Articles by FX Markets Staff
StanChart moves Africa FX team to Dubai hub
LONDON & DUBAI - Standard Chartered is moving its offshore African foreign exchange trading desk from London to Dubai, as it continues to build operations in the Middle East.
Saxo in $18.8m acquisition
SYDNEY - Saxo Bank is expanding its footprint in the Asia-Pacific region, with plans to acquire a 35% stake in Sydney-based broker Tricom.
CBA reshuffles forex
SYDNEY - The Commonwealth Bank of Australia (CBA) has made two key hires for its foreign exchange trading team in Sydney and has restructured its global sales group.
UBS removes US mortgages from VaR
ZURICH - UBS has announced a change to its risk measurement techniques: exposures to US mortgages are no longer included in its daily calculations of value at risk (VaR).
SEC cracks down on Ponzi scheme
WASHINGTON, DC - The Securities and Exchange Commission is cracking down on an alleged $27.9 million Ponzi scheme involving foreign exchange trading firm Gold-Quest International (GQI).
Bear Stearns gets the axe
LONDON AND NEW YORK - JP Morgan has taken a hatchet to Bear Stearns' foreign exchange business in London and New York, with 62 of 73 positions set to be put on notice, according to a senior Bear Stearns official.
JP Morgan chases commodities in Asia
HONG KONG & SINGAPORE - JP Morgan has hired Oral Dawe from rival Goldman Sachs as its chief executive of Asia-Pacific commodities. Dawe was previously co-head of commodities for Asia alongside Allan Marson at Goldman Sachs. Marson is now the sole head of…
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
Asia's CMI prepared for crisis
MADRID - East Asian finance ministers agreed last week (May 5) to create a currency swap scheme of $80 billion in preparation for the possibility of a regional financial crisis.
New governor overhauls South Korea's FSS
SEOUL - Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS), has initiated a shake-up of the financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.
Credit Suisse names global head of forex
NEW YORK - Credit Suisse has made Steve Yanez head of its global foreign exchange business in New York as of May 1.
Bawag Bank licenses GFI's Fenics FX
PRAGUE - The Czech Republic's Bawag Bank has taken a three-year licence for pricing and risk management software Fenics FX, to price foreign exchange.
Canada's Toronto Dominion goes live with Digitec D-3 pricing engine
HAMBURG & TORONTO - Toronto Dominion (TD) is set to use Digitec's D-3 pricing engine to calculate foreign exchange forward prices, the bank said.
Risks for Anglo-Saxon currencies
Mike Gallagher , director of research at IDEAglobal in London, evaluates the prospects for currency markets during a break in the intensity of negative credit or economic news
Short volatility strategies best earners in April
LONDON - A short volatility strategy would have gained currency managers the highest returns in April, according to strategy research carried out by ABN Amro.
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
Credit Suisse and Currenex switch on to Fidessa
LONDON - Buy-side technology provider Fidessa LatentZero is set to add interfaces to Credit Suisse, Currenex and Dublin-based foreign exchange broker Baxter-FX to its Minerva OEMS (order and execution management system) by the third quarter.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
Merrill steals two traders from BoA
NEW YORK & LONDON - Merrill Lynch has hired David Catalan and Lee Cantor, two former currency options traders at Bank of America (BoA) in New York.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
HSBC expands single-bank platform's reach
LONDON - HSBC is expanding its foreign exchange presence in southern and eastern Europe and the Middle East by rolling out its single-bank platform HSBCnet FX and MM Trading locally.
RBI releases details of rupee futures plans
MUMBAI - The Reserve Bank of India (RBI) has recommended a single dollar-rupee contract of $1,000 for the introduction of exchange-traded futures into the country.
GCC currency pairs live on ACM
GENEVA - Six new Gulf Co-operation Council (GCC) currency pairs are now available to traders on Geneva-based online currency trading platform AC Markets (ACM).