News
More crisis casualties
LONDON - Morgan Stanley, Citi and Deutsche Bank have all announced thousands of global job cuts in response to the market dislocation, with foreign exchange teams unavoidably in the firing line.
Banks plan to up tech spend
LONDON - Fifty percent of banks plan to spend more on technology next year than this year, according to a poll of bank delegates at the FX Week Europe Congress in London last week.
Industry pushes to expand CLS coverage
LONDON - Panellists at the FX Week Europe Congress held in London last week applauded CLS for its role in alleviating settlement risk, but pushed for expansion to cover more counterparties, currencies and products.
Algos 'point inwards' amid low liquidity
LONDON - There will be greater internalisation of flow as banks search for liquidity, according to a panel discussing algorithmic trading developments at last week's FX Week Europe Congress.
Unicredit hires two new FX heads
LONDON - Unicredit has bolstered its foreign exchange team in London with the hires of Peter Jerrom and Will Vogel, both from Lehman Brothers.
Retail FX benefits as traders go DIY
LONDON - The retail foreign exchange revolution could benefit from reduced headcounts within the financial services industry, according to Mark Davison, vice-president of pro-sales at Forex Capital Markets (FXCM).
Fisher: FX will slow down to assess risk
LONDON - Activity in the foreign exchange market will "pull back" over the next couple of years, while risk management will become a key focus for the industry, according to Paul Fisher, London-based head of the FX and reserves management division at the…
BNP responds to unwinding carry with two new indexes
LONDON - BNP Paribas has released two indexes that it says will help clients profit from carry trades, even when traditional strategies are unwinding.
Korean banks share info on FX derivatives
SEOUL - South Korea's markets regulator, in conjunction with the country's leading banking association, has set up a database that allows banks to share information on the use of financial products by their clients, including exporters.
'Veneer of homogeneity' hides cross-asset minefield
LONDON - Cross-asset electronic trading is still underdeveloped, according to Jeremy Smart, global head of electronic foreign exchange sales at Morgan Stanley.
Market risk brings client relationships to the fore
LONDON - Relationship pricing has become key for banks, reflecting the increase in market risk, according to panellists at last week's FX Week Europe Congress in London.
Canadian dollar draws nervous participants
The Royal Bank of Canada and ANZ took top honours in their domestic markets, reflecting the health of the dealers versus global rivals in these currencies.
UBS shines as CLS provider during turmoil
UBS took home the accolade for the best third-party CLS provider, in a year that has tested the model's basic premise.
Gu appointment casts shadow over BoA FX
LONDON & NEW YORK - David Gu has been slated to head rates and currencies following the merger of Merrill Lynch and Bank of America (BoA), throwing into doubt the future of the BoA foreign exchange team, say market sources.
HSBC reports strong EM FX results
LONDON & MONTREAL - HSBC's global banking and markets division has achieved a rise in third-quarter revenues, fuelled by growth in emerging markets foreign exchange.
Tullett Prebon floats to the top in currency options
Tullett Prebon has scooped the position of number one broker for currency options, rising three positions from last year to oust TFS Icap.
UBS wins with front-to-back approach
UBS has retained its number one position as the best bank for foreign exchange prime brokerage in this year's FX Week Best Bank Awards. Deutsche and Citi followed in second and third places respectively.
Icap adds new functionalities to EBS Spot
LONDON & SINGAPORE - Interdealer broker Icap is rolling out new features on its foreign exchange electronic trading platform, EBS Spot, this Saturday (November 22), officials told FX Week .
OTC derivatives on the up
BASEL - The Bank for International Settlements' (BIS) semi-annual report has shown a significant increase in the growth of over-the-counter foreign exchange derivatives in the first half of this year.
Business leaders want tighter rein on finance firms
LONDON - Tighter regulations on banks, hedge funds and rating agencies would be supported by most business leaders around the world, a survey found this week.
FlexTrade fights off algo rivals
FlexTrade claimed its third win in a row in the best vendor for algorithmic trading category.