Trading
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.
Many ways to cater for the FX market
As yet another venue looks set to be launched into the foreign exchange market, it remains unclear which model is the most appropriate for the current climate.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
The yen – a conflict of interests
Neil Parker, economist at Royal Bank of Scotland in London demystifies the 'black art' of predicting movements in the yen
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.
Reserve diversification
Simon Derrick, chief currency strategist at the Bank of New York in London, suggests a simple, low-cost method to take advantage of any move by the Chinese authorities to diversify
StanChart offers sharia swap
KUALA LUMPUR – Standard Chartered has structured what it claims to be the first cross-currency swap compliant under sharia (Islamic law) in Malaysia.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Calyon sees dollar weakness continuing
Market sentiment about the US dollar in April and early May deteriorated markedly, according to Mitul Kotecha, global head of foreign exchange research at Calyon in London.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Loonie in tune with the market
The outlook for the Canadian dollar looks set to be tied to commodity prices and the global economy, says David Watt, senior economist at BMO Capital Markets in Toronto
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.