News
BBVA looks to Taiwan for growth
TAIPEI – BBVA will, in the coming weeks, apply to the Taiwan financial regulator to open a locally incorporated unit on the island, as the bank continues to look for expansion opportunities across Asia.
RBC Capital Markets adds in Asia
SINGAPORE & SYDNEY - RBC Capital Markets has added two hires to its global FX team in the Asia-Pacific region, with the appointments of Winston Quek and Amanda Lowe.
CIBC continues to grow
NEW YORK - CIBC has made two hires in its financial solutions group in New York, as it increases its presence in the city.
Hogan calls it a day at Nomura
Canice Hogan, head of fixed-income flow sales for Europe, Middle East and Africa at Nomura, retired on Friday, May 14.
Coalition team takes over at UK Treasury
The UK's new Conservative-Liberal Democrat coalition government has named its joint treasury team.
UniCredit hires new head of FX cash
LONDON - UniCredit has hired Beat Nussbaumer as European head of FX cash. Based in London, he will start on May 17, reporting directly to Nick Crawford, global head of FX in London.
Glory Sky sees potential with GFI Fenics
NEW YORK & HONG KONG - Glory Sky Group, a Hong Kong brokerage house, has chosen GFI Fenics’ Professional to help manage its FX and commodities derivatives business.
Sarb points to pitfalls of exchange rate rigidity
South African Reserve Bank keeps rates flat as inflation outlook remains steady, adviser says exchange rates an important policy tool
Concerns over euro remain despite rescue bid
Last week's news of a €750 billion international rescue package for struggling economies on the edge of the eurozone initially lifted the euro, but concerns persist about the indirect effects of the bailout, and the area's underlying economic prospects.
OCC announces new directors
The Options Clearing Corporation (OCC) has named Craig Abruzzo and Valar Mihan as directors, and appointed director Paul Brody as vice-chairman. Brody replaces Gary Yetman, who completed his term at the end of April.
Headhunters report temporary hiring freeze in wake of volatility
Headhunters on both sides of the Atlantic have reported a distinct slowdown in foreign exchange hiring as banks take advantage of the high level of volatility to make some much-needed profit, thus halting candidate interviews.
Downes steps down at Citi
LONDON & HONG KONG – Nick Downes, head of FX bank sales for Europe, Middle East and Africa at Citi in London, resigned last week, according to market sources. Meanwhile, in Hong Kong, Stephenni Xie is reported to have joined Citi in FX sales.
Industry disappointed by lack of clout in CCP standards
Dealers complain a long-awaited draft of standards for derivatives clearing platforms fails to address key issues.
BIS: FX derivatives notionals grew slowly in late 2009
The BIS reported a small increase in total outstanding FX derivatives in the second half of 2009.
European banks benefit from weaker euro
European banks reporting last week showed stronger balance sheets as the euro fell, but little growth in their FX businesses.
Briefs 17.5.10
Read this week's Briefs section to catch up on technology news.
Trading Places 17.5.10
Read Trading Places for this week's movers and shakers in the global FX space.
Dealer withdrawal sparks record volumes on traditional forex systems
LONDON - Citi, Deutsche Bank, Barclays Capital, Bank of America Merrill Lynch and Natixis were among dealers that pulled liquidity from external platforms on May 6, sparking a record trading day on traditional liquidity hubs, EBS Spot and Thomson Reuters.
Option prices rocket over euro crisis and UK hung parliament
LONDON – Options prices shot up dramatically last week as liquidity fell, amid long-term concerns over the European Central Bank’s (ECB) handling of the eurozone deficit crisis and uncertainty about the outcome of the UK election.
FXall adds trade analytics
NEW YORK – Investment Technology Group (ITG) launched a transaction cost analysis service in co-operation with trading platform FXall, last week.
Fixnetix Launches FX Trading and Data Services
LONDON - UK-based low-latency data and trading technology vendor Fixnetix has launched packaged services for firms trading foreign exchange, targeted both at pure FX traders and market makers, as well as high-frequency trading firms trading FX as part of…
Chinese forex regulator warns against 'hot money'
BEIJING - Xiaoyi Wang, deputy governor at the State Administration of Foreign Exchange (Safe) has warned against the inflow of 'hot money' into emerging markets, as the risk of a worsening asset bubble continues.
CBRC plugs derivatives
BEIJING - Innovators of derivatives technology have found a backer in Yin Long, deputy director-general in the supervisory co-operation department of banking innovation at the China Banking Regulatory Commission (CBRC).