News
Trading Places, June 28, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Popofsky quits BNPP
NEW YORK – Garry Popofsky resigned from BNP Paribas yesterday (June 24), according to an internal memo.
UBS hires former BarCap sales duo
LONDON – UBS has hired George Athanasopoulos and Richard Longmore in senior sales positions in London, according to internal sources.
Sifma members lose confidence in risk capabilities
A declining number, falling below 5%, of Sifma member firms are comfortable with their risk management capabilities, according to an updated survey of 240 Wall Street participants conducted by IBM, issued at the Sifma Financial Services Technology Expo…
Chris Lee reappears at Deutsche Bank as head of GMIP and db-X, Asia
Deutsche Bank has hired Chris Lee as head of structured products for Asia, just a few months after he left a similar position at UBS
BAML brings in new head of EMEA FXPB
LONDON – Bank of America Merrill Lynch (BAML) has hired Mark McDonnell to head its foreign exchange prime brokerage team for Europe, the Middle East and Africa (EMEA) from London, according to an internal memo.
China moves on currency
BEIJING - The Chinese yuan fell significantly against the US dollar in Asian trading today, as markets reacted positively to the People’s Bank of China’s plans to disband the US dollar peg.
Credit Suisse loses Hassan but gains in EM
LONDON, NEW YORK & HONG KONG - Credit Suisse has lost an FX salesperson in London but has kept its eye on the prize with a series of hires in Hong Kong targeting emerging markets.
Banks boost Canada coverage
TORONTO - Credit Suisse and Morgan Stanley are targeting the largely untapped Canadian institutional market with sales hires in Toronto.
Hotspot continues volume growth
JERSEY CITY – Hotspot FX reported a record month in May, with average daily volumes reaching $48.7 billion – double count [??] – up from $19.4 billion in May last year.
BNPP carves out bigger sales team
LONDON & NEW YORK – BNP Paribas (BNPP) has expanded its sales team with a key hire in London and three new starters in New York.
Revolving doors in JP Morgan FX sales
LONDON – JP Morgan has hired an electronic foreign exchange salesperson but has lost three others in FX sales, according to market sources.
Real outpaces euro in exchange trading
BASEL - The Brazilian real outpaced the euro as the second most actively traded currency contract on exchanges, due to an under-developed over-the-counter market, according to the Bank for International Settlements.
Trading Places, June 21, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
In Brief, June 21, 2010
Read this week's In Brief to stock up on the latest technology news around the FX world.
Coup for Morgan Stanley
NEW YORK - Eric Hirschhorn, formerly global head of technology at Citi in New York, has quit the bank to join US rival Morgan Stanley, sources tell FX Week.
Deutsche rings in changes: promotes Altunis
LONDON - Deutsche Bank has made Kenan Altunis European head of institutional foreign exchange sales in London amid promotions in the business announced on Tuesday (June 16).
Corporates should be forced onto central counterparties – BIS
Central counterparties are wrongly perceived as being more expensive than OTC transactions, says a leading economist.
Korea moves to restrict FX derivatives leverage
Bank of Korea and Ministry of Strategy and Finance cut back leverage caps and limit corporate hedging of currency risks to 100% from 125% of exposure
EC derivatives consultation stops short of detail on corporate exemptions
BRUSSELS - A consultation paper on derivatives markets infrastructure published on June 14 by the European Commission gives extensive detail on requirements for central counterparties (CCPs) that clear over-the-counter derivatives, but has stopped short…
FXall gains Prime client in Japan
TOKYO - Tokyo-based retail forex broker FX Prime Corporation began using FXall’s graphical user interface-based trading platform to access liquidity last week (June 10).
BNP Paribas boosts Asia electronic trading capability
TOKYO - BNP Paribas plans to launch electronic trading in won and Taiwan dollar non-deliverable forwards (NDFs) on its single-bank system, FX eTrader, this year, according to a senior official in Tokyo.
Regulators step up currency surveillance
SEOUL - Regulators in emerging markets are stepping up efforts to curb extreme volatility in local currencies in response to the euro crisis, with South Korea reported to be introducing trading restrictions.
Standard Bank targets retail FX
JOHANNESBURG - Standard Bank is expanding its electronic product range with the launch of a retail forex trading platform white-labelled from New York-based retail trading company Gain Capital last Thursday (June 10).