Foreign exchange
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
StanChart makes key hires in derivatives
LONDON – Standard Chartered is building up its FX options capabilities with key hires in London.
Further changes at Merrill Lynch
NEW YORK – Stephen Kemp, global head of FX at Merrill Lynch, has left his role at the US investment bank.
Dresdner sales head departs
FRANKFURT – Juergen Barthel, global head of FX sales at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt, has left the bank. Although DrKW declined to comment, it is understood Barthel's departure is part of an ongoing restructuring by Harry Culham,…
China allows RMB IR swaps
BEIJING – The People's Bank of China (PBOC) has issued new regulations allowing banks to conduct renminbi-denominated interest rate swap transactions on a trial basis.
The bonuses of networking
Ronald Balzano , president of COESfx, says businesses relying too heavily on trading desks will lose out to firms that offer customers quick and easy access via ECNs
FXall signs TD
NEW YORK & TORONTO – Multibank platform FXall has added Toronto Dominion to its list of liquidity providers, taking its current number of banks to over 60.
Barcap survey shows options e-commerce still lags behind
LONDON – A survey by Barclays Capital of its corporate customers has found that options are lagging behind in the move to e-commerce from voice brokerage.
FFastFill signs Merrill for CME FX on Reuters
LONDON – Merrill Lynch has become the seventh bank to go live with trading software firm FFastFill's application service for the Chicago Mercantile Exchange (CME) FX on Reuters.
BoA builds algo FX capabilities
NEW YORK – Bank of America (BoA) has taken a major step towards building up its algorithmic trading capabilities in the FX space, with the acquisition of algorithmic-driven pricing and trading specialist, Financial Labs.
JPM creates new reporting structure
LONDON – JP Morgan has introduced a new reporting structure in FX following the departure of Frank Rawlins, head of spot FX for Europe and global head of metals trading at the bank in London.
CFTC charges another forex fraudster
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) last week charged an individual with defrauding more than $5 million by soliciting customers to trade foreign exchange futures contracts via hedge funds.
SG CIB names deputy
PARIS – Société Générale Corporate & Investment Banking has made Serge Topolanski deputy head of Europe and Asia global FX activities – a newly created position.
Dresdner builds in sales
LONDON – Dresdner Kleinwort Wasserstein (DrKW) is building its sales capabilities globally, has introduced a new e-trading platform, and is developing its FX prime brokerage capabilities.
FX trading down for ABN Amro
AMSTERDAM – ABN Amro posted a large drop in income from foreign exchange dealing for 2005, despite a large increase in overall trading.
A new maturity for FX?
Justyn Trenner , chief executive and principal of consultancy firm ClientKnowledge, says a more discriminating approach to how liquidity is channelled is essential to the continued growth of the market
BarCap takes eFX options trading to the next level
LONDON – Barclays Capital last week became the first bank to launch live two-way streaming tradable prices for FX options.
JPM creates new reporting structure
LONDON – JP Morgan has introduced a new reporting structure in FX following the departure of Frank Rawlins, head of spot FX for Europe and global head of metals trading at the bank in London.
EBS to put data on sale
LONDON – EBS is to sell historical FX data to banks and non-bank traders via a new service called EBS Data Mine.
Lloyds looks to raise its FX profile
Lloyds TSB may not be well known for FX, but it has made a big-name hire that it hopes will enable it to continue buiding its presence in the fiercely competitive UK market
Knight Capital in landmark deal with Hotspot FXi
NEW JERSEY – Knight Capital last week announced plans to acquire electronic currency network Hotspot FXi in a landmark deal worth $77.5 million.
Hedging foreign currency earnings with basket options
By Ramon Espinosa , GFX-Portfolio and risk strategy, Jim Kamphoefner , GFX solutions and Andria McLintock , GFX options at Bank of America
EBS ends sale speculation
LONDON – Interdealer broker Icap last week confirmed it is in discussions to acquire electronic forex heavyweight EBS.
Commerz continues to rebuild
FRANKFURT & LONDON – Commerzbank has boosted its FX team with four new hires in London and Frankfurt, as it continues to rebuild after cutbacks in late 2004.