Trading
Swift grows front office
Halfway through its five-year strategy, industry co-operative Swift has made improving front-office services a priority
StanChart hires ex-Deutsche head
SINGAPORE - Standard Chartered is continuing its assault on foreign exchange and interest rates with a key hire in Singapore.
Will intervention work?
European Central Bank intervention could spark a battle with the foreign exchange market, says Mitul Kotecha, head of global foreign exchange research at Calyon in London
Deutsche signs record sharia collar trade
DUBAI - Deutsche Bank has closed the largest Islamic profit-rate collar to date, for Dubai Islamic Bank (DIB).
Merrill and UBS shake up FX teams
LONDON & NEW YORK - Senior management changes have swept through Merrill Lynch and UBS ahead of looming third-quarter losses.
Talk of revaluation
The independent monetary stance recently taken by many Middle East states is likely to add to speculation about a revaluation, according to Chris Turner, head of FX strategy research at ING wholesale banking in London
Danske banks on USD/JPY stability
Danske Bank topped this week's one-month forecast rankings by predicting a broadly stable USD/JPY over the period.
Forex settlement risk: banks look beyond CLS
Rick Schumacher, director of products at Wall Street Systems in New York, evaluates the foreign exchange market's alternatives to CLS
Investsberbank begins ruble trading on LavaFX Interbank
Investsberbank has begun quoting USD/RUB and EUR/RUB on electronic communications network LavaFX Interbank. The first USD/RUB trade was carried out on October 2 between the Russian bank and an undisclosed counterparty. The notional value of the trade was…
Eley gathers MMI clients
NEW YORK - John Eley, former president and chief executive at electronic communications network Hotspot FX, has signed seven banks for his new data analytics company, Managed Models Inc (MMI) in New York.
CME FX volumes rising
The Chicago Mercantile Exchange (CME) recorded an average daily volume of 634,820 contracts for foreign exchange in September. This is a 22% rise from 520,000 contracts a day in September 2006, and represents a notional value of $79 billion.
FXMS and EBS trading back to normal
CHICAGO & LONDON - FXMarketSpace and electronic spot broker EBS recorded a decline in average daily volumes in September, demonstrating a return to normal levels of trading after a highly volatile August.
Investec targets SME FX
LONDON - Investec Capital Markets, a division of Investec Bank, has launched a new corporate foreign exchange desk in London targeting small to medium-sized enterprises (SMEs) in the UK.
Losses abound on Parker FX
STAMFORD, CT - The Parker FX index was down 1.54% in August, with markets characterised by skyrocketing volatility spurred by unwinding yen-based carry trades.
The true cost of pre-settlement netting
As the industry comes to terms with the fact that banks have begun pre-settlement netting, conversation is moving to the implications this has for the smaller of the 57 CLS member banks.
Is the dollar dross?
Pete Luxton, global markets adviser, and Shant Movsesian, FX options manager, at Informa Global Markets in London, seek ways to benefit from the flagging US dollar
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
Norwegian krone joins the high-yield club
Ian Stannard, senior currency strategist at BNP Paribas in London, surveys the NOK's earning potential
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
Regulators slam ODL Securities
CHICAGO - Institutional broker ODL Securities and the Chicago-based president of its US subsidiary, Brian King, have been jointly fined $165,000 after being found guilty of a series of violations to the National Futures Association (NFA) member rules.
BIS TRIENNIAL FX SURVEY: Asia takes a bigger slice of the FX pie
BASEL - The Bank for International Settlements' (BIS) triennial foreign exchange survey has highlighted the increasing prevalence of the Asian centres in global FX, with the market share of regional rivals Hong Kong and Singapore increasing since the…
Lehman launches quant platform for currencies
LONDON - Lehman Brothers has launched the Macro Quantitative Currency Strategies platform (MarQCuS), an investable product enabling investors to access quantitative foreign exchange strategies.
BarCap launches new currency
LONDON - Barclays Capital has unveiled a synthetic currency intended to reduce funding costs for corporate clients, banks and hedge funds.