News
ABN talks positive for CBA FX
SYDNEY - The Commonwealth Bank of Australia's (CBA) talks to buy ABN Amro's Australian and New Zealand businesses could pave the way to exponential foreign exchange growth, Boston-based consulting firm Aite Group tells FX Week .
Wachovia reveals sharp revenue jump
NEW YORK, CHARLOTTE, NC & STOCKHOLM - Despite suffering overall fixed-income revenue losses, Wachovia reported a staggering 76% year-on-year increase in global rate products, including foreign exchange, for the second quarter.
StreamBase adds 20 more clients for CEP software
LEXINGTON, MA - StreamBase has signed 20 additional clients to use its Complex Event Processing (CEP) software this year.
SocGen hires Deutsche veteran
LONDON - Société Générale has boosted its foreign exchange salesforce with the hire of ex-Deutsche Bank veteran Richard Saltzman in London, the dealer has confirmed.
Smith leaves Travelex for Investec
NEWCASTLE - George Smith, corporate business development manager at Travelex, has quit the foreign currency travel specialist and resurfaced at Investec, the bank has confirmed with FX Week .
Retail forex drives up Tokyo volumes
TOKYO - Retail foreign exchange margin and short-term speculative trading in Japan contributed to a 12.9% rise in average daily spot FX turnover in April to $105.3 billion, versus the same time last year, say analysts.
BarCap shakes up Asian forex management
SINGAPORE - Steve Weller, Barclays Capital's Singapore-based Asia-Pacific head of foreign exchange since 2004, has taken a sabbatical, leaving his responsibilities split among new and veteran members of the regional forex team.
Perez-Yarza emerges at JP Morgan
LONDON - A former member of Credit Suisse's foreign exchange sales team to Southern Europe, Guillermo Cebrian Perez-Yarza, has resurfaced at JP Morgan, he has told FX Week .
Korea relaxes won NDF rules
SEOUL - Plans by South Korean officials to ease restrictions on won non-deliverable forwards (NDF) trading could shift speculative trading onshore, say traders.
Deutsche ETN yields top returns
NEW YORK - Deutsche Bank's Australian dollar currency exchange-traded note (ETN) has generated the highest three-month returns among those surveyed by FX Week , at 7.86% as of July 17.
ANZ sets sights on north-east Asia
HONG KONG - ANZ has expanded its Hong Kong office to create a new regional hub for its capital markets business and foreign exchange operations across north-east Asia, officials tell FX Week .
Another good quarter for FX
BOSTON & NEW YORK - US dealers posted record second-quarter revenues from foreign exchange business, as volatility remained high over the period.
FX head quits Credit Suisse
LONDON - Credit Suisse has lost its head of UK foreign exchange sales, the Swiss dealer has confirmed.
Gray decamps from Saxo Bank
LONDON - Saxo Bank has lost its senior manager in institutional sales in London, the Copenhagen-based dealer has confirmed with FX Week .
Lloyds TSB expands forex solutions team
LONDON - Lloyds TSB Corporate Markets has made four hires in its corporate and institutional foreign exchange solutions team in London, as part of a continued effort to expand its risk solutions service.
JP Morgan live on FXSettle
CHICAGO - JP Morgan has emerged as one of the three prime broking banks using settlement system FXSettle on trading platform FXMarketSpace (FXMS).
Retail platforms in currency expansion
NEW YORK - Online FX trading companies CMS Forex and FXCM have added new currencies to their trading platforms, allowing retail traders to trade in emerging market currencies.
Taratunio joins Bank of America
NEW YORK - Senior foreign exchange salesperson Gary Taratunio is heading to Bank of America (BoA) in New York, after leaving JP Morgan last month.
FIX Protocol encourages more buy-in from emerging markets
FIX Protocol Ltd (FPL) has launched a new membership category that aims to encourage firms located within emerging markets to join and become active participants within FPL.
Icap quells fears with positive Q2 results
LONDON - Interdealer broker Icap quelled fears over the future performance of its businesses last week, by reporting a 15% rise in second quarter revenues compared with the same period last year.
Banks and hedge funds spur growth in OIS trading
LONDON & NEW YORK - Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.