Foreign exchange
International Assets buys Global Currencies
FLORIDA – International Assets Holding Corporation (Intl), an emerging market-focused financial services company, last week (July 7) purchased the FX operations of UK-based Global Currencies for $2.4 million. The payment comprised $1 million cash plus…
Rivals gear up for FX clearing
LONDON – The stage is set for a central counterparty clearing (CCP) system for FX as two potential providers moved their plans forward last week.
Korean CLS utility opts for PAYplus
The utility through which Korean banks will use the continuous linked settlement (CLS) service for FX, has selected vendor Fundtech’s PAYplus as its core application, it said last week.
AIG restaffs FX post-merger
LONDON – Banque AIG, a subsidiary of AIG Financial Products, has hired six sales and trading specialists in a bid to upgrade the FX component of its cross-product service.
Hotspot adds market makers
NEW JERSEY – Hotspot FXi has added six banks to its institutional trading marketplace to act as market makers and prime brokers. BNP Paribas, HSBC, HVB Group, Société Générale (SG) and WestLB are now all live on the platform providing streamed prices to…
Refco buys stake in ACM
GENEVA – US brokerage Refco Group bought a majority stake in online FX trading firm AC Markets (ACM) for an undisclosed sum last week. The cash purchase was completed on June 29.
ABN Amro signs half CCIL’s members for CLS
MUMBAI – More than half of the 60+ members of Indian forex settlement service the Clearing Corporation of India (CCIL) will use ABN Amro as their provider for continuous linked settlement (CLS), the Dutch bank said last week.
"What is risk management?" ask Risk USA speakers
BOSTON – The way banks and other financial institutions think about – and sometimes misinterpret – risk management formed the main theme of the opening keynote speeches at FX Week sister publication Risk 's USA conference held last week.
Merrill gets FX licence in South Korea
SEOUL – Merrill Lynch has become the first foreign investment bank to receive an FX licence from the South Korean financial services regulatory body, the Financial Supervisory Commission.
Merrill boss adds ex-colleagues
NEW YORK – Merrill Lynch's new global FX chief, Stephen Kemp, has hired three former colleagues from Morgan Stanley, the bank he left last April in order to join Merrill.
Year of plenty for top 30 banks
Little evidence of mid-tier contraction as revenue ranking hits new high
Micex expands forex coverage
MOSCOW – The Moscow Interbank Currency Exchange (Micex) has launched new FX contracts in a step towards expanding the exchange-traded FX market in Russia.
Forex firm fined record $100m for fraud
NEW YORK – A US federal court ruled in favour of the Commodity Futures Trading Commission (CFTC) last week, as it found a foreign exchange futures firm liable for the illegal sale of futures contracts. The $100 million restitution and penalty charges…
Overlay staff in short supply
NEW YORK – Demand for currency overlay is outstripping the supply of available managers, as the boom in investors managing currency continues.
Snow hails CME's China deal
CHICAGO – The Chicago Mercantile Exchange (CME) has forged a ground- breaking deal with a central bank-sponsored FX trading platform in China, in a move hailed by US government officials as a crucial step towards renminbi flexibility.
Saxo upgrades support service
COPENHAGEN – Saxo Bank has upgraded support for users of its white-label trading platform SaxoTrader, with a new service to offer advice on website development, advertising, marketing and customer relationship management.
Citigroup restaffs Singapore sales
SINGAPORE – Citigroup has rehired to fill a void in its Singapore institutional sales team after a team of three defected to Barclays Capital.
EBS launches Aussie and Canadian trading packages
LONDON – Spot broker EBS last week launched new Australian and Canadian dollar packages for its dealing platform in a bid to increase market-share in those currencies.
Brokers react to shrinking market
LONDON – As the dust settles on the news of Collins Stewart Tullett's (CST) imminent takeover of Prebon Yamane, rival brokers are upbeat about their prospects arising from the £135 million deal. The combination of two of the six major broking firms in FX…
Japan's MoF steers clear of intervention
TOKYO – Japan's Ministry of Finance (MoF) last week revealed it has not intervened in the FX markets since mid-March – and is likely to refrain from further currency intervention for some time, said market participants.
ACI Congress debates future
LONDON – The European forex community gathered in London last week for the ACI European Congress hosted by ACI UK. Among the contentious issues discussed during the three-day event were operational risk, the future of the European Union and trading in…
ABN Amro AM launches new currency products
AMSTERDAM – ABN Amro Asset Management (AAAM) is launching two new currency products for institutional investors and high-net-worth clients.
Yen vol boosts BTM revenues
TOKYO – Yen volatility has boosted Bank of Tokyo-Mitsubishi’s (BTM) FX revenues, it said last week, as client demand for currency options soared in fiscal 2003.
EBS opens up prime broker service
LONDON – Spot broker EBS has opened EBS Prime, its FX prime brokerage service, to more banks, following a 20-week pilot programme with prime brokers Deutsche Bank, JP Morgan Chase and The Royal Bank of Scotland, along with 16 pilot customers.