News
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.
Trend followers suffer losses
LONDON - Currency managers employing trend strategies are likely to be nursing heavy losses after the past 12 months, according to research by ABN Amro.
Europe's banks up in forex
LONDON - European banks had a bumper first half of the year in foreign exchange, which was driven by higher customer volumes.
Parker FX Index doubles returns in June
STAMFORD, CT - The Parker FX Index returned 0.17% in June, up from 0.08% in May, amid dollar volatility throughout the month.
Commerzbank and Credit Suisse lose strategists in London
LONDON - Commerzbank and Credit Suisse are understood to have lost two senior foreign exchange strategists in London, market sources tell FX Week .
New spot FX trading chief at Morgan Stanley
LONDON - Morgan Stanley has lost its head of European spot foreign exchange trading in London, the US dealer has confirmed with FX Week .
Credit Suisse raids rivals to boost London sales
LONDON - Credit Suisse made a bid to strengthen its salesforce in London with three new hires from top-tier rivals Goldman Sachs and Barclays Capital.
Elysium attracts six new buy-side clients
STAMFORD, CT - Elysium Technology has added six buy-side clients for GridIron, a foreign exchange aggregation system, and MPTracker, its database management software, in the first half of this year.
Citi hires one but loses three in Singapore FX
SINGAPORE & LONDON - Citi has added a spot desk head but has also cut three members from its foreign exchange team in Singapore, said market sources.
StanChart reshuffles e-FX division in Singapore
SINGAPORE - Standard Chartered is restructuring its electronic foreign exchange business with the creation of a new global FX electronic pricing and trading division.
China's central bank launches forex payment system
BEIJING - China's central bank has launched a foreign exchange payment system to ease transfers between banks on behalf of corporates in the country.
London still top for FX
LONDON, NEW YORK, TORONTO, SINGAPORE & SYDNEY - London continues to solidify its position as the centre of foreign exchange, surpassing other regional centres due to its central location and dual time zone, according to analysts.
New board at FXall
NEW YORK - Jerry Putnam and Eddie Wen have joined FXall's board of directors, replacing Martin Spurr and Henri Foch who did not run for re-election.
FX thrives in challenging times
FRANKFURT, MEXICO CITY & MONTREAL - International banks are claiming strong foreign exchange revenue gains against challenging overall market conditions in earnings released last week.
CFT up 16.5% in first half this year
GENEVA - Compagnie Financière Tradition (CFT) has reported a 16.5% increase in first-half trading conditions from the same time last year, with consolidated turnover for the period reaching Sfr788.3 million ($752 million).
Travelex in UK shake-up
LONDON - Travelex is embarking on a restructure within its UK business, which is leading to a number of redundancies, market sources tell FX Week .