Foreign exchange
Fimat opens Sydney FX desk
SYDNEY - Brokerage firm Fimat has launched an FX desk in Sydney as it expands its Asia-Pacific presence.
Forex drives major bank earnings
ZURICH, UK AND COPENHAGEN - European banks have reported a strong set of results for 2006, with FX businesses playing a key role.
Retail FX offers lucrative returns
LONDON - Retail FX traders account for $50 billion of the $2.5 trillion a day FX market, according to research released last week.
US derivatives volumes rocket on market fears
CHICAGO & NEW YORK - Several US derivatives exchanges broke their daily traded volume records by more than 20% during February 28.
Gains and losses at Credit Suisse
LONDON - Credit Suisse lost three members of its UK sales team in London last week.
Why retail FX should be taken seriously
According to research from client strategy firm ClientKnowledge, profits from retail FX traders can be anywhere between $1 billion to $2 billion a year.
Gains and losses at Credit Suisse
LONDON - Credit Suisse lost three members of its UK sales team in London last week.
Saxo adds ruble to SaxoTrader platform
Saxo Bank has added the Russian ruble to its online trading platform SaxoTrader. The currency can be traded versus the US dollar.
Mifid – a commercial opportunity
The commercial opportunities Mifid presents to the foreign exchange dealer are examined by Chris Pickles, chair of the directive's Joint Working Group in London
Where there's change, there's opportunity
The financial markets are exceptionally good at thinking up new and innovative ways of getting things done when hurdles emerge.
Lloyds TSB expansion plans proceed apace
LONDON – Lloyds TSB Capital Markets has hired Nicholas Hogg to join its FX sales team in London, with the title of assistant director of commercial banking sales. He comes from HSBC, where he was team leader of FX and interest rate retail sales. Hogg…
Traders unmoved by BoJ interest rate rise
TOKYO – Traders shrugged off the Bank of Japan's decision to raise interest rates by 25 basis points last Wednesday (February 21), with the yen remaining weak in its wake.
Man Financial fined by CFTC for poor supervision
WASHINGTON DC – Man Financial is paying almost $316,000 in penalties for failing to effectively supervise staff.
FXall goes live with Accelor ECN
LONDON – FX trading portal FXall has launched Accelor, its new anonymous electronic communications network (ECN). The platform went live with a pilot group of 30 sell- and buy-side participants at the end of last month, and is now being rolled out more…
Philippines makes progress towards forex liberalisation
MANILA – The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), last week approved a package of reforms set to liberalise the country's regulatory framework for FX.
ETrade pilots platform for US retail investors
NEW YORK – Electronic broker ETrade Securities has begun piloting an electronic trading platform for US retail investors to trade FX and equities in international markets.
Pension funds at risk from currency fluctuations
LONDON – UK institutional investors are overexposed to carry trades and currency risk in their portfolios, according to research released last week. The rise in currency risk comes from greater exposure to international equity markets.
BarCap plans a second private CFXO
LONDON – Barclays Capital is planning another privately placed collateralised foreign exchange obligation (CFXO), worth e20–e50 million ($26–$65 million), after closing its first at the end of 2006. The original transaction was also privately placed and…
FXall adds benchmark fixings to QuickOMS
LONDON – FXall has added benchmark fixings from Citigroup, HSBC and the Royal Bank of Scotland (RBS) to its order management system, QuickOMS.
Saxo Bank to open rep office in Beijing
BEIJING & COPENHAGEN – Saxo Bank plans to open a representative office in Beijing in the next two months, according to a senior official in Copenhagen.
Further restructuring at Bank of America
LONDON – Ravi Mudan has been promoted to global head of FX proprietary trading at Bank of America (BoA) in London.
Cognotec axes jobs in development and sales
DUBLIN – Cognotec slashed up to 40 jobs last week, as part of a restructure at the technology company.
Swiss and French banks declare a healthy 2006
ZURICH & PARIS – European banks releasing annual statements last week have posted bumper results for 2006.
Celent consulting report hails the exchange model
PARIS – The exchange model is set to be the future model for FX, according to a report released last week.