Foreign exchange
BIS: debt now bigger problem than inflation
BASEL – The main structural threat to global economic growth is no longer runaway inflation, but a slower rebalancing of excess debt, according to a working paper released by the Bank for International Settlements (BIS).
BarCap joins algo bandwagon
LONDON – Barclays Capital (BarCap) has joined a select group of banks that has started offering algorithmic trading for forex over their single-bank platforms.
BarCap enhances white-labelling
LONDON & MOUNTAIN VIEW – Barclays Capital has enhanced its white-label offering, signing an agreement with California-based Integral.
FXMarketSpace builds Americas sales force
LONDON – Forex trading platform FXMarketSpace has appointed Phillip Harris as senior vice-president and head of sales, Americas, as it continues to add staff ahead of its launch.
Rabobank becomes EBS Prime bank
LONDON – Rabobank has become the latest institution to join spot broker EBS’ Prime initiative as a prime bank.
New talent thin on the ground
LONDON – Banks are struggling to attract junior FX derivatives staff according to banks and headhunters.
Bank of America adds to ETS
Bank of America is enhancing its suite of e-trading capabilities to include live options execution, improved pricing and risk management among other new features.
CME names first market-makers for Korea futures contracts
SEOUL – The Chicago Mercantile Exchange (CME) has announced the selection of five banks as the first market-makers for CME Korean won futures contracts.
SG CIB realigns FX business
LONDON & PARIS – SG Corporate and Investment Banking (SG CIB) plans to realign its foreign exchange business within a new fixed income, currencies and commodities division early next year.
Bloomberg revamps FX Dealing system
NEW YORK – Data and trading technology vendor Bloomberg has released a revamped version of its single and multibank request-for-quote (RFQ) system, FX Dealing.
Thailand coup makes little impact on baht
BANGKOK – Last week’s military coup in Thailand is unlikely to have a lasting impact on the baht, according to analysts in the region.
Old news set to leave China behind
China’s plans to delay the information flow from foreign news agencies by filtering it through Xinhua news agency is worrying, and it is likely to be counterproductive.
A capital adventure
Michael Spencer tells FX Week about how he turned Icap from a four-man business into a £3 billion FTSE 100-listed powerhouse in 20 years, and about his plans for EBS
Maintain a long Swiss franc exposure
Todd Elmer, currency strategist at Citigroup in New York, predicts an upturn in Swiss franc fortunes, and advises directional trades on EUR/CHF
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