News
Mixed blessings for BarCap in London and New York
NEW YORK & LONDON – Barclays Capital is understood to have hired a head of corporate sales and structuring in New York, but to have lost in London and New York sales.
US regulators clamp down on retail FX dealers
CHICAGO – The National Futures Association (NFA) last week (July 24) took emergency action against Fort Lauderdale-based forex dealer member (FDM) Nations Investments, for being undercapitalised by $3.5 million – the largest undercapitalisation seen by…
Oanda launches multi-client FXManager
TORONTO – Online forex trading company Oanda has launched FXManager, an interface allowing money managers to more efficiently execute and manage multiple client FX trades.
Tullett raids ABN's e-commerce team
LONDON & SINGAPORE – A seven-strong e-business team has quit ABN Amro to join interdealer broker Tullett Prebon, according to market sources.
Alliance & Leicester expands in derivatives
LEICESTER – Alliance & Leicester Commercial Bank is expanding its FX and interest rate derivatives capabilities to corporate and business clients.
Knight prepares EMS for FX
JERSEY CITY – Market-maker Knight Capital Group plans to integrate FX trading capabilities into version 3.0 of its Knight Direct EMS platform, due out in September, say officials.
Société Générale merges long and short swaps teams
LONDON & PARIS – French bank Société Générale has merged its short- and long-term swaps teams into a newly formed swaps group to boost its European flow rates business.
JP Morgan gets go-ahead for local incorporation in China
BEIJING – JP Morgan has received approval from Chinese regulators to establish a locally incorporated bank in the country.
CME sees strong growth in second quarter
CHICAGO – The Chicago Mercantile Exchange (CME) posted strong revenue growth and increased contract volumes in second-quarter results released last Tuesday (July 24).
Reuters' outage feeds rival volumes
LONDON – Reuters Group's matching platform experienced an outage in Australasia last Monday (July 23), causing a spike in dealing volumes on rival platform EBS, according to market sources.
Icap expands FX trading with sterling/Swiss pair
London-based interdealer broker Icap has today (July 30) launched trading in sterling/Swiss franc currency pair.
Tullett raids ABN's e-commerce team
LONDON & SINGAPORE – A seven-strong e-business team has quit ABN Amro to join interdealer broker Tullett Prebon, according to market sources.
CME to launch on Swapstream
The Chicago Mercantile Exchange (CME) plans to launch a centrally cleared interest rate swap product on its electronic swaps platform Swapstream, from the first quarter of 2008.
Lehman appoints risk head
LONDON – Lehman Brothers has appointed Jason Tilroe as global head of its risk solutions group. Tilroe will be based in London and report to Larry Wieseneck, head of global finance.
BoA realigns under GRCC umbrella
NEW YORK – Bank of America has realigned its currencies business alongside global rates and commodities, within a new global rates, currencies and commodities (GRCC) function, the bank has confirmed.
SEB to launch multi-manager currency fund
STOCKHOLM – SEB plans to launch an actively managed multi-manager currency fund in Q1 2008, in response to institutional client demand.
WMBA head speaks on best execution
LONDON – A potential solution to proving best execution in FX options and ancillary services is to reclassify the individual client, according to David Clark, chairman of the Wholesale Markets Brokers' Association (WMBA).
ETrade to launch US retail FX trading
NEW YORK – Electronic broker ETrade will make FX trading available to US retail investors in five currencies via its Global Trader platform by this Friday (July 27). GlobalTrader has been piloting since February ( FX Week , February 26).
New technology boosts retail FX volumes
BOSTON & LONDON – New technology has been behind booming daily volumes in the global retail FX market, according to Catherine Hardiman, London-based head of Deutsche Bank's retail platform dbFX.
RBS adds in structured products
Stanley Ng has been appointed managing director, head of structured investor product development and marketing at RBS in Singapore.
Trading Technologies to connect to MexDer
CHICAGO & MEXICO CITY – Chicago-based software vendor Trading Technologies International (TT) has announced it will connect its derivatives trading platform X_TRADER 7 to the Mexican Derivatives Exchange (MexDer).