News
StanChart hires in India
MUMBAI & LONDON - Standard Chartered has named Hemant Mishr head of global markets, India, where he will lead a team of almost 100 specialists in products including foreign exchange, fixed income, commodities and derivatives.
CFTC fines FX fraudsters $24m
WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) has obtained orders for five traders to pay $11.7 million in restitution and disgorgement, and $12.25 million in civil monetary penalties for selling and soliciting illegal foreign exchange…
Gold rush on Lehman's European FX team
LONDON - Dealers are willing to pay top dollar for Lehman Brothers' foreign exchange team in Europe, following the failure of administrator PricewaterhouseCoopers (PwC) to agree a sale of the defunct bank's European fixed-income unit last week.
GFT deepens footprint in London
LONDON - GFT is expanding its London presence, with two hires in the city.
New Fortex FX v5 cuts trade times
REDWOOD SHORES, CALIFORNIA - Multi-asset trading platform vendor Fortex has released its fifth version of Fortex FX, which cuts average roundtrip trade times to five milliseconds from 40 while supporting 500 trades per second.
Canada's Fincad offers beta value
SURREY, CANADA - Software vendor Fincad will begin offering a free beta version of its product valuation tool, Fair Value Insight, in mid-October with hopes to fine-tune the product based on market feedback.
Citi's Alpha trumps Beta
LONDON - Citi's Alpha 1 foreign exchange investable index is outrunning its Beta 1 counterpart, as the market looks at more sophisticated investment strategies to mitigate risk amid heightened volatility.
Dealers report liquidity still 'patchy'
LONDON & HONG KONG - Global foreign exchange markets continued to suffer from lapses in liquidity in another week plagued by turmoil in the financial markets.
RBS launches new forex index
LONDON - RBS launched FX Radar Index, an automated index linked to 20 emerging market currencies, on October 1.
Dresdner heads take top jobs at merged bank
LONDON - Commerzbank has reportedly named Dresdner Kleinwort's Eddie Listorti as head of fixed income and Stefan Gütter as head of sales, in a crucial step in the formation of the newly merged German dealer.
US meltdown spurs central clearer debate
LONDON & NEW YORK - The fallout from the collapse of Lehman Brothers and implosion of insurance company AIG has spurred renewed debate over the central-counterparty model for spot foreign exchange, as concerns over counterparty risk take centre stage.
ODL acquires Fixi's clients
LONDON - ODL Securities has acquired the full client list of London-based investment house Fixi, a senior official at ODL has told FX Week .
LatAm head leaves RBS
NEW YORK - Alistair Boyd, head of Latin American local markets at the Royal Bank of Scotland (RBS) in New York, has left the bank, according to sources close to the matter.
IG buys 87.5% of FXOnline Japan
TOKYO - IG Group, a London-based spread-betting company is acquiring an 87.5% stake worth about $207 million in Tokyo-based margin foreign exchange trading company FXOnline Japan.
Saxo Bank cuts 400 jobs
COPENHAGEN & LONDON - Saxo Bank is today (September 29) shedding up to 400 jobs globally as part of plans to streamline its business, officials tell FX Week .
Icap's NDFs trading down but not out
SINGAPORE - Current market volatility is hurting non-deliverable forwards (NDF) trading on Icap's electronic spot-broking system EBS, but the broker is optimistic about the development of this market.
Nomura rumours abound
LONDON - Nomura International was speculated to be in talks to buy the fixed-income divisions of Lehman Brothers, including the US dealer's foreign exchange operations last week.
Citi gains BoC Hong Kong for CLS
HONG KONG - Bank of China (Hong Kong) (BoC HK) has signed an agreement to use Citi's Global Transaction Services as its continuous-linked settlement (CLS) nostro agent for US dollar.
Forex hedging up in US
NEW YORK - Foreign exchange hedging ratios for 2009 year-end by US corporates reached historic levels in the third quarter, as companies sought to cover rising risk from the US dollar's upturn.
Margin FX boss Pryor leaves Cantor
LONDON - Steve Pryor, formerly director of margin foreign exchange at Cantor Fitzgerald Europe in London, has left the company.
WisdomTree adds EM ETFs
NEW YORK - WisdomTree, a New York-based guarantor, is set to introduce 25 new currency exchange-traded funds (ETFs), with a focus on emerging market currencies, as it continues to deepen its footprint in this market.