News
Russian derivatives trading dominated by FX
Foreign exchange derivatives made up 92.9%, or $48.6 billion, of total monthly derivatives volume at Russian banks in 2006, according to a survey by the National Foreign Exchange Association of Russia.
Record trading day for Hotspot FXi
LONDON & NEW YORK – A spike in currency market volatility last Thursday (August 16) resulted in a record trading day over electronic communications network Hotspot FXi, led by client-to-client trading activity.
FXMarketSpace volumes halve in July
LONDON & CHICAGO – Average daily volumes on FXMarketspace (FXMS) fell to $539 million last month – almost half the record $933 million set in June.
Dual FX sales loss in Asia- Pacific region for StanChart
SINGAPORE & HONG KONG – Standard Chartered has lost two members of its FX sales team in Singapore, market sources say.
Saxo Bank expands globally
COPENHAGEN – Saxo Bank is building a global wealth management business as part of its corporate growth strategy for 2010.
Reporting line change for JP Morgan in London
LONDON – The transitioning of Brian Tomeo's role as head of FX sales for Europe, Middle East and Africa (EMEA) has led to a reporting line shift in senior FX sales at JP Morgan, market sources say.
StanChart reports income rise
LONDON – Standard Chartered generated a 15% rise in income from FX client business in the first half of this year, the bank said in its interim results released last week.
Merged BoNY Mellon leads in Europe
LONDON – Mellon Financial is taking the lead in the European FX business at the newly merged Bank of New York Mellon, with the bank's treasury manager named head of FX for Europe, market sources say.
Reuters reports record volumes
LONDON – As volumes on FXMarketSpace decline, electronic broker Reuters reported a record trading day in July.
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week .
Banks sign up for pre-settlement netting
NEW YORK – Several banks have signed up for an interbank pre-settlement netting solution due for launch by post-trade technology vendor Traiana in coming months, a senior official at the company told FX Week.
Three departures from SG CIB
LONDON – Société Générale Corporate and Investment Banking (SG CIB) has seen three departures in its interest rates and FX marketing team in London, market sources say.
Banca Italease restructures after losses
MILAN – Banca Italease is to reorganise its risk management and control processes, following the announcement of a net loss of €686 million ($937 million) from its derivatives business.
Buyers line up for final FXCM stake
Final bids for a 35% stake in online trading company FXCM were due last Friday (August 3). The stake has been held by the creditors of defunct futures broker Refco since its collapse in October 2005. Refco acquired the share in 2002 for an undisclosed…
Parker index hits new high
STAMFORD, CONNECTICUT – The Parker FX Index reported a record return of 1.41% in June, with 58 indexed programmes reporting positive results and the remaining 21 reporting losses.
Morgan Stanley hires Fed veteran for advisory role
HONG KONG – Morgan Stanley Investment Management has hired Dino Kos, former head of the markets group at the Federal Reserve Bank of New York, to lead a team advising on investment by central banks outside the US.
Japanese banks spending more on IT, study reveals
TOKYO – Major Japanese banks spent an estimated $200 million on IT investment related to their FX businesses, making up approximately 5% of their total IT spend in the year ending April 2007, according to research released last week.
CME reports continual growth in July
CHICAGO – The Chicago Mercantile Exchange (CME) said average daily FX contracts traded on the exchange increased by 68%, from 373,491 contracts a day in July 2006, to 627,608 contracts. This represented a notional value of $77 billion, and was the…
Deutsche adds in online flow
LONDON – Deutsche Bank has hired Eric Michelsen as head of online flow retail products. Based in London, he will play an integral role in developing Deutsche's global markets multi-product distribution business.
Major banks report strong gains
LONDON – Major banks experienced strong gains over the first half of 2007, according to financial results released last week.
London FX volumes soar
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the city continues to reap the benefits of emerging market flows and dual time zones, according to figures released last week.
BNP Paribas boosts central bank sales
PARIS – BNP Paribas has strengthened its central bank and official institutions FX sales desk in Paris, with a senior FX sales hire.