News
SocGen hires two in trading
LONDON - Société Générale hired two new foreign exchange options traders in London last month, confirmed an internal source.
CFTC starts SEF regulation discussions
WASHINGTON, DC - The Commodity Futures Trading Commission’s (CFTC’s) Technical Advisory Committee began to lay the groundwork for rules that will eventually govern swap execution facilities (SEFs) last week (October 12) citing concerns over the new…
Raphaels Bank to go live on ESN in November
LONDON - Raphaels Bank is due to go live with Wall Street System's electronic settlement network (Wallstreet ESN) in the last week of November, as part of efforts to boost its post-trade operations.
Cebs issues finalised guidelines on op risk in market activities
LONDON – The Committee of European Banking Supervisors (Cebs) is confident the final versions of its guidelines on op risk in market-related activities will be implemented fully in June-end, 2011.
Gain acquires CMS retail business as new rules come into force
NEW YORK - Capital Market Services (CMS) has sold its retail forex business to Gain Capital, making it the latest online trading company to exit the market in light of rising costs from increased regulation.
RBS bounces back with hire of new options head
LONDON - Richard Fawcett has joined Royal Bank of Scotland as global head of foreign exchange options in London.
Garwood returns to sell-side
LONDON - Lloyds TSB has hired UBS veteran Rob Garwood as its new head of global FX sales to strengthen its UK sales team in London.
JP Morgan kicks off Q3 results round
NEW YORK - JP Morgan posted another year-on-year fall in third-quarter results from the fixed-income business, which includes foreign exchange, due to a drop in revenues from credit and rates.
ANZ revamps e-FX with Progress
MELBOURNE & SYDNEY – Australia and New Zealand Banking Group (ANZ) is in the midst of a multi-phase project to revamp its electronic foreign exchange infrastructure using the Progress Apama FX Aggregation Accelerator platform from Progress Software.
September year-on-year volume increase at CLS
NEW YORK – CLS experienced a year-on-year rise in volumes settled over its system in September.
City workers confident about bonuses
LONDON – Confidence in bonuses is firmly back on track, with 89% of staff in London’s financial services sector expecting a similar or improved bonus package for 2011.
Trading Places, October 11, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Commerzbank rolls Infobroker to Dresdner staff
FRANKFURT - Commerzbank is preparing to roll out an additional 12,000 positions of its Infobroker private client adviser workstation as part of its ongoing consolidation of Dresdner Bank, which it acquired at the end of 2008.
UBS unites FX and interest rates in new role
LONDON - UBS has appointed Philippe Balland as global head of interest rates and FX quantitative research, a newly created role that unifies interest rates and FX research portfolios.
Banks announce renminbi product firsts
HONG KONG & DUBAI – HSBC and Standard Chartered announced a number of firsts last week, as they try to take a lead role in the growth of the offshore renminbi market.
In Brief, October 11, 2010
Read this week's In Brief to stock up on the latest technology news around the FX world.
BNPP names first member of new flow sales team
LONDON - BNP Paribas has hired Nezha Niyassi as the first member of the newly created FX flow sales team, developed to boost electronic flow.
Analysts hit back at currency war claims
WASHINGTON, DC - Analysts are hitting back at claims that a currency war is emerging, while exposing risks associated with international co-ordination on exchange rate policy mooted to prevent a drift towards unilateralism.
Deutsche Börse preps Asian algo macro news
FRANKFURT – Deutsche Börse is preparing to begin beta testing a version of its AlphaFlash feed of low-latency, machine-readable macroeconomic news for use in algorithmic trading applications, tailored to provide data for Asian markets.
Banks build strategy in US and UK
NEW YORK & LONDON – Barclays Capital, Citi and Nomura have bolstered their strategy teams through a series of new hires on both sides of the Atlantic.
Forex volumes up in September
LONDON & CHICAGO - Electronic brokers reported a year-on-year rise in trading volumes in September, reflecting a renewed appetite for risk.
HSBC FXPB preps Asia push
HONG KONG - HSBC plans to extend FX prime services to the Asian markets as it looks to take advantage of rising demand for prime brokerage in the region.
BarCap hires new strategy head
NEW YORK – Barclays Capital (BarCap) has hired Jeff Young in a newly-created role of managing director and head of North America FX research, in New York, the bank said on Wednesday 6.