Wholesale
ODL expands into Chicago
LONDON – ODL Securities is expanding its global presence with a new sales office in Chicago, according to a senior official in London.
Bank forex heads look to alternative staffing options
LONDON – Forex desk heads are increasingly looking to poach staff from other areas within their banks in a bid to limit wage inflation.
New service from IF
LONDON – IFX markets is set to launch a money management service aimed at third-party clients in the new year.
Over-the-counter options drop down under, says Afma
SYDNEY – Trading in over-the-counter options fell by more than a third this year, according to figures released by the Australian Financial Markets Association (Afma).
Travelex targets Aussie corps
MELBOURNE – Global forex specialist Travelex is set to target companies in Australia with the launch there of an online system early next year.
Emerging markets options go online
LONDON – Banks are building up online capabilities for emerging market currency options as the market for the products continues to expand.
Time to get with the program
Banks are having to move rapidly to develop their platforms just to stand still. They have been launching new products onto platforms to meet demand from customers looking to do business in new ways, as shown by the increasing number of banks trading…
Deutsche rolls out new version of autobahnFX
LONDON – Deutsche Bank has released an upgraded version of its platform autobahnFX that provides users with greater configurability for pricing.
India to liberalise forex regulations
NEW DELHI – The Reserve Bank of India (RBI) looks set to liberalise rules governing forex transactions, cutting the red tape that limits the public's ability to buy and sell currency.
The passport option
Jeffrey Todd Lins, Director, Quantitative Analysis At Saxo Bank In Copenhagen, Suggests Passport Options As A Way To Maximise A Longer-Term View During Non-Trending Periods
Gain launches new research offering
BEDMINSTER, NEW JERSEY – Gain Capital, provider of FX trading and asset management services, has launched a new research offering and enhanced its proprietary FX trading platform, ForexTrader.
Going global
In the first of a series, FX Week looks at the big hitters in the industry. First is HSBC, which knocked Citi off the number three spot in last month's Best Banks Awards
Saxo gets London go-ahead
COPENHAGEN AND LONDON – Danish forex specialist Saxo Bank has received approval from the FSA in London to open its new headquarters in the city ( FX Week , September 26).
New structure for RBS
LONDON – The Royal Bank of Scotland is set to reorganise its corporate banking & financial markets division (CBFM), with a new structure to be in place from next year.
Forex revenues set 'to slow in 2006'
LONDON – Growth in forex revenues is set to fall off next year, according to research from Morgan Stanley released last week.
Man to build on Refco's ashes
NEW YORK – UK financial services firm Man Financial is to reincarnate part of the old Refco business with the launch of Man FX Clear by the middle of this month.
Swiss e-swaps from ABN Amro
LONDON AND ZURICH – Dutch bank ABN Amro last week launched electronic trading in Swiss franc-denominated interest rate swaps (IRS), moving it across from the previous voice-only service.
India looks to tourism
LONDON – India is looking to make tourism the number one source of foreign exchange in the next three years, by doubling its forex earnings, according to tourism minister, Renuka Chowdhury.
Korea to relax currency restrictions
SEOUL – South Korea is to relax regulations on forex trading next year, but authorities have vowed to keep a close eye on how the market develops, according to officials.
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
WestLB loses its forex head
DUSSELDORF - WestLB lost its foreign exchange chief last week as a further sign of the challenges facing the bank's FX business.
HSBC breaks into top three
LONDON - UBS has held on to the top spot to be named FX Week Bank of the year for the third year in a row. But the biggest upset sees HSBC break into the top three at Citigroup's expense.
Brokers pulled into NAB scandal
MELBOURNE – National Australia Bank NAB) is demanding more than A$539 million ($394 million) in compensation from interdealer broker Icap and another unnamed broker for losses the bank incurred following last year's rogue-trading scandal.
National Australia Bank FX back in the black after trading scandal
MELBOURNE – National Australia Bank's FX business is showing signs of recovery nearly two years after the A$360 million forex options trading scandal was unearthed.