Trading
Management changes at top banks
GLOBAL – It has been a week of senior management movement at two top banks, with Deutsche and Standard Chartered seeing changes to their line-ups.
Anonymity does not always equal profitability
FXall has jumped on the anonymity bandwagon, and the Reuters/CME venture offers another way to access liquidity discretely. But whether these ventures will succeed is debatable.
Penson enhances FX offering
MONTREAL – Trading platform Penson FX has enhanced its capabilities to introduce auto-dealing and allow access via FIX.
Bond and cyclical trades best for currencies
LONDON – Bond spread and cyclical divergence trades should make up a greater share of currency portfolio risk in coming months, according to research from JP Morgan.
Travelex makes first foray into Austria
EUROPE – Travelex, the FX specialist, has acquired the overseas business of ReiseBank for e3.4 million.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Building long AUD/NZD positions with less risk
Besa Deda, Sydney-based currency strategist for the Commonwealth Bank of Australia, looks at how to gain long exposure to AUD/NZD amid high volatility
Commerz hires trading trio
FRANKFURT – Commerzbank Corporates & Markets (CBCM) has boosted its Frankfurt-based forex trading desk with three new hires in over-the-counter options and warrants trading.
Automating FX – algorithmic trading in foreign exchange
Interest in algorithmic trading in FX is growing. John Bates, vice-president, Apama Products, Progress Software, discusses the advantages, and analyses the latest market innovations
Forex trader faces possible execution
HANOI – A bank employee faces possible execution in Vietnam after the bank lost some $5.4 million in allegedly unauthorised prop trading.
Pension funds should increase FX exposure – Deutsche Bank
LONDON – Pension funds should substantially increase their exposure to forex in order to increase returns and decrease volatility of returns, according to research from Deutsche Bank released last week.
Lloyds benefits from strong sterling
A view that sterling would soar against the US dollar saw LloydsTSB Financial Markets claim top spot in the one-month table, with a forecast for cable of 1.87 against an average prediction of 1.85.
Rouble hits seven-year peak against dollar
MOSCOW – The rouble hit its highest level against the US dollar for seven years last week, as the soaring price of oil boosted the Russian unit.
MarketSpace gears up for launch
CHICAGO & NEW YORK – FXMarketSpace, the CME/Reuters joint venture, is set to reveal its offering with a prototype graphical user interface (GUI) to be released later this month as it makes its first hires.
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
Trading in the firing line holds back banks
The prospect of facing a firing squad for losing some of the bank’s money would certainly concentrate the minds of the more adventurous prop traders.
Gladwin starts in top FX role at Lehman
LONDON – Richard Gladwin started in his role as global head of foreign exchange at Lehman Brothers last Monday (July 31).
BoA adds to London staff
LONDON – Bank of America (BoA) has made a number of hires in London as it continues to expand its forex capabilities in the City.
Calypso launches middle-office tool
SAN FRANCISCO – Calypso, the US technology vendor, has launched Calypso Enterprise Risk Service (ERS), middle-office risk software for FX and other asset classes.
European banks up in Q2
EUROPE – European banks have followed the trend set by their US peers, releasing a strong set of second quarter results last week.
RBC wins on restrained dollar view
RBC Capital Markets came top of the one-month forecast table by refusing to get caught up in dollar hype.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
BNP makes senior hires in institutional client group
LONDON – BNP Paribas has made two senior sales hires in its European institutional client group within fixed income in London.