Articles by FX Markets Staff
CME Group intensifies electronic forex trading
CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.
Banks pilot OCL pre-settlement tool
LONDON – Two banks are piloting a pre-settlement netting solution developed by post-trade technology vendor Options Computer (OCL) to manage back-office capacity constraints brought on by high- frequency trading ( FX Week, July 16).
Goldman swipes Vella from JP Morgan
LONDON – Andrea Vella, co-head of derivatives sales and marketing for southern, central and eastern Europe, the Middle East and Africa at JP Morgan in London, has quit the bank for Goldman Sachs, according to informed sources.
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Risk aversion favours the dollar
The greenback is, paradoxically, likely to benefit from the recent spate of risk aversion brought on by the subprime crisis, writes Mansoor Mohi-uddin, chief currency strategist at UBS Investment Bank in London
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
Saxo opens in China
BEIJING – Saxo Bank opened a representative office in Beijing earlier this month, to increase proximity to clients, partners and liquidity providers in the country.
Increased volatility highlights resilience
Recent weeks of volatility have made currency markets an extremely exciting place to be trading.
Forex escapes revenue decline at UBS
ZURICH – UBS has experienced revenue gains in FX and money markets over the second quarter, despite experiencing a 31% year-on-year decline in fixed income, rates and currencies (FIRC).
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Capitalising with caps
Loïc Henry, head of Paris FX structuring at French Bank Calyon, suggests the introduction of caps when participating in spread options
Citi gains in Milan, loses in London
LONDON & MILAN – Citi has gained a senior salesperson in Milan but has lost a senior trader in London, market sources say.
UBS gives Richards expanded role
STAMFORD, CT – Paul Richards is replacing Rob Garwood as global head of forex asset management distribution at UBS, as Garwood leaves the bank in London.
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Reuters reports record volumes
LONDON – As volumes on FXMarketSpace decline, electronic broker Reuters reported a record trading day in July.
FOMC slouches towards neutrality
According to Robert DiClemente , chief US economist at Citi in New York, the lingering policy bias should not dissuade markets from anticipating an eventual reversal
StanChart reports income rise
LONDON – Standard Chartered generated a 15% rise in income from FX client business in the first half of this year, the bank said in its interim results released last week.
Saxo Bank expands globally
COPENHAGEN – Saxo Bank is building a global wealth management business as part of its corporate growth strategy for 2010.
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week .
Dealing with capacity constraints
Surging ticket volumes from algorithmic traders are leading to calls for change from dealers facing capacity constraints at their back offices.
Reporting line change for JP Morgan in London
LONDON – The transitioning of Brian Tomeo's role as head of FX sales for Europe, Middle East and Africa (EMEA) has led to a reporting line shift in senior FX sales at JP Morgan, market sources say.
Merged BoNY Mellon leads in Europe
LONDON – Mellon Financial is taking the lead in the European FX business at the newly merged Bank of New York Mellon, with the bank's treasury manager named head of FX for Europe, market sources say.