Articles by FX Markets Staff
UniCredit hires Craven to drive Asia expansion
HONG KONG - UniCredit has hired Joe Craven to head the bank's fixed-income, currencies and commodities (FICC) sales and trading business in Asia.
FX a highlight in tough Q1
FRANKFURT & STOCKHOLM - Foreign exchange revenues continue to provide a bright spot in European banks' gloomy quarterly results, as the credit-related losses roll on for market players.
Eurobase enhances limit order support
LONDON - London-based trading technology vendor Eurobase has expanded the foreign exchange limit order processing in its Siena e-Trading system to include more order capture and processing support for non-deliverable forwards, FX spot, outright and swaps.
Banks give boost to TradingScreen
NEW YORK - Foreign exchange technology vendor TradingScreen has updated its trading platform to include Credit Suisse's advanced execution services FX algorithms.
Carry trades added to UBS subprime woes
ZURICH & BASEL - Carry trades might have contributed to an almost $1.9 billion writedown in a UBS foreign exchange/cash collateral trading (FX/CCT) subprime portfolio, as profit and compensation incentives overrode liquidity risk, an internal report has…
South Korean FX trading up 100% in first quarter
SEOUL - Daily foreign exchange trading volumes in South Korea's interbank market rose by just over 100% in the first quarter of this year, compared with the same period last year.
Merrill Lynch FICC team faces cuts
LONDON - Merrill Lynch put more than 80 members of staff in its fixed-income currencies and commodities (FICC) group in the Europe, Middle East and Africa (EMEA) region on a 90-day consultation period last Wednesday (April 23).
The retail revolution continues...
With each week comes more news about initiatives carried out by wholesale banks to target the retail foreign exchange market, each applying slightly varying strategies. US investment banks, for example, have been renowned for their aggressive pricing to…
FX fraud leads to $11m payment order
WASHINGTON, DC - Two New York residents and New York-based First Lexington Group (FLG) have been ordered to pay more than $11 million in civil monetary penalties, disgorgement and restitution monies for defrauding investors in illegal FX futures schemes.
Hotspot FXi launches data service
JERSEY CITY, NJ & LONDON - Hotspot FXi is the latest platform to take advantage of the demand for foreign exchange market data from model-based and algorithmic trading shops, selling market data from its historical archive.
Land of opportunity
The re-emergence of large numbers of stocks trading at a discount to their net current assets (net/nets) attests to the remarkable values now available in Japan, says Peter Tasker, part of Dresdner Kleinwort's Japan research team in Tokyo.
RBS readies post-merger Asia forex trading team
HONG KONG & SINGAPORE - The Royal Bank of Scotland (RBS) is considering relocating its G-11 currencies trading hub from Hong Kong to Singapore, according to sources, although its plans are not yet finalised.
CFTC slams Alaron Trading
CHICAGO - Chicago-based futures trading company Alaron Trading is due to pay $299,000 in penalties by today (April 28) for failing to supervise employees.
Deadline for e-FX Awards imminent
The closing date for FX Week 's 5th annual e-FX Awards is fast approaching. To be in the running for one of these awards we must receive your entry by the close of play on May 2, 2008.
ABN trio joins the PrivateBank-Chicago
CHICAGO - Three former ABN Amro/LaSalle senior forex managers have resurfaced at the PrivateBank-Chicago (PBC), a unit of PrivateBancorp, to head the company's newly established capital markets business.
Tide of writedowns rolls on for banks
NEW YORK, LONDON & ZURICH - Foreign exchange results continue to provide much-needed good news for investment banks, as major players announced a fresh wave of billion-dollar credit-related writedowns last week.
Icap and Korea Money Broker form alliance
LONDON & SEOUL - Icap and Korea Money Brokerage Corp, announced on April 24 that they have formed a strategic alliance to further develop electronic spot foreign exchange trading in Korea.
G-3 corporates increase their currency hedging
NEW YORK, LONDON & TOKYO - The average year-end global hedging ratio has risen 13% since December, according to the results of a G-3 corporate hedging survey by JP Morgan.
Exshaw enters consultation period at Merrill Lynch
LONDON – Christian Exshaw, global head of foreign exchange sales, EMEA at Merrill Lynch in London entered a 90 day consultation period at the bank on Wednesday (April 23).
StanChart raids Lehman Bros for structured products team
LONDON & SINGAPORE - Standard Chartered has poached three senior managers from Lehman Brothers, to expand its Singapore-based global structured products trading operation.
RBS announces new GFI sales force
LONDON, SINGAPORE & GREENWICH, CONNECTICUT - The Royal Bank of Scotland has outlined its sales structure following the acquisition of ABN Amro at the end of last year.