News
Global heads quit StanChart
SINGAPORE - Standard Chartered has been hit by senior management departures in Singapore, amid the bank's continuing restructuring, launched at the end of last year.
TD Securities adds in Singapore
SINGAPORE - TD Securities is continuing to build up its Asia rates and foreign exchange hub, with a new hire in Singapore.
Saxo Bank gains French foothold
PARIS - Saxo Bank plans to acquire Paris-based online foreign exchange broker Cambiste in a seven-figure deal, in anticipation of demand for forex and contracts-for-differences (CFDs) trading in the local French market.
Hotspot FX set to launch gold and silver spot trading
JERSEY CITY, NJ - Hotspot FXi is launching trading in spot gold and silver on the electronic communications network (ECN) on June 10.
ABP prunes USD hedge
AMSTERDAM - Europe's largest pension fund, ABP, is changing its long-term policy of hedging 100% of its US dollar exposure, to 80%.
Ex-EBS chief now at SuperD
LONDON - Jack Jeffery, former chief executive at electronic spot broker EBS, has resurfaced at options pricing and risk management software vendor SuperDerivatives.
UniCredit hires trading chief in London
LONDON - UniCredit is continuing its policy of building up its presence in the foreign exchange market with another key hire in London.
Indian banks demand clarity on forex tax
MUMBAI – Institutional banks in India are requesting clarification from the country’s Central Board of Direct Taxes (CBDT) over whether a new levy on foreign exchange transactions applies to wholesale and interbank trades.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering
Saxo makes Trader mobile
COPENHAGEN – Saxo Bank launched SaxoWebTrader 2.0 and SaxoMobile-Trader 2.0 last week.
Japanese retail forex boom expected to continue
TOKYO – The boom in retail margin foreign exchange trading in Japan is likely to continue, according to research by Boston-based consultancy Celent.
BoA’s Gotelli joins Wells Fargo
SAN FRANCISCO – Wells Fargo has hired Bob Gotelli as head of global sales for corporate foreign exchange in San Francisco.
Reuters’ RTFX offers algo strategies
LONDON – Thomson Reuters is teaming up with Credit Suisse to introduce algorithmic trading strategies on the Reuters Trading for Foreign Exchange (RTFX) product next month.
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Icap revenues soar on back of volatile forex markets
LONDON & NEW YORK – Volatile currency markets led to a 23% increase in annual foreign exchange revenue at interdealer broker Icap, according to results released last week (May 20).
Integral launches FX Power Trade
MOUNTAIN VIEW, CA – Trading technology vendor Integral Development officially launched FX Power Trader, a private-branded FX margin trading system, on May 22
Death by association
The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…
Five go to Deutsche in North America
NEW YORK – Deutsche Bank Securities has made five hires in its foreign exchange sales and trading team for North America.
WallStreet FX upgrade ups processing speed to 72 trades a second
NEW YORK – New York-based trading technology vendor Wall Street Systems has upgraded its trade-processing system Wallstreet FX to make it faster, it said last week (May 19)
CLS live with Israeli shekel and Mexican peso
LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.
Non-bank firms to get China look-in
BEIJING - China plans to lower barriers to entering the country's interbank FX market to enable non-bank institutions to participate, said Wang Xiaoyi, deputy head of regulatory body, the State Administration of Foreign Exchange (Safe).
GS and MS lead in OTC commodities
GREENWICH, CT - Goldman Sachs and Morgan Stanley are the biggest players in the over-the-counter commodity derivatives market, according to research released last week (May 13).