News
Ex-BNP FX head joins Bear
LONDON - Bear Stearns has realigned senior foreign exchange management in Europe, with Loïc Meinnel, former global head of FX at BNP Paribas, taking the helm in London.
Carrying a mixed bag
Analysts polled by FX Week reveal an industry split on the sustainability of resurging risk appetite and the future of yen-based carry trades. Compiled by Wendy Mock
Platforms see record trading in volatile markets
LONDON - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) posted record trading volumes last Tuesday (Jan 22), amid an upswing in market volatility.
Cuts at Credit Suisse
LONDON & ZURICH - Credit Suisse is closing its spot foreign exchange trading desk and reducing its southern European FX sales team in London.
FX thrives in South Korea
SEOUL - Foreign exchange derivatives were behind the large gains posted by banks operating in South Korea in the third quarter of 2007, according to official statistics.
Calyon chief heads Newedge
LONDON, NEW YORK, PARIS - Newedge, the joint venture institutional brokerage formed through the merger of Calyon Financial and Fimat, last week, announced its new foreign exchange line up.
FX adds shine to banks' Q4 results
BOSTON & NEW YORK - State Street's acquisition of Currenex led the US bank to a strong 2007 fourth-quarter performance, despite the year's subprime woes.
Reuters launches enhanced prime brokerage service
LONDON - Ten banks and buy-side clients have begun using a revamped prime brokerage offering by Reuters to trade over electronic trading system Spot Matching.
Morgan Stanley merges fixed income
NEW YORK & LONDON - Morgan Stanley has merged its fixed-income trading operations into a single unit, one month after announcing a net revenue loss of $7.9 billion in the fourth quarter of 2007.
UK pension funds face cashflow crisis
LONDON - A predicted GBP downturn means pension funds in the UK need to be prepared to pay out "real money" on losses from passive currency hedges on their overseas investments, warned currency managers.
Citi launches Japan desk in India
NEW DELHI - Citigroup is launching a Japan-focused desk in New Delhi at the end of January, to cater to a growing number of Japanese corporate clients in the country.
S&P introduces Currency Arbitrage index
LONDON - London-based ratings agency Standard & Poor's has launched a family of indexes designed to model arbitrage strategies in the financial markets. They include the Currency Arbitrage index.
CFTC stays quiet on forex scam
WASHINGTON DC - The United States Commodity Futures Trading Commission (CFTC) said it could neither "confirm nor deny" the existence of an investigation by its offices into a US man who allegedly defrauded investors millions of dollars.
Danske Markets expands with GFI's Fenics FX
LONDON - Danske Markets is rolling out pricing and risk management software Fenics FX in Copenhagen, Stockholm, Helsinki, Oslo, London, Dublin, Belfast, Luxembourg and Warsaw.
dbFX goes Spanish
LONDON - Deutsche Bank plans to extend its coverage of the retail foreign exchange market by launching margin trading platform dbFX in additional European languages this year.
UBS wins A&L's options outsourcing
LEICESTER - Alliance & Leicester (A&L) has contracted UBS to provide foreign exchange options technology to the UK bank.
Deutsche woos private clients
LONDON - Deutsche Bank has established a private clients foreign exchange team in London and Zurich, to target the expanding high-net-worth client base.
Rand Merchant Bank to roll out e-trading
JOHANNESBURG - Rand Merchant Bank (RMB), a division of FirstRand Bank, plans to go live with a multi-asset class electronic trading platform by Q3.
Reuters launches enhanced prime brokerage service
LONDON - Ten banks and buy-side clients have begun using a revamped prime brokerage offering by Reuters to trade over electronic trading system Spot Matching.
CME e-trading upgrades save time and money
CHICAGO - CME Group has announced several product and technology enhancements aimed at reducing response time and cost.
Tullett Prebon expands product range in Japan
LONDON & TOKYO - Interdealer broker Tullett Prebon has restructured its Tokyo joint venture with broker-dealer house Central Tanshi, a move that will have a big impact on revenues coming out of Japan, a company official told FX Week .
FX market goes back to fundamentals
LONDON - A correction in overvalued currencies and risk aversion will promote strategies based on economic factors and real value this year, say analysts.