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SocGen reshuffles FICC
LONDON & PARIS - Société Générale restructured its fixed income, currencies and commodities (FICC) division last week (April 3).
UBS loses euro options head to Goldman Sachs
LONDON - Goldman Sachs is said to have hired Amol Devani, former European head of foreign exchange options at UBS, in London.
Dresdner enhances risk appetite tool
LONDON - Dresdner Kleinwort has enhanced its proprietary multi-asset class risk appetite measurement tool, ARPI (aggregate risk perception index), ahead of a strong global push later this year.
FXMS enters CLS market
LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.
HSBC promotes Gupta
SINGAPORE - HSBC has promoted Amit Gupta to head of global markets in Singapore, with effect from April 1. He was previously head of sales for global markets and succeeds John McGowan, who will retire in June.
Banks continue to target retail forex
SALT LAKE CITY - Two major banks have made moves to benefit from the burgeoning retail foreign exchange market.
Goldberg departs BNP Paribas
NEW YORK - Andrew Goldberg, New York head of foreign exchange trading, left the bank last week.
Citi in e-FX shake-up
LONDON & SINGAPORE - Citi has restructured senior management of its electronic foreign exchange business, while also announcing the retirement of Gavin Wells, London-based head of FX e-commerce, from the bank this month.
Voting for e-FX Awards now under way
The starting pistol for this year's e-FX Awards has been fired, with companies invited to submit their pitches in the 13 categories.
Ex-EBS trio develops new distance latency product
NEW YORK - Market Factory, a company formed by three former senior EBS figures, is developing a software product that could potentially be sold back to their former employer.
Oiling the FX wheels
The Royal Bank of Canada is offering capital protection with a new FX-linked product that is based on currencies from six countries, including two of the world's biggest oil producers
Forex is surviving the credit crunch
The Fed-backed sale of Bear Stearns to JP Morgan has sharpened focus on counterparty risk, with Lehman Brothers as the main target. Although the bank allayed concerns with better-than-expected results, the general crisis of confidence still remains.
Saxo increases spot FX margins
COPENHAGEN - Saxo Bank increased spot foreign exchange margins for 11 currencies on Wednesday (March 19) as capital was pulled out of certain emerging market currencies.
Lehman Bros comes under fire in Asia
SINGAPORE - Attempts by Lehman Brothers to quash rumours that DBS Bank, Singapore's largest bank, had ceased trading with it last Monday (March 17) failed to reassure traders in Asia.
Nedbank signs up WSS
JOHANNESBURG - Nedbank Capital has begun deploying a real-time trade processing system, Wallstreet FX, to support developments in its forex and money markets operations.
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Top order changes at UBS
ZURICH & SINGAPORE - UBS has seen a reshuffle at the top of its FX business, after establishing a new FX trading unit at the end of January.
US banks give poor performance in Q1
NEW YORK - Strong results in foreign exchange failed to offset a first quarter blighted by continued credit market turmoil, with US investment banks reporting significant declines in fixed-income revenues last week.
Small US retail forex firms set to "suffer"
NEW YORK - New legislation passing through the US government is likely to consolidate the retail foreign exchange industry, as proposals to dramatically increase minimum adjusted net capital requirements squeeze small operators from the market.
Retail FX might go down, but it's not out
Last week's turbulence in the currency markets certainly gave those considering a strategy to enter the retail foreign exchange market pause for thought.
Citi reassesses forex options
LONDON - Citi has made three hires in foreign exchange options, under its new head of G-10 options trading, Nigel Khakoo, in London.
Debate on SWFs heats up
LONDON - Calls for greater transparency by sovereign wealth funds were matched by demands from the funds themselves for fair regulatory treatment, at last week's Sovereign Wealth Management conference in London.
Calyon makes Nutland head of Asia forex
LONDON - Steve Nutland, London-based global head of foreign exchange trading for spot, options and emerging markets at Calyon, will shortly become head of FX for Asia.