Trading
Barclays Asian ETN gains $4.7m
NEW YORK - Barclays received $4.7 million worth of investment into its Asian currency-linked exchange-traded note (ETN) by September 9, five days after launch.
CME breaks euro and ruble records
CHICAGO & LONDON - CME Group has smashed its previous record for daily electronic trading contract volumes in the euro and the Russian ruble.
Banks scale back options market-making
GLOBAL - Risk aversion and a sharp rise in foreign exchange options volatility is prompting banks to scale back their market-making activities in foreign exchange options, say traders.
Swedbank takes Siena for rates
LONDON - Swedbank has licensed Eurobase's Siena Rate Manager product to control and publish foreign exchange and money market tradable prices for distribution to multiple execution channels, including FXall.
BoA's Mandell joins RBS
NEW YORK - The Royal Bank of Scotland (RBS) has hired Bank of America's former head of sales for global rates, currencies and commodities (GRCC) and head of foreign exchange to spearhead the growth of its FX franchise in the Americas.
Natixis in Bear Stearns forex hiring spree
NEW YORK - Natixis has hired 17 foreign exchange staff from defunct US investment bank Bear Stearns to kick-start the expansion of its FX platform.
UBS rejigs sales and relocates forex head
LONDON - Swiss dealer UBS has reorganised its London-based foreign exchange salesforce and relocated its head to Zurich, market sources tell FX Week .
Interdealer brokers' merger talks over
LONDON & NEW YORK - Stock prices of interdealer brokers Tullett Prebon and GFI Group plummeted on September 9, as a failure "to reach acceptable economic terms" halted ongoing merger talks.
GTS Pro broadens range
LONDON - City Index will extend the list of tradable products on recently acquired retail foreign exchange trading platform GTS Pro for non-US customers in October, a senior official has told FX Week .
Credit Suisse algos on Bloomberg
LONDON - Credit Suisse is offering its foreign exchange algorithmic trading strategies on Bloomberg FX Dealing, as the bank continues on its path to offer the service to a broader client base.
US slowdown prediction puts GFT ahead
GFT Forex has dominated the three-month and 12-month historical indexes for most of this year, by expecting the US slowdown to penetrate global markets.
DealHub's BAM goes with the flows
LONDON - Option Computers Limited (OCL) has completed development of its business activity monitoring module (BAM), which enables users to view clients' foreign exchange trading activity.
CME/FXMS venture over?
LONDON - CME Group (CME), Thomson Reuters and FXMarketSpace (FXMS) have not confirmed a media report alleging CME has decided to end its involvement in FXMS, its joint venture FX platform with Thomson Reuters.
Retail FX broker suspended in Dubai
DUBAI - The Dubai Financial Services Authority (DFSA) imposed its first-ever sanctions against a foreign exchange broker last week, sending a warning to online brokers to maintain standards when operating retail FX businesses in the city.
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
Saxo suspends trading head
GENEVA - Saxo Bank has suspended Charles-Henri Sabet, global head of trading for the bank in Geneva.
UBS hires new fixed-income head
LONDON - UBS has hired Carsten Kengeter from Goldman Sachs as global head of fixed income, currencies and commodities (FICC).
Algo FX: the battle for market share
Algorithmic trading in foreign exchange is tipped to experience continued growth, but the uptake is not without its obstacles. Susanna Robinson reports
BMO boasts booming Q3
TORONTO - BMO Financial Group has achieved a strong quarter for forex trading, according to the Canadian dealer's third-quarter earnings statement.
Algo trading: worth the expense?
An important issue that came up in the Aite Group report on algorithmic trading in foreign exchange released last week was the cost of using this form of trading.
BMO boosts London FX
LONDON - Bank of Montreal (BMO) Capital Markets has expanded its foreign exchange sales and trading desk in London with the hire of ex-JP Morgan staffer James Hennessy.
Yield strategy results hit 15-year low
LONDON - Currency managers using the yield strategy would have suffered their biggest blow in 15 years last month, according to research by the Royal Bank of Scotland.
NSE FX futures take off in India
MUMBAI - Foreign exchange futures trading on India's National Stock Exchange (NSE) reached 70,000 contracts on the first day of trading, as institutions seek to gain from futures amid a plummeting rupee.