Articles by FX Markets Staff
Record FX returns no compensation for continuing subprime losses
BOSTON & NEW YORK - Record foreign exchange revenues have proved no match for the credit crisis, with billion-dollar writedowns causing two major banks to report big first-quarter losses in their fixed-income divisions this week.
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.
Isda AGM: Cautious OTC traders increase collateral use
VIENNA - As the credit crisis gathered strength in 2007, dealers became increasingly likely to demand collateral from their counterparties, according to a survey released today by the International Swaps and Derivatives Association (Isda).
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.
Deutsche Bank continues ETN issues
NEW YORK - Deutsche Bank has launched four commodity-linked exchange traded notes (ETNs), in response to growing demand from retail and institutional investors for exposure to the commodity markets.
Senior forex managers lower their sights
LONDON - Senior level foreign exchange executives are radically reassessing their career options in light of the current credit crisis, according to recruitment firms in London.
4th Story releases algo trading tool
SAN FRANCISCO - Technology vendor 4th Story last week (April 14) officially launched automated trading software 4S.Blue Ridge.
CFTC fines firm $260,000 for lack of capital
WASHINGTON & VIRGINIA - The Commodity Futures Trading Commission (CFTC) has ordered a US retail foreign exchange trading company to pay $260,000 to settle charges relating to undercapitalisation.
Forex expansion continues at Citi
NEW YORK - Citi's foreign exchange business is seeing yet more changes, with new roles and an appointment in sales.
A call for old-fashioned banking?
Over the past few years, buy-side traders have been demanding a levelling of the playing field as they increasingly make markets in foreign exchange like their sell-side peers. So it was surprising, and even refreshing, to hear some calls for old…
Saxo launches Webtrader
COPENHAGEN - Saxo Bank plans to introduce version 2.0 of its web-based platform, Saxo WebTrader, at the end of the second quarter.
Global managers negative on sterling
LONDON - Despite experiencing its largest devaluation in 16 years, sterling is still overvalued, according to respondents to a Merrill Lynch global fund manager survey.
Deutsche loses McGowan to Barclays Capital
LONDON & SINGAPORE - Adrian McGowan, a managing director in the foreign exchange complex risk group at Deutsche Bank in London, has left the bank.
Musical chairs at Goldman Sachs
LONDON - Goldman Sachs is seeing a number of changes at its foreign exchange sales and trading team in London, sources tell FX Week .
Reuters staff on top post-merger
LONDON - Reuters managers are taking the lead after the Thomson-Reuters merger, retaining top posts.
Tullett signs data feed deal in China
LONDON & SHANGHAI - Tullett Prebon Information (TPI) has signed an agreement to provide foreign exchange, interest rate, fixed income and money data to Chinese financial data provider Wind Info.
Dresdner reshuffles FX sales and trading
LONDON & NEW YORK - Dresdner Kleinwort has restructured its London and New York foreign exchange sales and trading team, splitting the trading and sales operations.
BNP looks to the long term
LONDON & PARIS - BNP Paribas has restructured its Paris-based central bank and official institutions foreign exchange sales desk by bringing in a new co-head responsible for long-term interest rate product sales.
dbFX chief Hardiman departs
LONDON - Catherine Hardiman, London-based head of Deutsche Bank's retail platform, dbFX, has left the bank.
Swiss retail FX rules spell consolidation
BERN - Recent amendments by the Swiss Federal Banking Commission (SFBC) to the banking ordinance concerning foreign exchange dealers could lead to consolidation of the retail FX market in the country.
SuperD offers exit pricing
LONDON - Market turmoil and increased regulation has prompted data and software vendor SuperDerivatives to add liquidation, or exit, pricing to its portfolio revaluation services.
BarCap aims to capture FX volatility
LONDON - Barclays Capital has launched three foreign exchange volatility indexes, the BetaVol, Smart BetaVol and AlphaVol. The indexes, which are designed to provide portfolio diversification and event hedge protection against sudden market downturns,…