Articles by FX Markets Staff
JPMC’s merger plans revealed
NEW YORK – JP Morgan Chase’s plans to absorb Bank One’s global foreign exchange trading business became clear last week, following the completion of the US banks’ merger on July 1.
Central bank financing down
Foreign central bank financing of the US trade deficit is now below 30%. This means the quality of financing of the US structural deficit continues to deteriorate and pressure to sell the dollar will intensify, says Chris Turner, senior partner for FX at…
DrKW expands French sales
PARIS – Dresdner Kleinwort Wasserstein (DrKW) has added to its capital markets team in Paris. The expansion will help the bank deal with growing business it has seen since it started integrating its fixed-income and equity dealing desks two years ago,…
Spitzer to drop RBC inquiry
NEW YORK – Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada for overpayments its clients made on FX trades, FX Week has learned.
Structured euro deposit adds cash as it hedges
A structured deposit denominated in euro can fulfill the twin goals of a European company by hedging its US dollar payables and generating a cash-rich position in its functional currency, says Didier Meyer, FX structurer at SG Corporate and Investment…
StanChart names new Asia line-up
HONG KONG – Standard Chartered has promoted two forex managers to replace global markets trading head John Tan, who recently left the bank in Hong Kong.
EBS Live doubles data delivery frequency
LONDON – Electronic broker EBS last week announced an enhancement to its recently launched direct data feed EBS Live to double the frequency of its FX spot rate ‘time slices’ to 500 milliseconds.
CME adds four to boost Globex
CHICAGO – The Chicago Mercantile Exchange (CME) last week announced four appointments as part of a drive to boost electronic trading growth on its Globex platform.
RBS migrates FXstream to Caplin
LONDON – The Royal Bank of Scotland (RBS) has started using technology from UK vendor Caplin Systems to bring real-time connectivity to its internet-based forex trading platform FXstream.
ABN Amro signs half CCIL’s members for CLS
MUMBAI – More than half of the 60+ members of Indian forex settlement service the Clearing Corporation of India (CCIL) will use ABN Amro as their provider for continuous linked settlement (CLS), the Dutch bank said last week.
BarCap builds Asia-Pacific FX
SINGAPORE – Barclays Capital is building its corporate and bank FX sales coverage in Asia Pacific under new corporate FX chief for the region Lutfey Siddiqi.
Consistency offers rewards
Few forecasters have been successful at both one-month and three-month currency forecasting over the past three months, our Index reveals. Only Westpac (top three-month forecaster and 10th place one-month forecaster) and Bank of Nova Scotia (6th place…
RBC adds for institutional sales
TORONTO – Royal Bank of Canada Capital Markets has hired two FX sales dealers in New York and relocated a third to Sydney.
SG adds again in German sales
LONDON – Roman Stauss joined SG Corporate & Investment Bank (SG CIB) in London on June 28 as an FX sales dealer covering German and Austrian corporate clients. He reports to Jean-Philippe Castellani, London-based deputy head of FX sales for Europe, and…
SuperDerivatives a hit in Greece
ATHENS – SuperDerivatives is making headway in Greece, with four new customers for its forex options pricing system SD-FX over recent months, the firm said last week.
Refco buys stake in ACM
GENEVA – US brokerage Refco Group bought a majority stake in online FX trading firm AC Markets (ACM) for an undisclosed sum last week. The cash purchase was completed on June 29.
Hotspot adds market makers
NEW JERSEY – Hotspot FXi has added six banks to its institutional trading marketplace to act as market makers and prime brokers. BNP Paribas, HSBC, HVB Group, Société Générale (SG) and WestLB are now all live on the platform providing streamed prices to…
Property pressures the pound
As UK property price growth slows, investors are moderating their view on the Bank of England tightening cycle. This could add to sterling weakness, says Adam Myers at SG CIB in London
AIG restaffs FX post-merger
LONDON – Banque AIG, a subsidiary of AIG Financial Products, has hired six sales and trading specialists in a bid to upgrade the FX component of its cross-product service.
Korean CLS utility opts for PAYplus
The utility through which Korean banks will use the continuous linked settlement (CLS) service for FX, has selected vendor Fundtech’s PAYplus as its core application, it said last week.