Foreign exchange
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
New structure for RBS
LONDON – The Royal Bank of Scotland is set to reorganise its corporate banking & financial markets division (CBFM), with a new structure to be in place from next year.
Forex revenues set 'to slow in 2006'
LONDON – Growth in forex revenues is set to fall off next year, according to research from Morgan Stanley released last week.
Man to build on Refco's ashes
NEW YORK – UK financial services firm Man Financial is to reincarnate part of the old Refco business with the launch of Man FX Clear by the middle of this month.
Swiss e-swaps from ABN Amro
LONDON AND ZURICH – Dutch bank ABN Amro last week launched electronic trading in Swiss franc-denominated interest rate swaps (IRS), moving it across from the previous voice-only service.
India looks to tourism
LONDON – India is looking to make tourism the number one source of foreign exchange in the next three years, by doubling its forex earnings, according to tourism minister, Renuka Chowdhury.
Korea to relax currency restrictions
SEOUL – South Korea is to relax regulations on forex trading next year, but authorities have vowed to keep a close eye on how the market develops, according to officials.
Invest in a carry basket EMTN
Christine Lefort, global head of FX Structuring at Calyon in Paris, suggests a way to extract returns from FX-linked investments in a time of low rate differentials
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
WestLB loses its forex head
DUSSELDORF - WestLB lost its foreign exchange chief last week as a further sign of the challenges facing the bank's FX business.
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
Brokers pulled into NAB scandal
MELBOURNE – National Australia Bank NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.
National Australia Bank FX back in the black after trading scandal
MELBOURNE – National Australia Bank's FX business is showing signs of recovery nearly two years after the A$360 million forex options trading scandal was unearthed.
Future for Refco's FX clients still unclear
NEW YORK & LONDON – Hedge fund firm Man Group won an auction for the futures business of the stricken Refco last Thursday (November 10), but the fate of institutional FX clients hangs in the balance.
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
Hedge funds lose their shine
A trader at a German bank in London said the “mental bubble” traders had when considering the merits of joining a hedge fund has burst.
European banks up in third quarter
ZURICH, AMSTERDAM & FRANKFURT – European banks have had a strong third quarter in foreign exchange, with many up substantially over the same period last year.
Currency product ‘growth to continue’
LONDON – Demand for currency-linked structured products is set to continue into next year, according to market participants who have already posted strong sales this year.
BNP to target real-money sales in 2006
LONDON – BNP Paribas is to invest heavily in the real-money space early next year, as it looks to gain traction in an area where the bank has so far had limited presence.
SG CIB to white-label FX portal
LONDON – SG CIB is looking to boost the use of its single-bank portal with a series of white-label arrangements with banks it owns.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS signs second largest Chinese bank
BEIJING – EBS has made further inroads into the Chinese market by signing on China Construction Bank (CCB), the second largest state-owned bank in the country.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.