News
GFI trades first interbank rouble swaption
Interdealer broker GFI Group brokered the first interbank over-the-counter ruble interest rate option trade at the end of November.
Dah Sing Bank deploys Fenics FX
HONG KONG - Dah Sing Bank has begun using foreign exchange options pricing and risk management system Fenics FX, developed by interdealer broker GFI, at its Hong Kong-based treasury department.
Barclays promotes four FX managing directors
LONDON & FRANKFURT - Barclays Capital's foreign exchange division has started the new year with four new managing directors.
Travelex takes on TwoFour
Foreign exchange specialist Travelex will begin using TwoFour as its global FX trading system following its acquisition of Ruesch International, a business-to-business global payment systems vendor.
Swedbank goes live with e-FX price stream
STOCKHOLM - Swedbank plans to offer streaming foreign exchange rates over its proprietary platform and multi-bank platform, FXall, by the end of this month.
Nordea builds algorithms
COPENHAGEN - Nordea plans to begin using algorithms for trading and risk management within the first half of this year, a senior official has told FX Week .
UBS launches Greenhouse Index
LONDON - UBS is set to launch UBS Greenhouse Index (UBS-GHI), a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits, on January 23.
UBS loses staff to Julius Baer
SINGAPORE - Bank Julius Baer has expanded its marketing team in Singapore with senior hires from Swiss rival UBS.
Currenex platform revamp boosts corporate coverage
NEW YORK - Currenex has released a redesigned platform in an effort to boost activity from the corporate market, FX Week has learned.
US banks in management shake-up
GLOBAL - Lehman Brothers and Merrill Lynch have seen a shake-out of senior management globally as the banks began paying out bonuses last week.
NFA shuts down four FX dealers
CHICAGO - Four foreign exchange brokers were forced to close operations last month after failing to meet the National Futures Association's (NFA) $5 million minimum net capital requirements.
FXall posts record volumes for 2007
LONDON - Multibank portal FXall reported record annual trading volumes of over $13.4 trillion - single count - in 2007, a 37% rise over 2006 figures.
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week .
Trading levels show growth of forex as asset class
LONDON & CHICAGO - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) reported record foreign exchange trading volumes in 2007, demonstrating the continued adoption of forex as an asset class.
SWFs look beyond the US dollar
NEW YORK & HONG KONG - The greenback is likely to be the main loser as sovereign wealth funds (SWFs) diversify into yen and other non-euro currencies, say analysts.
Alliance & Leicester boosts FX
LONDON - Alliance & Leicester Commercial Bank is developing its foreign exchange coverage with a key hire in London.
Forex results strong in Q4
NEW YORK - Goldman Sachs and Morgan Stanley reported strong results for foreign exchange in the fourth quarter of 2007, despite challenging market conditions.
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week.
Goldman Sachs launches FX algos
LONDON - Goldman Sachs plans to debut foreign exchange trading algorithms in the first half of 2008, as part of a strategy to gain market share.
BGC loses FX chief but gains e-commerce head
LONDON - Interdealer broker BGC Partners has lost its London-based managing director of foreign exchange, but has strengthened its e-commerce capabilities with a key hire in the City.
Lehman gains from CBA split
SYDNEY - The Commonwealth Bank of Australia's (CBA) decision to split its global markets and treasury business is playing into the hands of local competitors Lehman Brothers and the National Australia Bank.
FxTrade fined $9.9 million for fraud
WASHINGTON, DC - The US District Court for Tennessee found Gordon Jack Vandeveld, a broker at Tennessee firm FxTrade Financial, guilty of futures fraud on December 12.