Trading
HSBC closes NY prop desk, reorgs management
LONDON – HSBC has closed its prop desk in New York and made a number of changes to its senior management line-up, following the promotion of Andrew Brown to global head of foreign exchange.
RBS realigns prime brokerage ge
LONDON – Michelle Wong, global head of prime brokerage at Royal Bank of Scotland (RBS) in London, is to leave following a realignment of its prime brokerage (PB) business.
Defrosting the myths
The risk of an Icelandic crisis and its impact on other high-yielding currencies has been strongly exaggerated, says Beat Siegenthaler, senior strategist at TD Securities in London
Reuters to calculate official spot rate
HONG KONG – Reuters is to be the official exclusive calculator and distributor of the benchmark spot US dollar/Hong Kong dollar fixing rate. This new official spot USD/HKD fixing is owned and administrated by Treasury Markets Association (TMA) in Hong…
No change is good news for forecasters
Investors Bank & Trust (IB&T) has moved into the top five of every forecast category, making it the most consistently accurate forecaster across the board so far in 2006.
JP Morgan hit by sales departures
NEW YORK & LONDON – JP Morgan's FX sales operation has been hit by a number of departures including a number of defections to Merrill Lynch.
China's forex reserves exceed Japan's
BEIJING – CHINA, with $853.7 billion in FX reserves, has surpassed Japan's long-held status as the world's largest holder of foreign exchange reserves, state media reported last week.
Retail growth needs responsible attitude
The rise in financials' use of foreign exchange over 2005, as demonstrated by Greenwich Associates research (see related article, this issue), shows just how important it is becoming as an asset class.
DZ deploys Cognotec's AutoDeal+
LONDON & FRANKFURT – Germany's DZ Bank has gone live with vendor Cognotec's AutoDeal+ solution for its new automated online FX trading service.
Marex Financial taps Hotspot FX
LONDON & WATCHUNG, NJ – Independent brokerage, Marex Financial, has signed its fourth deal with an FX platform in recent weeks.
FNX boosts back-office module
PHILADELPHIA – Vendor FNX Solutions has upgraded its back-office module for FX and other asset classes.
SEB paints bright US economic picture
Skandinaviska Enskilda Banken (SEB) maintains the bullish dollar view that has seen it remain at the top of the one-month historical table since February 6. It has held a positive view on US economic growth despite EUR/USD depreciation of nearly 10% over…
Algo trading to drive CLS business
LONDON – Algorithmic trading will bring in a significant amount of transaction business to CLS, according to the settlement system's chief executive, Rob Close.
Funds and fundamentals fluctuate in February
February saw fundamental managers occupy the middle ground while technical and systematic funds posted the best and worst returns
The end of emerging market exuberance?
A plunge in high-yield currencies has triggered concerns that global investors had become too lax in their evaluation of emerging market risk, but Caroline Blyth, emerging market manager at Informa Global Markets, says the likelihood of a serious…
StanChart loses two in sales
LONDON & DUBAI – Standard Chartered has seen the departure of two of its FX sales staff in the UK and Middle East over the past few weeks.
e-FX Awards underway
The starting pistol for this year's e-FX Awards has been fired, with companies being invited to submit their pitches in the 12 categories.
Currency trading for DGCX
DUBAI – The Dubai Gold and Commodities Exchange (DGCX) is set to launch currency futures trading in coming months – the first such products to be made available in the Middle East.
Financial institutions behind FX growth
GREENWICH, CT – Forex trading volumes among financial institution customers rose 18% last year, according to statistics from research firm Greenwich Associates.
ABN merges e-businesses
LONDON – ABN Amro has merged its FX, fixed income and derivatives e-businesses into one group, as the latest part of a reorganisation announced last October.
Madrid a magnet for FX
MADRID – Demand for FX from corporates and financial institutions in mainland Spain has led to an increased demand for sales staff, say market participants.
Financial institutions behind FX growth
GREENWICH, CT – Forex trading volumes among financial institution customers rose 18% last year, according to statistics from research firm Greenwich Associates.
ABN forms Macro Trading Group
LONDON – ABN Amro has created a new macro trading group, encompassing FX and other asset classes.
Saxo adds more in London
LONDON – Saxo Bank has built up its presence in London with three new institutional sales hires.