Trading
MS raids BarCap and Goldman for salespeople
LONDON & NEW YORK – Morgan Stanley is hiring from rivals Barclays Capital (BarCap) and Goldman Sachs in London and New York, respectively.
EBS Spot debuts fixing orders
LONDON - EBS will add fixing orders to the drop-down menu in its quote panel for banks only at the end of August, Rob Parr, senior sales manager for Europe, the Middle East and Africa and North America at Icap has told FX Week.
Exchange trading sees sharp rise in July
CHICAGO & LONDON - Exchange trading experienced a sharp year-on-year rise in July, overshadowing a marginal increase on traditional spot systems.
HSBC hires Deutsche vet as head of cash trading
LONDON – HSBC today announced the appointment of Mark Johnson in London as managing director and global head of foreign exchange cash trading.
Yield strategy delivers in July
LONDON - Currency managers using the yield strategy were the best performers in July, benefiting from improving European economic data and positive banking stress tests, shows research from Royal Bank of Scotland (RBS).
Wade's in at Deutsche Bank
NEW YORK - Deutsche Bank has boosted its electronic foreign exchange sales effort to corporate clients with a key hire from Citi.
Lufthansa wary of OTC regulations
Corporates across the globe have lobbied to ensure end-users are not subjected to new clearing requirements for derivatives. For Lufthansa’s treasury department in Frankfurt, ensuring it is able to continue to hedge its foreign exchange and interest rate…
Currency managers down in June
STAMFORD, CT - The Parker FX index made a loss at -0.79% in June, as currency markets saw a broad-based reversal of currencies versus the US dollar.
Citi hires Margolis from Goldman Sachs
LONDON – Citi has hired Adam Margolis from Goldman Sachs to its foreign exchange sales team in London, according to market sources
Global forex growth on the up
GLOBAL - Global foreign exchange growth increased this year from October 2009, as investor confidence in the FX market has returned following the global financial crisis, despite concerns over the eurozone.
Gold points to repeat of summer 2008
Simon Derrick, chief foreign exchange strategist at Bank of New York Mellon in London, looks at where gold is heading and what this says about investor sentiment
ETF Securities to add 3x leveraged currency product
LONDON – ETF Securities is looking to add to its range of 58 listed currency exchange-traded products (ETP) by adding currency products that are leveraged by a multiple of three in September, said its chief operating officer in London, Nik Bienkowski.
State Street hires two in London
LONDON – State Street has hired in its sales team and Currenex group in London, according to market sources.
BNP Paribas promotes in spot and structuring
LONDON & HONG KONG - BNP Paribas has hired a new head of structuring for Asia, excluding Japan, and a new spot trader in London, said a bank spokesperson.
BarCap expands in American FX sales
TORONTO & SAN FRANCISCO – Barclays Capital (BarCap) has hired two foreign exchange salespeople in North America, according to an internal source.
CBA revamps FX business with Wall Street Systems
Commonwealth Bank of Australia (CBA) has selected Wall Street Systems to provide a full front-to-back multi-entity risk management system for its foreign exchange and money markets businesses globally.
Thomson Reuters: Eurodollar rise will 'run out of steam'
Thomson Reuters - IFR topped the one-month currency forecast poll this week with expectations that the euro would bounce back from the European sovereign debt crisis.
Trading Places, August 2, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Emeap: Cross-border collateral may alleviate dollar funding strains
Executives’ Meeting of East Asia-Pacific Central Banks says crisis revealed shortcomings in regional money markets; swaps deals, cross-border collateral could alleviate some problems
UBS nabs BarCap trio in e-FX
LONDON - UBS has hired an electronic algorithmic trading team from Barclays Capital (BarCap) in London, according to an internal announcement today (July 27).
Markets brace for stress tests
LONDON – The euro traded firmly ahead of the European bank stress test results last Friday (July 23), despite expectations several banks will fail. But analysts warned the common currency is still a risk asset.
EBS chases competition with decimalisation launch
NEW YORK - EBS's plans to offer decimalisation at the end of August could lead to a fall in market liquidity, caution traders.
Hotspot FX volumes up year-on-year
JERSEY CITY, NJ - Hotspot FX reported average daily volumes of $37.2 billion – double count – in June, up from $22.5 billion a year earlier.
Regulatory uncertainty hits US banks’ Q2 results
NEW YORK - Most US banks reported a slump in forex revenues in the second quarter this year versus last year, citing a drop in risk appetite and liquidity amid concerns over regulatory changes and the European debt crisis.