Trading
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.
JP Morgan gets go-ahead for derivatives in Korea
SEOUL – JP Morgan has been given the regulatory go-ahead to trade derivatives products in South Korea, ahead of regulatory reform in the country.
Volumes double as US dollar gains
GLOBAL – Dealers saw a sharp rise in euro and sterling trading volumes as the dollar continued a broad-based recovery against the major currencies last week.
UniCredit backs the greenback
A bullish view on the greenback, resulting from improved market sentiment towards the dollar, helped push UniCredit MIB to the top slot of this week’s three-month currency forecasts rankings.
Emerging markets boost returns for ODL
LONDON – Emerging markets represent the fastest growing segment of the retail foreign exchange market at London-headquartered ODL Securities.
Forex.com gains six more currency pairs
NEW YORK – Gain Capital is set to add six Scandinavian currency pairs to its online retail foreign exchange trading platform, forex.com.
Merrill Lynch goes live with prime brokerage on EBS
LONDON – Merrill Lynch has become the latest bank to enable clients to trade on EBS Spot using its credit line.
The murky side of retail forex
In these days of heightened regulatory scrutiny, Saxo Bank could take it upon itself as a pioneer of the retail foreign exchange market to more effectively monitor who is using its technology and how.
RBS gets bigger in Japan
TOKYO – The Royal Bank of Scotland (RBS) is expanding its coverage of Japan’s institutional market with a key hire in Tokyo.
Hungary cautious over rate cuts
Eszter Gargyan, Citi’s economist for Hungary in Budapest, says rate cuts in Hungary are likely to be delayed in the second half of this year, but could accelerate in 2009
China forms new department for forex
BEIJING – China’s central bank has created a new department focused on managing exchange rate reforms and monitoring cross-border short-term capital flows.
UBS suffers $4.3bn FICC losses in Q2
ZURICH – Revenues from the fixed-income, currencies and commodities (FICC) business at UBS collapsed in the second quarter of this year, generating Sfr4.72 billion ($4.33 billion) in losses.
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Hotspot expands footprint in Russia
IZHEVSK - Hotspot FX expanding its footprint in the Russian retail foreign exchange market by streaming liquidity to Izhevsk-based Izhcombank's margin forex trading platform.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.
Emerging market ETFs booming
ROCKVILLE, MD - Rockville-based Rydex Investments is set to launch four currency exchange-traded products linked to emerging market currencies at the end of the month, as the market for these products grows.
Merger could shake up e-FX options
NEW YORK - The potential merger of Tullett Prebon and GFI Group could boost competition for market share in the electronic forex options market, according to analysts.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Credit Suisse adds EM currencies to algos
LONDON - Credit Suisse has added six emerging market currencies to its algorithmic trading models for foreign exchange.
HSBC number one as US recovers
A bullish dollar view based on an improved performance by the US economy relative to other regions raised HSBC to the top of this week's one-month currency forecast rankings.
Dresdner bulks up trading
LONDON - Constantinos Constantinou is to rejoin Dresdner Kleinwort after decamping to its US competitor Merrill Lynch last year, the German dealer has confirmed with FX Week .