News
'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.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Danske leads locals in Scandi domination
Danske Bank was victorious in the Scandinavian currencies category, benefiting from its local market advantage.
Credit Suisse advances in Asia forex
HONG KONG & SYDNEY - Credit Suisse released its advanced execution service (AES) for foreign exchange in Asia last month, following the system's US and European rollout earlier this year.
Icap still best broker for forex
Icap holds onto its crown as best broker for spot FX ahead of rival Thomson-Reuters.
RBS to cut 3,000 jobs
LONDON & EDINBURGH - The Royal Bank of Scotland (RBS) is set to cut 3,000 jobs from its global banking and markets division (GBM), with a third of them expected to fall in the UK.
Top banks take DealHub analyser
NEW YORK - Two Tier I banks have adopted Option Computers' DealHub Conversation Analyser module for foreign exchange options, to extract FX options and spot hedge ticket details from Reuters Dealing 3000 conversations.
London confidence boosts BarCap
Barclays Capital has held on to the number one position as best bank for foreign exchange in London, after winning the position for the first time last year.
Best FX Bank Awards: Barclays Capital has e-trading edge
Barclays Capital has usurped UBS to take pole position as the best bank for electronic trading, after coming second in last year's rankings.
Mizuho hires ex-Lehman e-trading team
TOKYO - Mizuho Financial Group, the Japanese bank, has hired 16 former Lehman Brothers staff to help kick-start its electronic trading business.
HSBC holds EMEA top spot
HSBC has continued to reign as the best bank for emerging Europe, Middle East and Africa (EMEA) currencies supported by its strong presence in the region.
Citic Group in currency bail-out
HONG KONG - Citic Pacific has reached an agreement with parent company Citic Group to provide financial support to meet liabilities from exposure to leveraged FX contracts disclosed on October 20.