Trading
Banks give boost to TradingScreen
NEW YORK - Foreign exchange technology vendor TradingScreen has updated its trading platform to include Credit Suisse's advanced execution services FX algorithms.
Merrill Lynch FICC team faces cuts
LONDON - Merrill Lynch put more than 80 members of staff in its fixed-income currencies and commodities (FICC) group in the Europe, Middle East and Africa (EMEA) region on a 90-day consultation period last Wednesday (April 23).
South Korean FX trading up 100% in first quarter
SEOUL - Daily foreign exchange trading volumes in South Korea's interbank market rose by just over 100% in the first quarter of this year, compared with the same period last year.
The retail revolution continues...
With each week comes more news about initiatives carried out by wholesale banks to target the retail foreign exchange market, each applying slightly varying strategies. US investment banks, for example, have been renowned for their aggressive pricing to…
Dresdner reshuffles FX sales and trading
LONDON & NEW YORK - Dresdner Kleinwort has restructured its London and New York foreign exchange sales and trading team, splitting the trading and sales operations.
Tullett signs data feed deal in China
LONDON & SHANGHAI - Tullett Prebon Information (TPI) has signed an agreement to provide foreign exchange, interest rate, fixed income and money data to Chinese financial data provider Wind Info.
Deutsche loses McGowan to Barclays Capital
LONDON & SINGAPORE - Adrian McGowan, a managing director in the foreign exchange complex risk group at Deutsche Bank in London, has left the bank.
A call for old-fashioned banking?
Over the past few years, buy-side traders have been demanding a levelling of the playing field as they increasingly make markets in foreign exchange like their sell-side peers. So it was surprising, and even refreshing, to hear some calls for old…
Saxo launches Webtrader
COPENHAGEN - Saxo Bank plans to introduce version 2.0 of its web-based platform, Saxo WebTrader, at the end of the second quarter.
Cable only cloud in Calyon's clear view
Expectations for a stronger GBP was the only exception in a set of accurate forecasts that led Calyon to top this week's one-month currency forecast rankings.
4th Story releases algo trading tool
SAN FRANCISCO - Technology vendor 4th Story last week (April 14) officially launched automated trading software 4S.Blue Ridge.
Musical chairs at Goldman Sachs
LONDON - Goldman Sachs is seeing a number of changes at its foreign exchange sales and trading team in London, sources tell FX Week .
A word of warning
Cast your minds back one month...
Senior forex managers lower their sights
LONDON - Senior level foreign exchange executives are radically reassessing their career options in light of the current credit crisis, according to recruitment firms in London.
StanChart raids Lehman Bros for structured products team
LONDON & SINGAPORE - Standard Chartered has poached three senior managers from Lehman Brothers, to expand its Singapore-based global structured products trading operation.
RBS announces new GFI sales force
LONDON, SINGAPORE & GREENWICH, CONNECTICUT - The Royal Bank of Scotland has outlined its sales structure following the acquisition of ABN Amro at the end of last year.
Deutsche Bank continues ETN issues
NEW YORK - Deutsche Bank has launched four commodity-linked exchange traded notes (ETNs), in response to growing demand from retail and institutional investors for exposure to the commodity markets.
Forex expansion continues at Citi
NEW YORK - Citi's foreign exchange business is seeing yet more changes, with new roles and an appointment in sales.
Global managers negative on sterling
LONDON - Despite experiencing its largest devaluation in 16 years, sterling is still overvalued, according to respondents to a Merrill Lynch global fund manager survey.
There will be blood
David Woo, head of global foreign exchange strategy at Barclays Capital in London, notes the movers and shakers among the G-10 currencies
CFTC fines firm $260,000 for lack of capital
WASHINGTON & VIRGINIA - The Commodity Futures Trading Commission (CFTC) has ordered a US retail foreign exchange trading company to pay $260,000 to settle charges relating to undercapitalisation.
Record FX returns no compensation for continuing subprime losses
BOSTON & NEW YORK - Record foreign exchange revenues have proved no match for the credit crisis, with billion-dollar writedowns causing two major banks to report big first-quarter losses in their fixed-income divisions this week.
BNP looks to the long term
LONDON & PARIS - BNP Paribas has restructured its Paris-based central bank and official institutions foreign exchange sales desk by bringing in a new co-head responsible for long-term interest rate product sales.