News
JP Morgan gets go-ahead for derivatives in Korea
SEOUL – JP Morgan has been given the regulatory go-ahead to trade derivatives products in South Korea, ahead of regulatory reform in the country.
Volumes double as US dollar gains
GLOBAL – Dealers saw a sharp rise in euro and sterling trading volumes as the dollar continued a broad-based recovery against the major currencies last week.
Emerging markets boost returns for ODL
LONDON – Emerging markets represent the fastest growing segment of the retail foreign exchange market at London-headquartered ODL Securities.
Forex.com gains six more currency pairs
NEW YORK – Gain Capital is set to add six Scandinavian currency pairs to its online retail foreign exchange trading platform, forex.com.
Merrill Lynch goes live with prime brokerage on EBS
LONDON – Merrill Lynch has become the latest bank to enable clients to trade on EBS Spot using its credit line.
RBS gets bigger in Japan
TOKYO – The Royal Bank of Scotland (RBS) is expanding its coverage of Japan’s institutional market with a key hire in Tokyo.
Chicago Mercantile Exchange sets FX volume record
CHICAGO – The Chicago Mercantile Exchange set a notional value record of $11.43 billion in FX options on futures traded on the exchange on August 8.
China forms new department for forex
BEIJING – China’s central bank has created a new department focused on managing exchange rate reforms and monitoring cross-border short-term capital flows.
UBS suffers $4.3bn FICC losses in Q2
ZURICH – Revenues from the fixed-income, currencies and commodities (FICC) business at UBS collapsed in the second quarter of this year, generating Sfr4.72 billion ($4.33 billion) in losses.
EU banks get London boost
LONDON – Deutsche Bank and Société Générale have bolstered their London teams with fresh hires in foreign exchange sales and trading, market sources tell FX Week.
New Chinese FX rules a paper tiger
BEIJING - Analysts are unfazed by revisions to foreign exchange regulations governing capital flows and policy on the renminbi exchange rate mechanism made by Chinese regulators last week.
RBS builds Asia-Pacific FX
SINGAPORE & HONG KONG - The Royal Bank of Scotland (RBS) has boosted its Asia-Pacific franchise with senior staff from competing banks for newly created senior foreign exchange trading and structuring roles.
Hotspot expands footprint in Russia
IZHEVSK - Hotspot FX expanding its footprint in the Russian retail foreign exchange market by streaming liquidity to Izhevsk-based Izhcombank's margin forex trading platform.
Schneider Foreign Exchange sees revenues rise by 456%
LONDON - Schneider Foreign Exchange's revenues have surged 456% since the second quarter of 2007, the London-based commercial foreign exchange services provider has told FX Week .
TD Securities continues FX expansion
LONDON - TD Securities is continuing to expand its European FX franchise, with a senior hire from rival Canadian dealer RBC Capital Markets.
Emerging market ETFs booming
ROCKVILLE, MD - Rockville-based Rydex Investments is set to launch four currency exchange-traded products linked to emerging market currencies at the end of the month, as the market for these products grows.
Merger could shake up e-FX options
NEW YORK - The potential merger of Tullett Prebon and GFI Group could boost competition for market share in the electronic forex options market, according to analysts.
FXCM abandons currency programmes
NEW YORK - FXCM has abandoned plans to begin trading two currency programmes that aimed to beat the performance of the DXY Index, due to a lack of interest from investors.
Credit Suisse adds EM currencies to algos
LONDON - Credit Suisse has added six emerging market currencies to its algorithmic trading models for foreign exchange.
CME continues growth in July
CHICAGO - The Chicago Mercantile Exchange (CME) reported a 16.9% rise in year on year average daily notional value of foreign exchange contracts traded in July to $90.2 billion, based on 640,347 contracts.
Dresdner bulks up trading
LONDON - Constantinos Constantinou is to rejoin Dresdner Kleinwort after decamping to its US competitor Merrill Lynch last year, the German dealer has confirmed with FX Week .
Banks expand in North America
NEW YORK & TORONTO - Bank of America (BoA) and CIBC World Markets have made key hires in New York and Toronto, respectively.