building up its foreign exchange prime brokerage (FXPB) capabilities, with the hire of Roger Allen in London.
Wall Street Systems realigns technology profile
NEW YORK & LONDON – Technology vendor Wall Street Systems has repositioned its products in an attempt to target banks in addition to corporates.
WestLB relocates Asian forex hub to Sydney
SYDNEY & Düsseldorf – WestLB is relocating the Asian hub for its 24-hour FX trading business from Singapore to Sydney.
RBS builds macro team
LONDON – The Royal Bank of Scotland Global Banking and Markets has established a new macro proprietary trading team in London.
FXMarketSpace build-up continues with eight hires
LONDON, NEW YORK & CHICAGO – FXMarketSpace, the Reuters and Chicago Mercantile Exchange (CME) joint-venture platform, has made eight new hires ahead of launch at the end of this quarter.
GFI gains Fenics FX client in Singapore
SINGAPORE – A major Singapore bank, thought to be DBS, is deploying foreign exchange option pricing and risk management software, Fenics FX, from interdealer broker GFI.