News
Tide of writedowns rolls on for banks
NEW YORK, LONDON & ZURICH - Foreign exchange results continue to provide much-needed good news for investment banks, as major players announced a fresh wave of billion-dollar credit-related writedowns last week.
Icap and Korea Money Broker form alliance
LONDON & SEOUL - Icap and Korea Money Brokerage Corp, announced on April 24 that they have formed a strategic alliance to further develop electronic spot foreign exchange trading in Korea.
ABN trio joins the PrivateBank-Chicago
CHICAGO - Three former ABN Amro/LaSalle senior forex managers have resurfaced at the PrivateBank-Chicago (PBC), a unit of PrivateBancorp, to head the company's newly established capital markets business.
CFTC slams Alaron Trading
CHICAGO - Chicago-based futures trading company Alaron Trading is due to pay $299,000 in penalties by today (April 28) for failing to supervise employees.
Carry trades added to UBS subprime woes
ZURICH & BASEL - Carry trades might have contributed to an almost $1.9 billion writedown in a UBS foreign exchange/cash collateral trading (FX/CCT) subprime portfolio, as profit and compensation incentives overrode liquidity risk, an internal report has…
G-3 corporates increase their currency hedging
NEW YORK, LONDON & TOKYO - The average year-end global hedging ratio has risen 13% since December, according to the results of a G-3 corporate hedging survey by JP Morgan.
RBS readies post-merger Asia forex trading team
HONG KONG & SINGAPORE - The Royal Bank of Scotland (RBS) is considering relocating its G-11 currencies trading hub from Hong Kong to Singapore, according to sources, although its plans are not yet finalised.
Deadline for e-FX Awards imminent
The closing date for FX Week 's 5th annual e-FX Awards is fast approaching. To be in the running for one of these awards we must receive your entry by the close of play on May 2, 2008.
Hotspot FXi launches data service
JERSEY CITY, NJ & LONDON - Hotspot FXi is the latest platform to take advantage of the demand for foreign exchange market data from model-based and algorithmic trading shops, selling market data from its historical archive.
Banks give boost to TradingScreen
NEW YORK - Foreign exchange technology vendor TradingScreen has updated its trading platform to include Credit Suisse's advanced execution services FX algorithms.
Merrill Lynch FICC team faces cuts
LONDON - Merrill Lynch put more than 80 members of staff in its fixed-income currencies and commodities (FICC) group in the Europe, Middle East and Africa (EMEA) region on a 90-day consultation period last Wednesday (April 23).
South Korean FX trading up 100% in first quarter
SEOUL - Daily foreign exchange trading volumes in South Korea's interbank market rose by just over 100% in the first quarter of this year, compared with the same period last year.
FX fraud leads to $11m payment order
WASHINGTON, DC - Two New York residents and New York-based First Lexington Group (FLG) have been ordered to pay more than $11 million in civil monetary penalties, disgorgement and restitution monies for defrauding investors in illegal FX futures schemes.
Exshaw enters consultation period at Merrill Lynch
LONDON – Christian Exshaw, global head of foreign exchange sales, EMEA at Merrill Lynch in London entered a 90 day consultation period at the bank on Wednesday (April 23).
Dresdner reshuffles FX sales and trading
LONDON & NEW YORK - Dresdner Kleinwort has restructured its London and New York foreign exchange sales and trading team, splitting the trading and sales operations.
Tullett signs data feed deal in China
LONDON & SHANGHAI - Tullett Prebon Information (TPI) has signed an agreement to provide foreign exchange, interest rate, fixed income and money data to Chinese financial data provider Wind Info.
Reuters staff on top post-merger
LONDON - Reuters managers are taking the lead after the Thomson-Reuters merger, retaining top posts.
Deutsche loses McGowan to Barclays Capital
LONDON & SINGAPORE - Adrian McGowan, a managing director in the foreign exchange complex risk group at Deutsche Bank in London, has left the bank.
Saxo launches Webtrader
COPENHAGEN - Saxo Bank plans to introduce version 2.0 of its web-based platform, Saxo WebTrader, at the end of the second quarter.
4th Story releases algo trading tool
SAN FRANCISCO - Technology vendor 4th Story last week (April 14) officially launched automated trading software 4S.Blue Ridge.
Musical chairs at Goldman Sachs
LONDON - Goldman Sachs is seeing a number of changes at its foreign exchange sales and trading team in London, sources tell FX Week .
Senior forex managers lower their sights
LONDON - Senior level foreign exchange executives are radically reassessing their career options in light of the current credit crisis, according to recruitment firms in London.