News
Wing Hang selects Misys Summit FT
HONG KONG - Wing Hang Bank has signed a deal with a global application software vendor Misys to instal treasury and capital markets software in its Hong Kong head office and subsidiary bank's operation in China.
Handelsbanken shuts down New York desk
NEW YORK - Handelsbanken Capital Markets is closing down its New York FX proprietary trading operation and concentrating this activity in Stockholm, where it is based, as part of a move to reduce earnings volatility.
US trading revenues plummet in 2007
NEW YORK - US commercial banks recorded $5.5 billion in trading revenues in 2007, down $13.3 billion from the record of $18.8 billion set in 2006, according to a report published by the Office of the Comptroller of the Currency last week (April 2).
BoA and Deutsche shake-up e-FX
NEW YORK - Bank of America (BoA) and Deutsche Bank have realigned the senior management of their electronic foreign exchange businesses, and have seen senior departures from the banks in New York and London.
SocGen reshuffles FICC
LONDON & PARIS - Société Générale restructured its fixed income, currencies and commodities (FICC) division last week (April 3).
UBS loses euro options head to Goldman Sachs
LONDON - Goldman Sachs is said to have hired Amol Devani, former European head of foreign exchange options at UBS, in London.
Dresdner enhances risk appetite tool
LONDON - Dresdner Kleinwort has enhanced its proprietary multi-asset class risk appetite measurement tool, ARPI (aggregate risk perception index), ahead of a strong global push later this year.
FXMS enters CLS market
LONDON - FXMarketSpace (FXMS) has launched an alternative system for settling foreign exchange trades over the platform, in an effort to tackle risks and costs associated with settling trades from high frequency traders.
HSBC promotes Gupta
SINGAPORE - HSBC has promoted Amit Gupta to head of global markets in Singapore, with effect from April 1. He was previously head of sales for global markets and succeeds John McGowan, who will retire in June.
Banks continue to target retail forex
SALT LAKE CITY - Two major banks have made moves to benefit from the burgeoning retail foreign exchange market.
Goldberg departs BNP Paribas
NEW YORK - Andrew Goldberg, New York head of foreign exchange trading, left the bank last week.
Citi in e-FX shake-up
LONDON & SINGAPORE - Citi has restructured senior management of its electronic foreign exchange business, while also announcing the retirement of Gavin Wells, London-based head of FX e-commerce, from the bank this month.
Edsparr to join Citadel
LONDON & NEW YORK - Chicago-based hedge fund Citadel has hired JP Morgan's head of rates, FX, secondary products and principal investment, Patrik Edsparr.
Texan FX trader fined $3m over misleading website
WASHINGTON, DC & TEXAS - The Commodity Futures Trading Association (CFTC) has collected more than $3 million in civil money penalties and restitution monies from anti-fraud action against a Texas-based foreign exchange trader.
CMC Markets launches TWI-based CFD currency indexes
LONDON - CMC Markets is launching 10 contract for difference (CFD) currency indexes based on the trade-weighted indexes (TWI) of central banks.
Voting for e-FX Awards now under way
The starting pistol for this year's e-FX Awards has been fired, with companies invited to submit their pitches in the 13 categories.
Ex-EBS trio develops new distance latency product
NEW YORK - Market Factory, a company formed by three former senior EBS figures, is developing a software product that could potentially be sold back to their former employer.
Turnaround for Parker FX Index
STAMFORD, CT - The continued decline in the US dollar has halted three consecutive months of negative returns for the Parker FX Index, producing a return of 1.34% for February.
Oiling the FX wheels
The Royal Bank of Canada is offering capital protection with a new FX-linked product that is based on currencies from six countries, including two of the world's biggest oil producers
Citi raids UBS to target banks
LONDON & ZURICH - Citi is hitting at the core of UBS's foreign exchange business with up to nine hires, which includes the Swiss dealer's banks team globally.