Wholesale
Saxo Bank boosts white-label partnership
COPENHAGEN - Saxo Bank has boosted its white-label partnership by appointing Stephan Martinussen to a new role as global head of partner sales.
Standard Chartered gains French foothold
PARIS - Standard Chartered opened a branch in Paris on June 5 in response to the growth in its global corporates and financial institutions business in France.
India to allow exchange-traded FX futures
MUMBAI - Indian regulators have recommended the introduction of exchange-traded currency futures to further develop the India's foreign exchange markets.
Deutsche builds EM options
LONDON - Deutsche Bank has moved to enhance its emerging markets options capabilities with a key hire from Goldman Sachs in London.
Lloyds TSB expands in derivatives
LONDON - Lloyds TSB Corporate Markets is continuing to expand its global derivatives business, with two key hires for its foreign exchange derivatives trading team.
RBC Capital Markets cuts London forex
LONDON - RBC Capital Markets has made cuts to its London foreign exchange team in the wake of a fall-off in second-quarter results.
Saxo opens in Tokyo
TOKYO - Saxo Bank has announced it is opening a Tokyo office, Saxo Bank Japan, to expand its trading presence in the Asia-Pacific region.
Funds becoming more reliant on e-FX
STAMFORD, CT - Requirements to prove best execution have led to an increased reliance on electronic trading by fund managers and pension funds, according to research released on June 2.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
Forex volumes on CME up in May
CHICAGO - Average daily foreign exchange volumes at the Chicago Mercantile Exchange reached 621,334 contracts with a notional value of $87.92 billion in May, up 29% and 48% respectively on the same period last year.
More FX departures at Bear Stearns
NEW YORK & LONDON - Bear Stearns' foreign exchange team continues to suffer departures as the bank's FX business gets merged with that of JP Morgan.
OSE to launch FX margin trading market
OSAKA - The Osaka Securities Exchange (OSE) will launch a foreign exchange margin trading market in March next year.
Hedge funds keen on FX
STAMFORD, CT - Hedge funds increased their forex trading volumes by 180% in 2007, as global FX trading volumes rose 36% to $99 trillion, according to statistics released May 28.
Between a rock and a hard place
Patrick Lefler, foreign exchange consultant at Wall Street Systems in New York, looks at the future of CLS as demand grows for bilateral netting
Saxo Bank gains French foothold
PARIS - Saxo Bank plans to acquire Paris-based online foreign exchange broker Cambiste in a seven-figure deal, in anticipation of demand for forex and contracts-for-differences (CFDs) trading in the local French market.
Indian banks demand clarity on forex tax
MUMBAI – Institutional banks in India are requesting clarification from the country’s Central Board of Direct Taxes (CBDT) over whether a new levy on foreign exchange transactions applies to wholesale and interbank trades.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering
Japanese retail forex boom expected to continue
TOKYO – The boom in retail margin foreign exchange trading in Japan is likely to continue, according to research by Boston-based consultancy Celent.
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Icap revenues soar on back of volatile forex markets
LONDON & NEW YORK – Volatile currency markets led to a 23% increase in annual foreign exchange revenue at interdealer broker Icap, according to results released last week (May 20).
Five go to Deutsche in North America
NEW YORK – Deutsche Bank Securities has made five hires in its foreign exchange sales and trading team for North America.
Non-bank firms to get China look-in
BEIJING - China plans to lower barriers to entering the country's interbank FX market to enable non-bank institutions to participate, said Wang Xiaoyi, deputy head of regulatory body, the State Administration of Foreign Exchange (Safe).