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FXPB: a growing divide
LONDON – Foreign exchange prime brokers (FXPB) have started to split into full-service providers and those targeting niche markets, according to panelists at the FX Week Europe Congress last week.
City bonuses rise by a quarter
LONDON – Just under half of city workers expect a 25% rise in bonuses this year, according to survey results released last week.
Lacklustre bonus season is forecast on low volatility
LONDON – Headhunters say FX professionals are concerned that low market volatility will mean lower bonuses, despite predictions that overall bank remuneration will be up.
China's forex reserves exceed $1 trillion
BEIJING – China's foreign exchange reserves have exceeded the $1 trillion mark, said state officials last week.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Dresdner joins EBS as prime bank amid rising volumes
LONDON – Dresdner Kleinwort has joined EBS as a prime bank, with the spot broker saying sharp increases in prime volumes demonstrate its ability to withstand challenges from new entrants.
Taking advantage of variance swaps
Loïc Henry, head of structuring at Calyon in Paris, suggests using variance swaps to trade non-directional strategies in an environment of low volatility
Thailand acts to curb baht speculation
BANGKOK – The Bank of Thailand (BoT) introduced new capital controls last week aimed at clamping down on speculative baht trading.
UBS triumphs as Citi bounces back
LONDON – UBS retained its top spot in this year's FX Week Best Banks Awards, as Citigroup bounced back to take second spot.
Top Australian banks report bumper FX profits
SYDNEY & MELBOURNE – National Australia Bank (NAB), ANZ and Westpac reported decreased overall profits in the six months ending September 30, reflecting the slower trading climate over the past few months.
Currenex develops Fix spin-off
LONDON – Currenex is launching an open standard Fix-based straight-through processing (STP) protocol for FX, money markets and precious metals this week.
FXMarketSpace grows with EBS hires
NEW YORK & LONDON – Trading platform FXMarketSpace has poached two staff from rival EBS as part of its buildup ahead of launch next year.
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.
Calyon appoints Catalanello to spearhead forex
NEW YORK – Calyon has hired Robert Catalanello as head of FX in New York. Catalanello left Merrill Lynch, where was head of global FX client sales, in September ( FX Week , September 4). His role at Merrill involved developing and implementing the bank's…
Citigroup extends into Cyprus
NICOSIA – Citigroup has extended its forex settlement capabilities to Cyprus with the extension of its direct custody and clearing (DCC) network to the country. The move comes as part of a wider move into Cyprus. It will see the bank offering…
E-commerce source of best forex talent, says market
GLOBAL – Forex staff with e-FX skills and experience are the new recruitment market 'sweet spot', according to banks and headhunters.
FXall posts record daily volumes in October
NEW YORK – Multibank platform FXall last month reported record volumes at $64 billion in a single day, on Tuesday October 31.
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.
Banks build forex in Asia
JAKARTA & SINGAPORE – There have been senior moves at major banks in the Asia-Pacific region this week, as banks look to boost their teams in the region.
US banks report profits down in third quarter
NEW YORK & CHARLOTTE, N CAROLINA – Citigroup, Morgan Stanley and Bank of America released positive earnings reports for the third quarter, but all failed to profit from their FX businesses.
London lords it over continental rivals
London remains the heart and soul of the foreign exchange industry, with its position as the global financial capital of the world confirmed by a report published by International Financial Services, a London-based research firm.
London's forex share continues to increase
LONDON – The UK continues to be the centre for foreign exchange, accounting for nearly a third of global foreign exchange turnover, according to research released last week.
Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.