News
Losses abound on Parker FX
STAMFORD, CT - The Parker FX index was down 1.54% in August, with markets characterised by skyrocketing volatility spurred by unwinding yen-based carry trades.
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
BMO Capital debuts London FX
LONDON - The Bank of Montreal Capital Markets is launching an FX sales and trading desk in London this week, to give FX clients better access to information and increased liquidity during the European session. Lorne Gavsie is leading the effort as…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
Deutsche upgrades db MarketPlace
LONDON - Deutsche Bank is rolling out an upgraded version of its interactive order book, db Marketplace, next week.
Regulators slam ODL Securities
CHICAGO - Institutional broker ODL Securities and the Chicago-based president of its US subsidiary, Brian King, have been jointly fined $165,000 after being found guilty of a series of violations to the National Futures Association (NFA) member rules.
BIS TRIENNIAL FX SURVEY: Asia takes a bigger slice of the FX pie
BASEL - The Bank for International Settlements' (BIS) triennial foreign exchange survey has highlighted the increasing prevalence of the Asian centres in global FX, with the market share of regional rivals Hong Kong and Singapore increasing since the…
Lehman launches quant platform for currencies
LONDON - Lehman Brothers has launched the Macro Quantitative Currency Strategies platform (MarQCuS), an investable product enabling investors to access quantitative foreign exchange strategies.
InterbankFX and FXCM face fines
CHICAGO - The National Futures Association (NFA) has fined online brokers FXCM and InterbankFX $175,000 and $100,000, respectively, for failure to meet NFA member rules.
BarCap launches new currency
LONDON - Barclays Capital has unveiled a synthetic currency intended to reduce funding costs for corporate clients, banks and hedge funds.
BIS TRIENNIAL FX SURVEY: BIS survey highlights OTC surge
BASEL - A marked feature of the Bank for International Settlements' (BIS) latest triennial foreign exchange survey was the rapid growth in over-the-counter interest rate and foreign exchange derivatives.
Credit Suisse shifts Asia roles
LONDON & SINGAPORE - Credit Suisse is changing the role of one Singapore-based foreign exchange salesperson and relocating another member of the sales team to Tokyo.
SWFX smashes trading volume record
GENEVA - SWFX, a Geneva-based trading platform, reached a record $10 billion traded on August 16. The platform, aimed at institutions, banks, hedge funds and private investors, has averaged daily volumes of $6 billion a day this year. This represents a…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
SPECIAL FEATURE: CLS settlement: the next five years
This month marks the five-year anniversary of CLS. FX Week and Rob Close, president and CEO of CLS Bank, discuss the past five years and the future of the industry utility
BNP expands in Europe
EUROPE - BNP Paribas is understood to have boosted its European presence with hires in London and Madrid, and a new representative office in Stockholm.
Capital enters retail FX
LONDON - Capital Forex, the FX arm of online trading company London Capital Group, is white-labelling Currenex's technology to break into the retail foreign exchange market.
Credit crisis wipes out FX gains
NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.
Deutsche breaks into Asia's mid-market
SINGAPORE - Deutsche Bank has created a global markets centre (GMC) in Singapore to target the booming mid-market customer base in Asia.
Standard Chartered offers ESP
Standard Chartered has begun offering executable streaming prices (ESP) on the Bloomberg forex dealing platform.
Currency returns reach new high
LONDON - Currency overlay managers have achieved record median excess returns in the second quarter, according to a new survey by BNY Mellon Asset Servicing.