Articles by FX Markets Staff
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.
CLS must evolve, or face competition
As CLS enters its sixth year of operations, the global settlement system continues to be at the centre of much debate. Although the fallout from the credit crisis has underscored the benefits of a system that ensures all legs of a transaction are settled…
Tradition goes Swiss
LAUSANNE - Interdealer broker Tradition has relocated its Scandinavian dealing operations from London to a new desk in Lausanne, Switzerland.
Oanda receives $100 million injection
TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).
Saxo Bank gains Swiss Synthesis
GENEVA – Saxo Bank is set to acquire Geneva-based online trading and investment bank Synthesis Bank, representing a significant push to establish a presence in the Swiss private banking market.
Japan's EBank ventures into forex market
TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.
Retail forex traders will bounce back
Retail foreign exchange traders were among the hardest hit in the August turmoil, where risk aversion led to a sharp reversal in carry trades. But it looks like many market participants haven't been deterred from pursuing the potentially lucrative…
RBC boosts emerging markets capability
NEW YORK – RBC Capital Markets is expanding its multi-asset class emerging markets business with two hires in New York covering the Americas.
Processing costs slashed
LONDON – Confirmation-matching systems such as Swapswire and DTCC have slashed processing costs for over-the-counter derivatives trades, according to research released last week.
FX Solutions launches new platform
NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).
AIB takes Eurobank's Siena Gateway for FX distribution
LONDON – Allied Irish Bank (AIB) has licensed Eurobase's Siena Gateway product to distribute foreign exchange rates within AIB's branch network.
ABN Amro reshuffles e-business operations
LONDON – ABN Amro has handed over management of its European e-business operations to two senior managers at the bank in London, market sources say.
G-10 foreign exchange is no longer unbreakable
The G-10 trading environment remains fragile at best, and the growing dislocation between equity and credit markets is becoming more worrisome, according to David Mozina at Lehman Brothers in New York
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .
EBS launches trading in USD/TRY
LONDON – London-based spot-broking platform EBS is launching trading in the US dollar/Turkish lira currency pair today (September 17) in an effort to expand the range of tradable emerging market currencies.
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
Lloyds TSB expands global derivatives capacity
LONDON – Lloyds TSB's corporate markets division has hired three senior staff in London, expanding its derivatives trading and development operations.
StanChart makes global sales push
DUBAI, MUMBAI & NEW YORK – Standard Chartered is making a global sales push in e-commerce with three major hires covering emerging markets, south Asia and the Americas.