Articles by FX Markets Staff
Dual FX sales loss in Asia- Pacific region for StanChart
SINGAPORE & HONG KONG – Standard Chartered has lost two members of its FX sales team in Singapore, market sources say.
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.
Goldman head transfers to HK
TOKYO & HONG KONG – Goldman Sachs and JP Morgan are realigning foreign exchange management to capture growing opportunities in the Asia-Pacific region, market sources say.
Three departures from SG CIB
LONDON – Société Générale Corporate and Investment Banking (SG CIB) has seen three departures in its interest rates and FX marketing team in London, market sources say.
EFX options broking sparks into life
Competition in electronic FX options broking is intensifying, with electronic brokers rolling out new tools to capture the growing business opportunity.
Parker index hits new high
STAMFORD, CONNECTICUT – The Parker FX Index reported a record return of 1.41% in June, with 58 indexed programmes reporting positive results and the remaining 21 reporting losses.
BNP Paribas boosts central bank sales
PARIS – BNP Paribas has strengthened its central bank and official institutions FX sales desk in Paris, with a senior FX sales hire.
Buyers line up for final FXCM stake
Final bids for a 35% stake in online trading company FXCM were due last Friday (August 3). The stake has been held by the creditors of defunct futures broker Refco since its collapse in October 2005. Refco acquired the share in 2002 for an undisclosed…
Morgan Stanley hires Fed veteran for advisory role
HONG KONG – Morgan Stanley Investment Management has hired Dino Kos, former head of the markets group at the Federal Reserve Bank of New York, to lead a team advising on investment by central banks outside the US.
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
London FX volumes soar
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the city continues to reap the benefits of emerging market flows and dual time zones, according to figures released last week.
Major banks report strong gains
LONDON – Major banks experienced strong gains over the first half of 2007, according to financial results released last week.
Deutsche adds in online flow
LONDON – Deutsche Bank has hired Eric Michelsen as head of online flow retail products. Based in London, he will play an integral role in developing Deutsche's global markets multi-product distribution business.
Goldman head transfers to HK
TOKYO & HONG KONG – Goldman Sachs and JP Morgan are realigning foreign exchange management to capture growing opportunities in the Asia-Pacific region, market sources say.
Japanese banks spending more on IT, study reveals
TOKYO – Major Japanese banks spent an estimated $200 million on IT investment related to their FX businesses, making up approximately 5% of their total IT spend in the year ending April 2007, according to research released last week.
CME reports continual growth in July
CHICAGO – The Chicago Mercantile Exchange (CME) said average daily FX contracts traded on the exchange increased by 68%, from 373,491 contracts a day in July 2006, to 627,608 contracts. This represented a notional value of $77 billion, and was the…
The effects of the subprime crisis
According to Michael Woolfolk , New York-based senior currency strategist at Bank of New York Mellon, US market players will focus on evolving developments in the subprime crisis, with global equities the preferred barometer for market risk aversion
CME sees strong growth in second quarter
CHICAGO – The Chicago Mercantile Exchange (CME) posted strong revenue growth and increased contract volumes in second-quarter results released last Tuesday (July 24).
Mixed blessings for BarCap in London and New York
NEW YORK & LONDON – Barclays Capital is understood to have hired a head of corporate sales and structuring in New York, but to have lost in London and New York sales.
Alliance & Leicester expands in derivatives
LEICESTER – Alliance & Leicester Commercial Bank is expanding its FX and interest rate derivatives capabilities to corporate and business clients.
Société Générale merges long and short swaps teams
LONDON & PARIS – French bank Société Générale has merged its short- and long-term swaps teams into a newly formed swaps group to boost its European flow rates business.
Reuters' outage feeds rival volumes
LONDON – Reuters Group's matching platform experienced an outage in Australasia last Monday (July 23), causing a spike in dealing volumes on rival platform EBS, according to market sources.
JP Morgan gets go-ahead for local incorporation in China
BEIJING – JP Morgan has received approval from Chinese regulators to establish a locally incorporated bank in the country.