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Investsberbank begins ruble trading on LavaFX Interbank
Investsberbank has begun quoting USD/RUB and EUR/RUB on electronic communications network LavaFX Interbank. The first USD/RUB trade was carried out on October 2 between the Russian bank and an undisclosed counterparty. The notional value of the trade was…
CME FX volumes rising
The Chicago Mercantile Exchange (CME) recorded an average daily volume of 634,820 contracts for foreign exchange in September. This is a 22% rise from 520,000 contracts a day in September 2006, and represents a notional value of $79 billion.
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
Regulators slam ODL Securities
CHICAGO - Institutional broker ODL Securities and the Chicago-based president of its US subsidiary, Brian King, have been jointly fined $165,000 after being found guilty of a series of violations to the National Futures Association (NFA) member rules.
Lehman launches quant platform for currencies
LONDON - Lehman Brothers has launched the Macro Quantitative Currency Strategies platform (MarQCuS), an investable product enabling investors to access quantitative foreign exchange strategies.
Credit Suisse shifts Asia roles
LONDON & SINGAPORE - Credit Suisse is changing the role of one Singapore-based foreign exchange salesperson and relocating another member of the sales team to Tokyo.
SWFX smashes trading volume record
GENEVA - SWFX, a Geneva-based trading platform, reached a record $10 billion traded on August 16. The platform, aimed at institutions, banks, hedge funds and private investors, has averaged daily volumes of $6 billion a day this year. This represents a…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
BNP expands in Europe
EUROPE - BNP Paribas is understood to have boosted its European presence with hires in London and Madrid, and a new representative office in Stockholm.
Capital enters retail FX
LONDON - Capital Forex, the FX arm of online trading company London Capital Group, is white-labelling Currenex's technology to break into the retail foreign exchange market.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.
Standard Chartered offers ESP
Standard Chartered has begun offering executable streaming prices (ESP) on the Bloomberg forex dealing platform.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%
Oanda receives $100 million injection
TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).
FX Solutions launches new platform
NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).
Retail forex traders will bounce back
Retail foreign exchange traders were among the hardest hit in the August turmoil, where risk aversion led to a sharp reversal in carry trades. But it looks like many market participants haven't been deterred from pursuing the potentially lucrative…
ABN Amro reshuffles e-business operations
LONDON – ABN Amro has handed over management of its European e-business operations to two senior managers at the bank in London, market sources say.
Japan's EBank ventures into forex market
TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.
JP Morgan's NY headcount falls
NEW YORK – JP Morgan has lost two foreign exchange salespeople in New York, market sources tell FX Week .
Icap and CME Group report bullish trading in August
LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.