Trading
AIB takes Eurobank's Siena Gateway for FX distribution
LONDON – Allied Irish Bank (AIB) has licensed Eurobase's Siena Gateway product to distribute foreign exchange rates within AIB's branch network.
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .
BNP Paribas bets on GBP, and wins
BNP Paribas has risen up the three-month forecast rankings this week by maintaining a bullish view on sterling.
Icap and CME Group report bullish trading in August
LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.
Market-makers need to get technical
The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…
Tough times ahead for US dollar
Mike Gallagher, director of research at IDEAglobal in London, evaluates the outlook for the US dollar amid prospects for lower US growth and rates
StanChart makes global sales push
DUBAI, MUMBAI & NEW YORK – Standard Chartered is making a global sales push in e-commerce with three major hires covering emerging markets, south Asia and the Americas.
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
FXMarketSpace regains lost ground
LONDON & CHICAGO – Average daily volumes on FXMarketSpace (FXMS) rose 102% from $539 million in July to reach $1.09 billion in August.
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
Barclays thrives on risky business
A bearish short-term view on risky assets has helped Barclays Capital top the one-month currency forecast rankings this week.
Bear Stearns raids BNP Paribas
LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .
Parker FX Index dips 0.58% in July
STAMFORD, CT – The Parker FX Index was down 0.58% in July, with 36 indexed programmes reporting positive results and the remaining 45 incurring losses.
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .
CME Group intensifies electronic forex trading
CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.
GFT preys on vulnerable euro/yen
GFT has beaten the Royal Bank of Scotland and HSBC in this week's three-month forecast rankings, owing to a bearish view on EUR/JPY.
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
BoA shuffles top level
LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.
Carry-trade capitulation
When the market turmoil subsides, the yen will give up some of its 2007 gains in 2008 and will remain undervalued by past norms, says Gabriel de Kock, Citi's global currency economist in New York
RBC and Citi raid BNP
LONDON – The Royal Bank of Canada (RBC) and Citi have poached two foreign exchange salespeople from BNP Paribas in London, market sources say.
CLS settles record volumes in August
LONDON & NEW YORK – CLS Bank International has posted record volumes for foreign exchange payment instructions settled in August, amid heightened activity in the FX markets.
MD leaves Citigroup for Noble
HONG KONG – Jeremy Amias, managing director of Citigroup and head of fixed income, currencies and commodities (FICC) for the Asia Pacific region, is leaving the bank.