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Cognotec email gives mixed messages
In an email sent out to key clients last week, Cognotec said it is going through yet another corporate restructure. It said the headcount at the company had significantly increased over the past 18 months, doubling its development resources, primarily…
BarCap hires Lehman hedge fund FX chief
GLOBAL – Graham Bibby, head of FX hedge fund sales at Lehman Brothers, is understood to have left the bank for a similar position at Barclays Capital.
Morgan Stanley creates global head of FX role
NEW YORK – Morgan Stanley has named Steve Mettler global head of FX sales and trading in New York.
Texas court fines PIC $123 million
WASHINGTON DC – The Texas Federal Court has levied more than $123 million in fines and restitution, in a case filed against Premium Income Corp (PIC) and its affiliates, Inforex and Tri-Forex International.
MG Financial begins streaming Dow Jones news
NEW YORK – Retail FX company MG Financial last Thursday (February 8) began streaming currency news from Dow Jones Newswires, through its FX trading platform DealStation.
EBS adds ruble trading to spot platform
LONDON – Spot broker EBS has launched ruble trading over its spot matching platform, EBS Spot.
Citigroup names Prasad global head of forex and local markets
LONDON – Anil Prasad, head of CEEMEA sales and trading, has been named global head of FX and local markets at Citigroup in London.
Citigroup names Prasad global head of forex and local markets
LONDON – Anil Prasad, head of CEEMEA sales and trading, has been named global head of FX and local markets at Citigroup in London.
New platforms: ready, steady, go
And it's all systems go, literally. FXMarketSpace is very close to testing in a live environment, with final details being put in place. Meanwhile others, such as FXall's new anonymous trading platform, should have begun piloting by now.
RBC subscribes to Ffastfill for CME forex service
CHICAGO & LONDON – Software vendor Ffastfill has signed on RBC Capital Markets for its CME FX on Reuters application service. The service gives direct access to CME's FX futures and options contracts. FFastfill, which was chosen by Reuters as the launch…
Goldman loses two in FX sales...
LONDON – Goldman Sachs has lost two staff from its institutional FX sales business in London.
Tradition hires five in inflation, new desk head
EUROPE – Interdealer broker Tradition has added to its inflation team across Europe and appointed a new desk head, John Cullen.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
CME forex volumes rose 29% in January
CHICAGO – The Chicago Mercantile Exchange daily FX volume averaged 494,000 contracts in January, up 29% from the same period last year.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.
Forex gap widens between London and New York
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the boom in mergers and acquisitions (M&A) and proximity to emerging markets provides a boost to the UK capital.
SG CIB names forex line-up
LONDON & PARIS – Société Générale Corporate and Investment Banking (SG CIB) has named three managers to head its global FX business, in its fixed income, currencies and commodities (FICC) division.
The importance of best execution
The biggest piece of news to come out of last week is the sale of Currenex to State Street for $564 million.
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
BarCap index fund gains traction
LONDON – The Barclays Intelligent Carry Index (ICI) fund has received "substantial interest" two weeks after launch, according to officials at the bank in London.
RBS breaks into Russian market
LONDON & MOSCOW – RBS Global Banking and Markets has signed an exclusive agreement with Russian investment bank Renaissance Capital to sell derivatives solutions in the country.
Fimat MD takes top US forex post at SGCIB
NEW YORK – Vincent Bonamy, Fimat's managing director of financial products and services for the Americas, is to become head of FX for Société Générale Corporate and Investment Bank (SG CIB) for the region.
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
US banks report strength in last quarter of 2006
NEW YORK – US banks have reported a positive set of results from their currencies business for Q4 2006. The currencies business helped to push revenues higher in most of the banks, but dented the fixed-income revenues at Goldman Sachs.