News
Goldman swipes Vella from JP Morgan
LONDON – Andrea Vella, co-head of derivatives sales and marketing for southern, central and eastern Europe, the Middle East and Africa at JP Morgan in London, has quit the bank for Goldman Sachs, according to informed sources.
Forex escapes revenue decline at UBS
ZURICH – UBS has experienced revenue gains in FX and money markets over the second quarter, despite experiencing a 31% year-on-year decline in fixed income, rates and currencies (FIRC).
Citi gains in Milan, loses in London
LONDON & MILAN – Citi has gained a senior salesperson in Milan but has lost a senior trader in London, market sources say.
Deutsche Bank boosts Asian forex structuring
SINGAPORE – Deutsche Bank has named Ray Franzi head of global finance and FX structuring for the Asia Pacific, in Singapore.
Saxo opens in China
BEIJING – Saxo Bank opened a representative office in Beijing earlier this month, to increase proximity to clients, partners and liquidity providers in the country.
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.