News
BoA hires London forex duo
LONDON - Bank of America (BoA) is hitting back after making severe cuts to its foreign exchange team in January by boosting its sales and trading franchise in London with two senior hires.
Barclays Capital loses two in European sales
LONDON - Barclays Capital has lost two senior foreign exchange salespeople in London, according to industry sources.
TD Securities expands in forex options
LONDON - TD Securities has hired David Hitchins as managing director and global head of foreign exchange options in London to spearhead the global expansion of the dealer's FX options business.
Asia should ditch USD to cut settlement risk
HONG KONG & TOKYO - US dollar settlement risks in the Asian foreign exchange market could be reduced by using an Asian vehicle currency for intra-regional trade and direct settlement among Asian currencies, according to economists.
Solid Q2 for FX
NEW YORK - Lehman Bros and Goldman Sachs attest to solid foreign exchange revenue gains in the second quarter, according to results released last week.
SuperDerivatives upgrades forex platform
LONDON - Seven banks have begun using upgraded pricing and risk management software offered by SuperDerivatives that includes expanded exotics support and integrated price discovery, marketing, reporting and online execution.
Deutsche strengthens in Russia
MOSCOW & BRASILIA - Deutsche Bank has boosted its FX operations in Russia and Brazil by recruiting staff from JP Morgan and Merrill Lynch.
ABN upbeat on US dollar
FRANKFURT - ABN Amro has launched two capital-protected notes in Germany designed to provide exposure to the appreciation of the US dollar against the euro. The notes are targeted at investors anticipating a move towards a sustainable US base interest…
Margin FX "gambling" banned in China
BEIJING - China's banking regulators have issued a ban on FX margin trading, citing poor risk management among Chinese commercial banks licensed to provide the service. Existing margin trading accounts need to be settled as quickly as possible, added the…
Libor gets an overhaul
LONDON - The British Bankers' Association (BBA) has announced changes to the governance of the London Interbank Offered Rate (Libor).
Russia confirms rouble conversion
ST PETERSBURG - The Russian Government has confirmed plans to convert the rouble into a reserve currency in the near future.
Staff shedding continues at JP Morgan
NEW YORK AND LONDON - In one of the first cuts to its own FX team, JP Morgan is said to have axed a senior FX salesperson in New York, as part of a continuing attempt to reduce headcount after acquiring troubled bank Bear Stearns.
Hotspot gets summer upgrades
JERSEY CITY, NJ - Knight Capital Group has embarked on a summer-long software revamp of Hotspot, its electronic FX platform. The broker-dealer has already stripped two-thirds of round-trip time from the software.
Westpac boosts FX sales ahead of merger
LONDON AND NEW YORK - Australian dealer Westpac is bolstering its FX sales presence in the US and UK, less than a month after announcing plans to merge with domestic rival St George.
Gulf single regional currency approved
DUBAI - Central bankers from Arab Gulf states approved a draft monetary union treaty last week (June 9) for creating a single regional currency. Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait agreed to create a Gulf currency by 2010…
Saxo Bank boosts white-label partnership
COPENHAGEN - Saxo Bank has boosted its white-label partnership by appointing Stephan Martinussen to a new role as global head of partner sales.
Standard Chartered gains French foothold
PARIS - Standard Chartered opened a branch in Paris on June 5 in response to the growth in its global corporates and financial institutions business in France.
TD Securities expands in FX
LONDON & SINGAPORE - Canadian bank TD Securities is continuing to build up its FX business, with a hire in London and a transfer in Singapore.
Rising dollar brings Parker FX down
STAMFORD, CT - The Parker FX Index produced a 0.01% loss in April, as the US dollar rose against a basket of G-6 currencies for the first time in several months.
India to allow exchange-traded FX futures
MUMBAI - Indian regulators have recommended the introduction of exchange-traded currency futures to further develop the India's foreign exchange markets.