Foreign exchange
Senior hires at FXMarketSpace
LONDON – FXMarketSpace, the centrally cleared forex market-place established by Reuters and the Chicago Mercantile Exchange (CME), has made four senior hires to its global management team.
FXall sees strong take-up on MM platform
LONDON – More than 65 institutions have participated on the FXall money markets platform since it was launched in June, the platform said last week.
Mixed results for US banks
NEW YORK – Low volatility in currency markets provided a challenging third quarter for US investments banks, with a mixed bag of results released last week.
More fraud uncovered by CFTC
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has settled a forex fraud action resulting in over $2.5 million in civil penalties.
Bear builds metals business
NEW YORK – Bear Stearns has expanded its FX-aligned precious metals group to a global full-service hard-asset business through making hires and introducing product capabilities.
Merrill Lynch swoops on top Dresdner Kleinwort trio
LONDON – Merrill Lynch raided Dresdner Kleinwort last Thursday to take the bank’s most senior foreign exchange personnel.
Deutsche reorganisation sees commodities stripped from FX
LONDON – Deutsche Bank has restructured its forex capabilities, promoting global head of currencies and commodities Jim Turley to head the institutional client group.
FXdirekt expands eastern European footprint
Krefeld/Oberhausen – Online forex bank FXdirekt Bank is targeting its foreign exchange trading platform FEXtrader to Polish and Czech investors.
Merrill Lynch swoops on top Dresdner Kleinwort trio
LONDON – Merrill Lynch raided Dresdner Kleinwort last Thursday to take the bank’s most senior foreign exchange personnel.
Reset strike bonus forwards for a Korean win
David Mann, senior FX strategist, and Michael Image, senior FX structurer at Standard Chartered in Hong Kong, suggest reset strike bonus forwards over plain forwards to hedge Korean won downside risks
Strategists in demand
GLOBAL – Forex strategists are en vogue this month, with a number of hires at major banks in the US and Europe.
ABN Amro rebuilds Swedish desk in London
LONDON – ABN Amro has re-established its multi-product Swedish coverage desk in London, as it continues to hub sales and trading in the city.
Barclays Capital continues global build-up
NEW YORK – Barclays Capital (BarCap) has made two senior hires to its US operations, as it continues to expand its global FX franchise.
Reuters’ system failure disrupts FX trading
ASIA – Reuters suffered a temporary systems failure in its currency matching system Reuters Dealing 3000 Matching Host, causing disruption to trading in Asian hours last Friday. The outage acted as a firm reminder of the competitive landscape for…
FXall boosts global team
GLOBAL – Multibank platform FXall has made six new hires and two promotions on three continents in an aggressive push in sales and client services.
Reuters’ system failure disrupts FX trading
ASIA – Reuters suffered a temporary systems failure in its currency matching system Reuters Dealing 3000 Matching Host, causing disruption to trading in Asian hours last Friday. The outage acted as a firm reminder of the competitive landscape for…
Technical glitch mars CME RMB futures debut
CHICAGO & HONG KONG – A technical glitch caused disruption to the introduction of the Chicago Mercantile Exchange's (CME) Chinese renminbi (RMB) futures contracts last Monday.
Cantor Market Data signs distribution deal
LONDON – Forex market data provider Cantor Market Data (CMD), a subsidiary of Cantor Fitzgerald, has signed an agreement with Quick Global Information(QGI) to deliver Cantor Eye across the Quick ActiveManager Treasury Package platform.
Turnover continues at RBS in sales and structuring
LONDON & GREENWICH – Royal Bank of Scotland (RBS) has seen two changes in sales and structuring in London, with one hire and a departure.
PFG Forex partners with Currenex
CHICAGO – Brokerage firm Peregrine Financial Group (PFG) is giving online forex trading customers access to Currenex FX market liquidity via a partnership with the technology vendor to be announced tomorrow (September 5).
How Saxo gained the Midas touch
Lars Seier Christensen and Kim Fournais have seen their business plan unfold since 1992 from FX broking boutique to billion dollar internet bank, reports Rob Shepherd
Thomson expands FX offering with Tullett
LONDON – Thomson Financial last week introduced foreign exchange and money market pricing pages with content from Tullett Prebon Information (TPI).
Standard Chartered adds fair-value model for yen
TOKYO – Standard Chartered last week introduced a fair-value model for the yen to take into account the growing interest in the Japanese currency.
Saxo Bank upgrades options trading platform
COPENHAGEN – Danish firm Saxo Bank has enhanced its SaxoTrader 2 platform to offer live streaming prices on options in all major currency crosses.