Foreign exchange
Interbank market is the one to watch
The move by Lava to get into the interdealer broker space is a bold one that could pay handsome dividends for the Citigroup-owned business.
BoA poaches pair from Morgan Stanley
LONDON – Bank of America is expanding its rates capabilities with two senior hires from Morgan Stanley in London.
Lava moves into interbank FX space
NEW YORK – Citigroup subsidiary, Lava Trading has confirmed plans to launch a new interbank forex trading system this year. The move makes it the first of a number of platforms rumoured to be taking the plunge into the space.
Foreign banks lose out in South Korea
SEOUL – Foreign banks operating in South Korea took a hit in 2005, with net profits sliding nearly 70%, according to government statistics.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
A changing interbank landscape
The decision by the world's largest interdealer broker, Icap, to acquire spot FX broker EBS bears significant implications for the current landscape of the FX industry.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
Standard Bank builds in sales
LONDON & HONG KONG – Standard Bank is building its sales capabilities in London and Asia, as it looks to expand coverage to institutional and corporate clients.
Trading FX implied volatility – part II
The use of at-the-money straddles can be an effective way to trade implied volatility, but it is not without its limits. In the final part of a two-part series, Duncan Farnsworth, head of risk analytics in the currency structuring group at Royal Bank of…
BNP poaches Citi forex options head
NEW YORK – BNP Paribas has raided Citigroup and Barclays Capital (BarCap) as it continues to beef up its presence in the US and Europe.
Strong Q1 forex results from US banks
NEW YORK – US banks continued the trend of strong first quarter results already reported, with sharp rises in foreign exchange-related profits.
CLS Bank reports 10% rise in volume in March
LONDON – CLS Bank recorded a 10% rise in average daily payment instructions settled on its system in March.
Icap needs to keep banks on board
So the deal has finally been done – Icap has paid close to $800 million for EBS.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
China is not the only egg in the basket
Reuters' deal with Union Bank of India demonstrates that there is a wealth of opportunity in the sub-continent for banks looking to drive forex returns in emerging markets.
State Street to provide forex workflow solution for MLIM
LONDON – State Street is providing a foreign exchange execution management workflow solution through its Global Link network for Merrill Lynch Investment Managers (MLIM) in London.
FXall sees increase in volumes
NEW YORK – Trading platform FXall announced record trading volumes of $825 billion in March, a 53% increase on the same period last year.
Union Bank of India to use Reuters FX portal
MUMBAI – Union Bank of India (UBI) has selected Reuters, the global information company, to implement an online FX trading portal.
There are no options benchmarks
The following is a case study of option volumes with delayed delivery, by Nasir Afaf, global head FX options, Commerzbank Corporates & Markets in London
GFT signs to Dow Jones news and info
ADA, MICHIGAN – Online currency firm Global Forex Trading (GFT) has gone live with a customised selection of Dow Jones news and information via its proprietary online FX trading software, DealBook FX2.
CFTC finds trader liable for $32 million
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has granted a permanent injunction against Ronald Steven Holt and three associated companies for financial misdemeanours, while fining them a total of $32 million.
MAS maintains forex policy
SINGAPORE – The Monetary Authority of Singapore (MAS) maintained its stance of 'modest and gradual' appreciation at its semi-annual policy review last Tuesday.
Standard Chartered builds in sales
DUBAI & NEW YORK – Standard Chartered has boosted its global FX sales capabilities by making a senior appointment in the Middle East and a new addition in New York.