News
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.
CNCE adopts SmartTrade platform
NEW YORK & PARIS - Caisse Nationale des Caisses d'Epargne (CNCE), the French banking head of Groupe Caisse d'Epargne, has selected the SmartTrade Transaction Platform (STTP) to source and distribute liquidity from CNCE's internal pricing engines to…
Parker FX Index back on track in May
STAMFORD, CT - The Parker FX Index recorded a 0.08% return in May as the US dollar appreciated 0.5% against a basket of G-6 currencies.
Scandinavian currencies boost Tradebook FX expansion
LONDON, NEW YORK & SINGAPORE - Bloomberg Tradebook FX has added Scandinavian currencies to its FX outrights trading, bringing the total number of currency pairs to 32.
Euro growth continuing, says ECB
FRANKFURT - Despite doubts over its survival at launch 10 years ago, the euro remains a strong player in the international currency market, according to the European Central Bank (ECB).
BoA in global reshuffle
NEW YORK, CHARLOTTE & LONDON - Bank of America has consolidated its global rates, currencies and commodities (GRCC) and credit products (GCP) businesses into a newly formed global fixed-income platform.
Pakistan shuts rupee FX forwards
KARACHI - The State Bank of Pakistan suspended foreign exchange forwards trades and shortened FX trading hours last Wednesday (July 9), in a bid to curb a sharp devaluation of the rupee (PKR) against the US dollar, say local traders.
Wesselius joins Deutsche
AMSTERDAM, ATHENS & LONDON - Deutsche Bank has hired BNP Paribas' former foreign exchange sales head for the Netherlands to lead its Dutch FX coverage.
One down in FX at Credit Suisse LONDON
Credit Suisse is understood to have suffered a loss in its foreign exchange options team in London. Ian Hamilton, an FX exotics options trader at the bank, is said to have left last week (July 7).
Calyon hires ex-Commerzbank head
LONDON - Calyon is said to have hired Nasir Afaf, formerly head of foreign exchange options at Commerzbank, as its new head of FX trading in London.
Icap shares suffer amid slow growth speculation
LONDON - Speculation of a fall-off in currencies, rates and credit products growth at Icap caused a sharp fall in the monthly share value of the London-based interdealer broker last week.
SmartStream boosts post-trade with TLM Treasury Confirmations
LONDON - London-based technology vendor SmartStream Technologies has launched TLM Treasury Confirmations for FX, money market and over-the-counter trades, in response to market demands for enhanced post-trade capabilities.
TraderTools gets smart with liquidity
NEW YORK AND PARIS - FX trading technology vendor TraderTools has implemented Smart Trade's STTP 5.5 liquidity management system for use within its Liquidity Management Platform.
Moumdjian quits BoA
NEW YORK - Harry Moumdjian, principal and head of electronic solutions sales for North America at Bank of America in New York, has resigned from the bank.
Credit Suisse integrates forex algos into Minerva OEM
LONDON - Credit Suisse has become the first broker to integrate foreign exchange smart routing and algorithmic execution strategies into Fidessa LatentZero's Minerva order and execution management system (OEMS), with automated execution services (AES) FX.
Yield strategies pocket best returns
LONDON - Currency managers running yield strategies typically bagged the highest returns in June, according to research by ABN Amro.
Calyon loses FX exotics head in London
LONDON - Calyon has lost its head of foreign exchange exotic derivatives trading in London, industry sources have told FX Week .
Former Refco CEO faces 16 years behind bars
NEW YORK - Phillip Bennett, the former chief executive of the once biggest independent US futures broker Refco, has been sentenced to 16 years in prison for defrauding investors of an estimated $2.4 billion.
The JB Currency Hedge Fund thrives on risk aversion
LONDON - Augustus Asset Manager's currency fund delivered an 18.87% net-of-fees return in its first 11 months by avoiding risk in emerging markets and G-3 currencies.