News
Citi forex teams in London and Paris suffer losses
LONDON & PARIS – Citi has suffered two losses at its FX trading and sales teams in London, and is believed to have lost a third man in Paris.
Landsbanki selects SuperDerivatives
REYKJAVIK – Iceland's Landsbanki has gone live with SuperDerivatives' multi-asset class price discovery platform, signalling the move towards multi-asset class sales by banks.
Maybank launch targets retail clients
KUALA LUMPUR – Malaysian bank Maybank last week launched G10FX CG, currency-linked investment products aimed at retail clients.
PIA launches independent research service
A team of three former Dresdner Kleinwort bankers last week launched Price Information Advantage (PIA), an independent provider of technical research platform.
Reuters upgrades RTFX service
LONDON – Reuters has gone live with a revamped version of Reuters Trading for Foreign Exchange (RTFX), its bank-to-client FX trading service.
BoA names head of forex Americas
NEW YORK – Bank of America (BoA) has promoted Herbert Perez to head of global FX for the Americas and global head of spot and emerging market currency trading, based in New York.
FXMarketSpace volumes continue to rise
LONDON – Average daily trading volumes on FXMarketSpace rose 54% in May, indicating steady growth over the platform, say analysts.
UK comfortably leads the forex pack, report finds
LONDON – The UK continues to dwarf the US and Japan in its global share of FX transactions, according to a report by UK financial services promoter International Financial Services London (IFSL).
Canadian dollar reaches record highs
OTTAWA – The Canadian dollar rose to record highs last week, amid better than expected growth leading to anticipation of interest rate rises.
HSBC suffers losses in New York, London and Bristol
LONDON, BRISTOL & NEW YORK – HSBC is said to have lost members of its global FX team in three cities.
FXMS embarks on global push
LONDON, CHICAGO & NEW YORK – Eight new roles have been created at Reuters and CME joint venture FXMarketSpace (FXMS), to drive the platform's continued global expansion.
Cantor to merge BGC and eSpeed in defensive move
NEW YORK & LONDON – Cantor Fitz-gerald's decision to merge subsidiary BGC Partners with separately listed affiliate eSpeed in a $1.3 billion deal is being viewed as defensive by market participants.
SwapsWire rolls out to South Korea
SEOUL – SwapsWire has gone live in South Korea. Interdealer brokers Tullett Prebon and BGC Capital Markets are now using the service to provide OTC trade confirmation and straight-through-processing (STP) services to dealing clients in the country.
Parker index rises on risk-adjusted basis
STAMFORD, CONNECTICUT – The Parker FX index saw a 1.99% return in April, with three-quarters of indexed programmes recording positive results, the remainder reporting losses.
Exchange-traded rupee futures contract to launch
DUBAI – On June 7, the Dubai Gold and Commodities Exchange (DGCX) will launch the first exchange-traded Indian rupee futures contract.
China's foreign assets reach $1.63 trillion
BEIJING – China's foreign financial assets increased 33% year-on-year to reach $1.63 trillion by the end of 2006, according to a statement released on May 25 by the regulator Safe (State Administration of Foreign Exchange).
Banks strike landmark deal in Vietnam
HONG KONG – HSBC and Standard Chartered last week entered into the first interbank Vietnamese dong interest rate swap, marking a landmark deal for the local currency derivatives market.
CFTC charges Florida firm with FX options fraud
The Commodity Futures Trading Commission last week (May 25) charged Addison Enterprise with illegally selling FX options and defrauding customers.
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Lehman set to capitalise on FXCM
LONDON & NEW YORK – Lehman Brothers is in the running to acquire a 35% stake in online currency trading platform FXCM, FX Week has learned.
Credit Suisse expands asset management coverage
LONDON – Credit Suisse has made three senior London-based hires, in a continued push to grow its institutional distribution efforts.
Man Financial takes on TwoFour
WHITE PLAINS, NEW YORK – Broker Man Financial has licensed technology vendor TwoFour’s trade processing tool for its European and US treasury operations.
Survey reveals forex risk as a major concern
EDINBURGH – The majority of corporate treasurers view FX risk as their biggest concern, according to a survey released earlier this month.