News
New firm Savi targets home traders
LONDON - Former Bank of America spot trader Sachin Shah has founded his own proprietary trading company, Savi Trading, to target the thriving retail foreign exchange market.
Ice joins forex central clearing debate
ATLANTA - Jeffrey Sprecher, chief executive at Atlanta-based IntercontinentalExchange (Ice) has become the first major exchange official to call into question the need for central clearing of foreign exchange derivatives trades.
Deutsche triumphs as FX powerhouse
LONDON - Deutsche Bank has usurped Citi to win the accolade of best bank for foreign exchange in a year characterised by unprecedented levels of market risk. The award also marks the first time the German bank has been recognised as the top FX dealer in…
Clients reward UBS for post-trade innovation
Post-trade innovation and development this year has been all about mitigating settlement risk in a market fraught with concerns about counterparty default. And UBS, winner of the award for best post-trade services, has led the way in providing new tools…
Tullett Prebon shines in FX forwards with EM shift
Tullett Prebon has triumphed as the number one broker for currency forwards, holding on to the mantle for the seventh consecutive year.
Sales head quits RBS
LONDON - Royal Bank of Scotland (RBS) continued to be hit by senior-level departures last week, with the global head of foreign exchange bank sales the latest to walk out the door.
Velocity Trade readies API connectivity
TORONTO - Canadian foreign exchange dealer Velocity Trade expects to take its first client live sometime this week, say officials, with an application programming interface (API) connection into the dealer's middle- and back-office systems.
Consistent liquidity makes HSBC best bank in Asia-Pacific
HSBC has held on to the title of best bank for FX in the Asia-Pacific with a commitment to providing consistent liquidity, as the market turmoil forced competitors to cut their exposure to the region.
CMC builds with StreamBase
LONDON - CMC Markets has deployed a complex event processing (CEP) system from StreamBase to price foreign exchange, and plans to extend the use of the system to indexes, commodities, treasuries and equities trading by year-end.
Powell departs BoA Merrill Lynch
LONDON - David Powell, a G-10 currency strategist at Bank of America Merrill Lynch, left the bank in London last week (November 10), market sources have told FX Week .
Citi topples UBS as leading CLS third-party provider
Citi has pipped UBS to the post to become the leading provider of CLS third-party services, in a year where settlement risk management remained the single most significant risk to the foreign exchange market.
StanChart continues US build-up
NEW YORK - Standard Chartered has hired Peter Hirsch as head of rates trading, Americas, and Brian Varga as head of US Treasury trading, Americas, in New York.
Options voters choose Deutsche's steady hand
Deutsche Bank took top honours in the options category this year, having come fourth in 2008. Consistency is the key to its success, said Kevin Rodgers, the bank's London-based global head of foreign exchange options.
FX Connect top professional electronic trading venue
FX Connect has claimed top spot in the best professional electronic trading venue category, after trailing behind FXall in second place in the multibank foreign exchange portal category last year.
Deutsche jumps to top spot in Scandinavian currencies
Deutsche Bank has taken the honours in the Scandinavian currencies, ousting local rival Danske Bank. The Copenhagen-based bank has topped the category for the past two years, while the German dealer made its first appearance in 2008, ranking fourth.
London swings for Canadian dollar but not Swiss franc
The Bank of Montreal (BMo) has burst into the top spot for the Canadian dollar this year, having occupied second place since FX Week introduced the category in 2004. Royal Bank of Canada, which has won the award for the previous five years, came fourth…