Wholesale
An unseasonal game of musical chairs
As we enter the summer months the unseasonal slew of hiring and restructuring looks unlikely to abate. Considering these functions are usually done and dusted by May, it is curious that a number of banks are just trying to begin new ideas at this point…
UniCredit continues recruitment drive
UniCredit has made further additions to its global FX team, making hires from three rival banks. It has confirmed that Mark Sweeting will begin a new role as head of real-money sales for the UK and US in September.
JP Morgan and StanChart in senior forex shakeup
LONDON & NEW YORK – JP Morgan and Standard Chartered have embarked on a series of senior-level management changes.
Best to return to State Street from JP Morgan
NEW YORK – Stephen Best, former global head of e-commerce at JP Morgan in New York, is due to resurface at State Street, the bank has confirmed.
BarCap poaches Tokyo team from JP Morgan
TOKYO – Barclays Capital has poached four FX sales staff from JP Morgan in Tokyo, as part of an effort to expand its coverage of the Japanese market.
GSAM jumps on Hotspot FX bandwagon
JERSEY CITY – Goldman Sachs Asset Management (GSAM) is understood to have signed on for electronic communication network (ECN) Hotspot FX, sources have told FX Week .
SEB introduces worldwide senior management changes
LONDON, STOCKHOLM & NEW YORK – Skandinaviska Enskilda Banken (SEB) has undergone a reshuffle of senior FX management.
Citi forex teams in London and Paris suffer losses
LONDON & PARIS – Citi has suffered two losses at its FX trading and sales teams in London, and is believed to have lost a third man in Paris.
FX and DX: volatility events and the bid-ask spread
Charles Wright suggests a rational means for adjusting the bid-ask spread to compensate for the uncertainty associated with routine event-driven conditions
FXMarketSpace's advantage is eroded
FXMarketSpace has released its second set of volume figures, showing the platform is growing steadily.
Maybank launch targets retail clients
KUALA LUMPUR – Malaysian bank Maybank last week launched G10FX CG, currency-linked investment products aimed at retail clients.
BoA names head of forex Americas
NEW YORK – Bank of America (BoA) has promoted Herbert Perez to head of global FX for the Americas and global head of spot and emerging market currency trading, based in New York.
The rise of the vol product
To get pure exposure to the new asset class, Philippe Lintern , head of FX Complex Products at The Royal Bank Of Scotland in London, proposes volatility products
UK comfortably leads the forex pack, report finds
LONDON – The UK continues to dwarf the US and Japan in its global share of FX transactions, according to a report by UK financial services promoter International Financial Services London (IFSL).
Mifid: the final countdown
Those that haven't firmly addressed their execution policy must take action, says Chris Pickles , chair of the directive's Joint Working Group in London
FXMS embarks on global push
LONDON, CHICAGO & NEW YORK – Eight new roles have been created at Reuters and CME joint venture FXMarketSpace (FXMS), to drive the platform's continued global expansion.
Parker index rises on risk-adjusted basis
STAMFORD, CONNECTICUT – The Parker FX index saw a 1.99% return in April, with three-quarters of indexed programmes recording positive results, the remainder reporting losses.
Exchange-traded rupee futures contract to launch
DUBAI – On June 7, the Dubai Gold and Commodities Exchange (DGCX) will launch the first exchange-traded Indian rupee futures contract.
Banks strike landmark deal in Vietnam
HONG KONG – HSBC and Standard Chartered last week entered into the first interbank Vietnamese dong interest rate swap, marking a landmark deal for the local currency derivatives market.
Trading Places
HSBC, Joseph De Feo, Merril, Nixon, Citi, Bear Sterns, Credit Suisse, Calyon, RZB, WestLB, ANZ, CMC
Algorithmic trading:the race for better value
The rocketing popularity of algo trading is examined byMark Akass, chief technology officer of BT Global Financial Services
Credit Suisse expands asset management coverage
LONDON – Credit Suisse has made three senior London-based hires, in a continued push to grow its institutional distribution efforts.
Survey reveals forex risk as a major concern
EDINBURGH – The majority of corporate treasurers view FX risk as their biggest concern, according to a survey released earlier this month.
BIS review reveals slowing growth in OTC derivatives
BASEL – Growth in over-the-counter FX derivatives slowed in the second half of 2006, rising only 5% versus 21% in the first half of the year, according to research released last week.