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UniCredit expands FICC
NEW YORK - UniCredit has hired a new head of fixed income, currencies and commodities (FICC) for the Americas, as part of a push to expand its global foreign exchange franchise.
European dealers post record FX results
ZURICH & FRANKFURT – Losses linked to the credit crisis have overshadowed what has been a bumper third quarter for foreign exchange dealers, according to results released last week.
Citi hires two new heads for Asia-Pacific FICC
HONG KONG & SINGAPORE – Citi has hired Rodrigo Zorrilla and Aamir Rahim to co-head its Asia-Pacific fixed income, currencies and commodities (FICC) business, following the departure of Jeremy Amias this summer.
Saxo and JDFX offer risk management online
COPENHAGEN & ZURICH – Saxo Bank and Zurich-based foreign exchange trading company JDFX are today releasing Meta RMS, a risk management software package within JDFX’s online trading front end, MetaTrader.
GFI expands FX options trading
NEW YORK – Interdealer broker GFI Group plans to enable trading in foreign exchange options with specific interests, on electronic FX options broking system ForexMatch early next year, according to senior officials at the company in New York.
HSBC trades China’s first onshore FRAs
HONG KONG – HSBC has traded the first onshore renminbi forward rate agreements (FRAs) in China, using the Shanghai interbank offered rate (Shibor) as a reference rate.
Tullett Prebon fires up e-broking
LONDON – Interdealer broker Tullett Prebon is expanding its electronic broking capabilities by establishing a dedicated e-broking division.
Proquote signs up for Tullett’s data
Tullett Prebon Information is feeding real-time pricing data for money markets, rates and fixed income to Proquote, the London Stock Exchange’s (LSE) multi-asset class market data and trading terminal.
LiquidityHub opens with euro swaps
LONDON – London-based electronic trading consortium LiquidityHub began offering euro interest rate swaps from 12 major dealers on October 22
Merrill suffers $5.6 billion FICC losses
NEW YORK – Merrill Lynch last week reported record results in interest rates and currencies during the third quarter, but gains were wiped out by big losses in credit and mortgage markets.
FXCM launches systems selector
NEW YORK - Online broker FXCM has created a new systems trading platform, Forex System Selector (FSS), which allows clients to customise and manage their own trading systems.
South Korean forex reaches record high
SEOUL - FX turnover hit a record high in South Korea in the third quarter.
IMF turns against the dollar
U-turn on USD value dashes hopes for G-7 statement on dollar weakness
Citi posts double-digit FX growth
YORK - Citigroup last week reported double-digit percentage growth in foreign exchange revenues during the third quarter, but FX gains were overshadowed by massive losses in the credit and mortgage markets.
Philippines to continue FX deregulation
MANILA - The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), is set to liberalise the foreign exchange market at the end of October, said the bank's deputy governor, Diwa Guinigundo, last week. The central bank will lift documentary…
Deutsche dbFX now in Arabic
MANAMA - Deutsche Bank has launched an Arabic version of its margin trading platform dbFX, to capture the burgeoning retail foreign exchange market in the Middle East.
GFT adds new currency pairs
ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.
London forex faces 130 job cuts
LONDON - Foreign exchange workers in London should brace themselves for 130 job cuts in 2008 as the interbank market crisis forces banks to reduce staff levels, according to estimates by London's Centre for Economics and Business Research (CEBR).
Market demands multi-asset solutions
SINGAPORE - Hedge funds are driving demand for multi-asset platforms in Asia, said Michele Wee, director and head of electronic FX at Deutsche Bank in Singapore.
Icap breaks into post-trade forex
LONDON & NEW YORK - Icap's agreed acquisition of post-trade technology vendor Traiana signals a push by the industry to tackle post-trade processing strains brought on by surging ticket volumes.
Market innovation threatens platforms
SINGAPORE - Growth in the Asian FX market is leading to big operational changes in the way buy- and sell-side institutions do business, according to Justyn Trenner, chief executive at market research company ClientKnowledge.
EBS nabs Saudi business
LONDON & RIYADH - Spot broker EBS has signed its first Middle Eastern banking customer onto EBS Prime, its professional foreign exchange prime-brokerage solution.
Merrill and UBS shake up FX teams
LONDON & NEW YORK - Senior management changes have swept through Merrill Lynch and UBS ahead of looming third-quarter losses.
Forex settlement risk: banks look beyond CLS
Rick Schumacher, director of products at Wall Street Systems in New York, evaluates the foreign exchange market's alternatives to CLS