Wholesale
Bawag Bank licenses GFI's Fenics FX
PRAGUE - The Czech Republic's Bawag Bank has taken a three-year licence for pricing and risk management software Fenics FX, to price foreign exchange.
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
New governor overhauls South Korea's FSS
SEOUL - Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS), has initiated a shake-up of the financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.
Credit Suisse and Currenex switch on to Fidessa
LONDON - Buy-side technology provider Fidessa LatentZero is set to add interfaces to Credit Suisse, Currenex and Dublin-based foreign exchange broker Baxter-FX to its Minerva OEMS (order and execution management system) by the third quarter.
RBI releases details of rupee futures plans
MUMBAI - The Reserve Bank of India (RBI) has recommended a single dollar-rupee contract of $1,000 for the introduction of exchange-traded futures into the country.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
Tide of writedowns rolls on for banks
NEW YORK, LONDON & ZURICH - Foreign exchange results continue to provide much-needed good news for investment banks, as major players announced a fresh wave of billion-dollar credit-related writedowns last week.
Icap and Korea Money Broker form alliance
LONDON & SEOUL - Icap and Korea Money Brokerage Corp, announced on April 24 that they have formed a strategic alliance to further develop electronic spot foreign exchange trading in Korea.
ABN trio joins the PrivateBank-Chicago
CHICAGO - Three former ABN Amro/LaSalle senior forex managers have resurfaced at the PrivateBank-Chicago (PBC), a unit of PrivateBancorp, to head the company's newly established capital markets business.
RBS readies post-merger Asia forex trading team
HONG KONG & SINGAPORE - The Royal Bank of Scotland (RBS) is considering relocating its G-11 currencies trading hub from Hong Kong to Singapore, according to sources, although its plans are not yet finalised.
Deadline for e-FX Awards imminent
The closing date for FX Week 's 5th annual e-FX Awards is fast approaching. To be in the running for one of these awards we must receive your entry by the close of play on May 2, 2008.
Banks give boost to TradingScreen
NEW YORK - Foreign exchange technology vendor TradingScreen has updated its trading platform to include Credit Suisse's advanced execution services FX algorithms.
Merrill Lynch FICC team faces cuts
LONDON - Merrill Lynch put more than 80 members of staff in its fixed-income currencies and commodities (FICC) group in the Europe, Middle East and Africa (EMEA) region on a 90-day consultation period last Wednesday (April 23).
The retail revolution continues...
With each week comes more news about initiatives carried out by wholesale banks to target the retail foreign exchange market, each applying slightly varying strategies. US investment banks, for example, have been renowned for their aggressive pricing to…
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.
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.
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.
4th Story releases algo trading tool
SAN FRANCISCO - Technology vendor 4th Story last week (April 14) officially launched automated trading software 4S.Blue Ridge.
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 .
A word of warning
Cast your minds back one month...
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.
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.