News/Wholesale
Scotiabank automates forex trading in Mexico
LONDON – Scotiabank has adopted and deployed Cognotec's AutoDeal+ trading platform in Mexico, to offer automated FX trading to its clients for the first time.
BNP hires two US rates heads
NEW YORK, LONDON & PARIS – BNP Paribas has boosted its New York rates and London commodities businesses, but is said to have lost in French FX sales.
Credit Suisse joins index bandwagon
LONDON – Credit Suisse has launched FX Rolling Optimised Carry Indices (ROCI) for forex carry trade investors.
CME hires two for forex product push
CHICAGO – The Chicago Mercantile Exchange (CME) has expanded its FX products team, with two newly created positions in FX options and sales.
Standard Chartered launches e-trading channel
LONDON – Standard Chartered went live on May 2 with Straight2Bank, its proprietary electronic banking channel for corporate and institutional clients.
Hotspot and Traiana warm up to Netlink
JERSEY CITY, NJ – Electronic communications network Hotspot FX is teaming up with FX post-trade technology vendor Traiana, to roll out NetLink over its institutional platform.
ABN Amro loses sales staff amid merger talks
LONDON & FRANKFURT – ABN Amro has seen departures from its London and Frankfurt sales desks in the run-up to the bank's proposed merger with Barclays.
CME and Reuters post forex-driven results
CHICAGO – Forex volume traded on the Chicago Mercantile Exchange (CME) rose 36% from 407,000 contracts a day in Q1 2006 to a record 555,000 in Q1 2007.
Collateralised FX obligation market takes off
LONDON – The market for collateral- ised foreign exchange obligations (CFXO) is gaining pace, with Derivative Fitch establishing a ratings methodology for the products.
Shakeup at JP Morgan
LONDON & TOKYO – JP Morgan has relocated Ray Eyles, formerly regional head of currencies and commodities in Singapore and global head of metals and the proprietary trading group, to London.
Dsquare selects Logicscope software
LONDON – Forex trading boutique Dsquare has signed TradeSTP, the post-trade notification software from technology vendor Logicscope.
Cognotec launches Realstream Rate Manager
DUBLIN – Dublin-based technology vendor Cognotec has today (April 30) launched Realstream Rate Manager, an advanced rate manager that calculates a customised market rate for banks to distribute prices tailored to different trading venues.
Deutsche restructures FX operations in Japan
TOKYO – Deutsche Bank has rebuilt its FX operations in Japan with seven hires and two transfers, amid a sweeping reorganisation of the business in the country.
FX and DX: valuing the US Dollar Index futures contract
Several theoretical models have been proposed in the 22 years since the DX futures contract was launched. Here, Charles Wright, principal of Alpha Numerics in New York, discusses a numerical approach
Who's who on the exhibition floor?
FX Week gives a rundown of some of the top exhibitors at this year's event. Find out who's showcasing what, then see the box on the next page for your entertainment listings
ACM re-acquires ex-Refco shareholding
GENEVA – Geneva-based online currency trading platform ACM Markets has re-acquired the outstanding 768 of 3,000 shareholding, from the creditors of defunct futures broker Refco.
Clariden centralises forex pricing data
LONDON – Swiss private bank Clariden Leu has rolled out an FX pricing solution to centralise pricing and distribution of FX rates throughout the organisation.
Merrill reorg triggers forex hires
LONDON & NEW YORK – Merrill Lynch has made four hires in its FX options team, amid a reorganisation of its FX and local currency trading businesses.
Forex shuffle at London Citi
LONDON – Citi is undergoing changes at its FX team in London, with three departures and two hires.
Lehman Brothers expands e-FX capabilities
LONDON – Lehman Brothers is expanding its e-commerce capabilities, as part of the continued expansion of the bank's forex business.
Four ISE forex contracts go live
NEW YORK – Four FX options contracts began trading on the New York-based International Securities Exchange (ISE) last Tuesday (April 17).
Merrill reorg triggers forex hires
LONDON & NEW YORK – Merrill Lynch has made four hires in its FX options team, amid a reorganisation of its FX and local currency trading businesses.
Directional Trading opens to investors
LONDON – Proprietary trading company Directional Trading has opened three currency management programmes to investors, in the form of managed accounts.