Foreign exchange
Travelex makes first foray into Austria
EUROPE – Travelex, the FX specialist, has acquired the overseas business of ReiseBank for e3.4 million.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Commerz hires trading trio
FRANKFURT – Commerzbank Corporates & Markets (CBCM) has boosted its Frankfurt-based forex trading desk with three new hires in over-the-counter options and warrants trading.
Automating FX – algorithmic trading in foreign exchange
Interest in algorithmic trading in FX is growing. John Bates, vice-president, Apama Products, Progress Software, discusses the advantages, and analyses the latest market innovations
Forex trader faces possible execution
HANOI – A bank employee faces possible execution in Vietnam after the bank lost some $5.4 million in allegedly unauthorised prop trading.
Pension funds should increase FX exposure – Deutsche Bank
LONDON – Pension funds should substantially increase their exposure to forex in order to increase returns and decrease volatility of returns, according to research from Deutsche Bank released last week.
MarketSpace gears up for launch
CHICAGO & NEW YORK – FXMarketSpace, the CME/Reuters joint venture, is set to reveal its offering with a prototype graphical user interface (GUI) to be released later this month as it makes its first hires.
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
Trading in the firing line holds back banks
The prospect of facing a firing squad for losing some of the bank’s money would certainly concentrate the minds of the more adventurous prop traders.
Gladwin starts in top FX role at Lehman
LONDON – Richard Gladwin started in his role as global head of foreign exchange at Lehman Brothers last Monday (July 31).
BoA adds to London staff
LONDON – Bank of America (BoA) has made a number of hires in London as it continues to expand its forex capabilities in the City.
Calypso launches middle-office tool
SAN FRANCISCO – Calypso, the US technology vendor, has launched Calypso Enterprise Risk Service (ERS), middle-office risk software for FX and other asset classes.
European banks up in Q2
EUROPE – European banks have followed the trend set by their US peers, releasing a strong set of second quarter results last week.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
BNP makes senior hires in institutional client group
LONDON – BNP Paribas has made two senior sales hires in its European institutional client group within fixed income in London.
Many ways to cater for the FX market
As yet another venue looks set to be launched into the foreign exchange market, it remains unclear which model is the most appropriate for the current climate.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.