Wholesale
Market-makers need to get technical
The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…
BoA grows in London
LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .
HSBC bids for South Korea's FX bank
SEOUL – HSBC plans to boost its foreign exchange capabilities in South Korea with a bid to acquire the country's leading foreign exchange bank, Korea Exchange Bank (KEB).
Bear Stearns raids BNP Paribas
LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .
Dresdner hit by senior departures
LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .
CME Group intensifies electronic forex trading
CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.
Another instalment in the Refco saga...
NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.
BoA shuffles top level
LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.
RBC and Citi raid BNP
LONDON – The Royal Bank of Canada (RBC) and Citi have poached two foreign exchange salespeople from BNP Paribas in London, market sources say.
CLS settles record volumes in August
LONDON & NEW YORK – CLS Bank International has posted record volumes for foreign exchange payment instructions settled in August, amid heightened activity in the FX markets.
MD leaves Citigroup for Noble
HONG KONG – Jeremy Amias, managing director of Citigroup and head of fixed income, currencies and commodities (FICC) for the Asia Pacific region, is leaving the bank.
Credit Agricole up, West LB down
PARIS & DUSSELDORF – Credit Agricole and West LB posted differing results last week, the former experiencing buoyant gains while the latter suffered a decline.
Singapore banks lose FX revenues
SINGAPORE – DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) reported sharp declines in foreign exchange revenues in the second quarter of this year, down from the same period last year.
ODL embarks on global expansion
LONDON – ODL Securities, a London-headquartered foreign exchange, equities, derivatives and commodities trading firm, is expanding its FX business with the support of a private placement worth £14 million ($28 million).
UBS gives Richards expanded role
STAMFORD, CT – Paul Richards is replacing Rob Garwood as global head of forex asset management distribution at UBS, as Garwood leaves the bank in London.
Goldman swipes Vella from JP Morgan
LONDON – Andrea Vella, co-head of derivatives sales and marketing for southern, central and eastern Europe, the Middle East and Africa at JP Morgan in London, has quit the bank for Goldman Sachs, according to informed sources.
Forex escapes revenue decline at UBS
ZURICH – UBS has experienced revenue gains in FX and money markets over the second quarter, despite experiencing a 31% year-on-year decline in fixed income, rates and currencies (FIRC).
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Saxo opens in China
BEIJING – Saxo Bank opened a representative office in Beijing earlier this month, to increase proximity to clients, partners and liquidity providers in the country.
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Dual FX sales loss in Asia- Pacific region for StanChart
SINGAPORE & HONG KONG – Standard Chartered has lost two members of its FX sales team in Singapore, market sources say.