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EBS enhances market data offering
LONDON & New York – FX platform EBS has enhanced its spot capabilities with an additional market data offering.
StanChart builds in Asia
SHANGHAI & HONG KONG – Standard Chartered has hired Fu Qing, to head FX trading in Shanghai.
Lesson from Refco: keep it transparent
Yes, this is the second editorial in a row that I have written about Refco, but I make no apology for it. There are too many important lessons to be learned from the collapse for the industry to be able to move on as if nothing had happened.
Guarantees limiting overall bonus levels
LONDON – The increasing number of guaranteed bonuses in 2005 to top-performers means staff without these packages are likely to see a drop in bonus levels, say market observers.
Size matters, survey finds
GREENWICH, CT – The ability to execute large currency trades is one of the key components in winning new FX business from corporates and institutional clients, according to research from Greenwich Associates.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
BarCap desk in Shanghai
SHANGHAI – Barclays Capital is launching an FX trading business in Shanghai after receiving a branch licence at the end of December.
Bloomberg and Reuters in, Centradia out
NEW YORK AND LONDON – February proved to be a month of arrivals and departures, with multi-bank portal Centradia ceasing to exist and Bloomberg and Reuters announcing their intention to target the buy side.
Banks boost online options offerings
LONDON AND NEW YORK – Banks were busy building up their online capabilities in December with a number of players seeking to move emerging markets options online.
News in brief
CLS to cut prices
Deutsche boosts prime brokerage
LONDON – Deutsche Bank upped the ante for prime brokerage providers by extending its offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
2005: a positive year for forex
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
China heading for free market
BEIJING – China took two further steps towards currency liberalisation with a widening of the yuan trading band and the introduction of forwards trading for corporates.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
UBS and Bloomberg deal draws criticism
LONDON – UBS and Bloomberg started their year off controversially after a deal for global futures trading through the market data terminal drew criticism from brokers. Under the agreement set in place in 2004, futures trades placed by new users of the…
PBoC liberalises derivatives
BEIJING – The People’s Bank of China (PBoC) issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market.
Best practice guidelines for prime brokerage
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Forex head leaves RBC Capital Markets
TORONTO – RBC Capital Markets' most senior member of foreign exchange staff has left the bank, a source on the desk has confirmed.
Record results for US banks
NEW YORK – US investment banks have stormed through 2005, with record-breaking results from fixed-income divisions released last week.
Enigma – a cracking good model
Pete Eggleston, head of quant solutions at the Royal Bank of Scotland, financial markets, in London, discusses systematic trading of FX implied volatility using the 'Enigma' model
BGC poaches seven from IFX
LONDON – A seven-strong sales and trading team are understood to have quit IFX Markets – the London-based financial trading and spread-betting company – last Friday.