Foreign exchange
RBS breaks into Russian market
LONDON & MOSCOW – RBS Global Banking and Markets has signed an exclusive agreement with Russian investment bank Renaissance Capital to sell derivatives solutions in the country.
Fimat MD takes top US forex post at SGCIB
NEW YORK – Vincent Bonamy, Fimat's managing director of financial products and services for the Americas, is to become head of FX for Société Générale Corporate and Investment Bank (SG CIB) for the region.
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
CFTC to adapt rules governing futures traders
WASHINGTON DC – The Commodity Futures Trading Commission (CFTC) last week said futures traders will be required to become registered members of a self-regulatory trade association from February.
US banks report strength in last quarter of 2006
NEW YORK – US banks have reported a positive set of results from their currencies business for Q4 2006. The currencies business helped to push revenues higher in most of the banks, but dented the fixed-income revenues at Goldman Sachs.
Parker Global launches investable forex index
STAMFORD, CONNECTICUT – Investment consultant Parker Global Strategies (PGS) has launched PGS FX Alpha Edge, an investable foreign exchange index.
Banks gear up for emerging markets push
The competition for emerging market business is hotting up, with US banks preparing for a push.
FXMarketSpace to spur consolidation
WESTBOROUGH, MASSACHUSETTS – FXMarketSpace will facilitate consolidation in e-FX, according to Robert Iati, partner at research and advisory company TABB Group.
Deutsche and RBC appoint senior currency strategists
TOKYO & TORONTO – Currency strategists are en vogue this month, with banks building up FX research teams in Tokyo and Toronto.
BNP Paribas overhauls e-business
PARIS & NEW YORK – BNP Paribas has overhauled its electronic foreign exchange business as it looks to establish itself as a leading player in the arena.
Société Générale CIB names new FICC heads
PARIS – Société Générale Corporate and Investment Banking (SGCIB) has appointed Marc Breillout and Gregoire Varenne to head the new fixed income, currencies and commodities division in Paris.
Consolidation is the key theme
The theme of consolidation in the brokerage industry continues this year, with Société Générale and Calyon confirming exclusive negotiations to merge their brokerages Fimat and Calyon Financial. But what happened to all that talk about consolidation in…
ABN Amro cuts back London forex staff
LONDON – ABN Amro has made cuts to its London FX team, resulting in the departure of John Marley, European head of sales.
FXall volumes surged 45% in 2006 on growing market
LONDON – Trading volumes on multibank platform FXall surged 45% in 2006, with over $9.8 trillion traded on a single-count basis.
Oregon state, CFTC fines Orion founder
OREGON – The US Commodity Futures Trading Commission (CFTC) and the District Court of Oregon have fined Russell Cline, founder of foreign currency trading firm, Orion International $33 million.
India pledges to pursue a less restrictive FX strategy
MUMBAI & HONG KONG – Indian prime minister Manmohan Singh issued a statement last week, confirming the country's commitment to gradually move towards a less restrictive forex regime.
China launches benchmark Shibor rate
SHANGHAI – China has taken further steps towards developing its interest rates derivatives market, with the launch of the Shanghai interbank offered rate (Shibor) last Thursday (January 4).
StanChart restructures institutional sales team
LONDON – Standard Chartered has implemented a new structure for institutional sales in London, following the departure of Tara Hunt, head of global investor sales in October last year.
Algo trading goes mainstream
COPENHAGEN – Saxo Bank is bringing algorithmic trading into the mainstream with plans to launch an algo trading tool for retail investors this quarter.
Nybot launches peso and real FX futures to support coffee traders
NEW YORK – The New York Board of Trade (Nybot) is preparing to launch futures in the Colombian peso and Brazilian real next month.
Spotradar from Nostradamus predicts good times ahead
LONDON – Nostradamus, a forex predictions company, is looking to sign a raft of new clients for its Spotradar automated trading system in the next few months.
A flying start to 2007
GLOBAL – The year is off to a flying start as currency markets opened with a healthy level of volatility last week, said traders.
Algo trading goes mainstream
COPENHAGEN – Saxo Bank is bringing algorithmic trading into the mainstream with plans to launch an algo trading tool for retail investors this quarter.
May 2006 - Reuters and CME to set up FXMarketSpace
CHICAGO & LONDON – Industry heavyweights Reuters and the CME announced plans to establish a centrally-cleared FX market-place for early in 2007.