News
BoA hit by spate of forex departures
LONDON & NEW YORK – Gaps are widening within Bank of America's FX operations, with a flood of departures last week.
GFI opens office in Seoul
SEOUL – Interdealer broker GFI has opened an office in Seoul, to provide onshore coverage to the Korean market. The new office began operations last Monday (March 5) under the name GFI Korea Money Brokerage. It brokers Korean interest rate swaps, and…
HSBC names new forex line-up in North America
NEW YORK – HSBC has named two new co-heads of FX for North America.
Erste Bank implements Calypso
VIENNA – Erste Bank has begun implementing a front- to back-office solution from San Francisco-based techno- logy vendor Calypso Technology for interest rates, foreign exchange and credit derivatives.
Bear Stearns poaches senior BNP Paribas staff
PARIS – Bear Stearns has hired two senior FX staff from BNP Paribas, as part of plans to launch its FX business in Paris, market sources say.
EBS to expand EM capability
SINGAPORE – Spot broker EBS plans to expand its emerging markets capabilities with a number of new currencies set for launch in the coming months.
Trading platform volumes surge as stock markets plunge
LONDON - The sharp correction in stock markets around the world last week triggered the unwinding of the carry trade, bringing record trading volumes to foreign exchange platforms.
Thailand to scrap controls
BANGKOK - The Bank of Thailand's plans to get rid of remaining capital controls will lead to a widening of the spread between the onshore and offshore spot rates, say analysts.
BarCap adds commodity-linked structured notes
LONDON - Barclays Capital has added commodity-linked structured notes trading to its Barx Investor Solutions platform.
Raised margin requirements threat to global liquidity?
CHICAGO - The Chicago futures exchanges' decision to raise margin requirements could affect global liquidity, warn analysts.
South Africa looks to currency futures
JOHANNESBURG - South Africa will launch currency futures trading on its interest rate exchange platform, YieldX, in coming months.
Parker FX index reports flat returns for January
STAMFORD, CT - The Parker FX index has reported a flat return for January, with exactly half its indexed programmes reporting positive results, and the remaining half reporting losses.
Fimat opens Sydney FX desk
SYDNEY - Brokerage firm Fimat has launched an FX desk in Sydney as it expands its Asia-Pacific presence.
CLS mulls netting option
NEW YORK - CLS is reviewing the possibility of launching a netting service, as the settlement platform looks to adapt to the changing landscape.
Forex drives major bank earnings
ZURICH, UK AND COPENHAGEN - European banks have reported a strong set of results for 2006, with FX businesses playing a key role.
Retail FX offers lucrative returns
LONDON - Retail FX traders account for $50 billion of the $2.5 trillion a day FX market, according to research released last week.
ABN Amro relocates Asia G11 FX business
SINGAPORE - ABN Amro has relocated its G11 FX business to Singapore from Sydney as it continues to centralise sales and trading in regional centres.
Concerns mount over reserve increases
LONDON - Foreign exchange reserves are set to grow by 20-59% over the next three to four years, according to a survey released by Central Banking Publications last Monday (February 26).
US derivatives volumes rocket on market fears
CHICAGO & NEW YORK - Several US derivatives exchanges broke their daily traded volume records by more than 20% during February 28.
Bear Stearns targets emerging markets
LONDON - Bear Stearns has appointed two co-heads for an emerging markets initiative first trailed in January in FX Week .
Trend-following strategies lose out once more
LONDON - Research by ABN Amro has found that trend- following strategies were the poorest performers in February, losing 2.5% over the month, said James Binny, head of FX analytics at the Dutch bank in London.
Gains and losses at Credit Suisse
LONDON - Credit Suisse lost three members of its UK sales team in London last week.