News
Gains and losses at Credit Suisse
LONDON - Credit Suisse lost three members of its UK sales team in London last week.
Saxo adds ruble to SaxoTrader platform
Saxo Bank has added the Russian ruble to its online trading platform SaxoTrader. The currency can be traded versus the US dollar.
New listings for Deutsche and PowerShares
Deutsche Bank and PowerShares Capital Management listed two currency funds on the American Stock Exchange on February 20. The PowerShares DB US Dollar Bullish Fund is based on long USDX futures contracts, while the PowerShares DB US Dollar Bearish Fund…
BarCap trading jumps 60%
LONDON – Net trading income surged 60% at Barclays Capital in 2006, the bank said in its annual results released last week.
Lloyds TSB expansion plans proceed apace
LONDON – Lloyds TSB Capital Markets has hired Nicholas Hogg to join its FX sales team in London, with the title of assistant director of commercial banking sales. He comes from HSBC, where he was team leader of FX and interest rate retail sales. Hogg…
Traders unmoved by BoJ interest rate rise
TOKYO – Traders shrugged off the Bank of Japan's decision to raise interest rates by 25 basis points last Wednesday (February 21), with the yen remaining weak in its wake.
Man Financial fined by CFTC for poor supervision
WASHINGTON DC – Man Financial is paying almost $316,000 in penalties for failing to effectively supervise staff.
FXall goes live with Accelor ECN
LONDON – FX trading portal FXall has launched Accelor, its new anonymous electronic communications network (ECN). The platform went live with a pilot group of 30 sell- and buy-side participants at the end of last month, and is now being rolled out more…
Philippines makes progress towards forex liberalisation
MANILA – The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP), last week approved a package of reforms set to liberalise the country's regulatory framework for FX.
ETrade pilots platform for US retail investors
NEW YORK – Electronic broker ETrade Securities has begun piloting an electronic trading platform for US retail investors to trade FX and equities in international markets.
Deutsche names global head of options
LONDON – Deutsche Bank has named Mark Carrodus global head of FX spot and options in London.
Pension funds at risk from currency fluctuations
LONDON – UK institutional investors are overexposed to carry trades and currency risk in their portfolios, according to research released last week. The rise in currency risk comes from greater exposure to international equity markets.
BarCap plans a second private CFXO
LONDON – Barclays Capital is planning another privately placed collateralised foreign exchange obligation (CFXO), worth e20–e50 million ($26–$65 million), after closing its first at the end of 2006. The original transaction was also privately placed and…
FXall adds benchmark fixings to QuickOMS
LONDON – FXall has added benchmark fixings from Citigroup, HSBC and the Royal Bank of Scotland (RBS) to its order management system, QuickOMS.
Saxo Bank to open rep office in Beijing
BEIJING & COPENHAGEN – Saxo Bank plans to open a representative office in Beijing in the next two months, according to a senior official in Copenhagen.
Further restructuring at Bank of America
LONDON – Ravi Mudan has been promoted to global head of FX proprietary trading at Bank of America (BoA) in London.
TCS signs international deal with Cfets
BEIJING – IT and consulting company Tata Consultancy Services (TCS) will implement an international trading system for the China Foreign Exchange Trade System (Cfets), the company said last week.
Cognotec axes jobs in development and sales
DUBLIN – Cognotec slashed up to 40 jobs last week, as part of a restructure at the technology company.
Swiss and French banks declare a healthy 2006
ZURICH & PARIS – European banks releasing annual statements last week have posted bumper results for 2006.
BoNY launches upgraded version of iConfirm
NEW YORK – The Bank of New York has launched a new version of iConfirm, a web-based system that automates confirmation processing for FX trades.
Hunter leaves FXMarketSpace; Sears and Robson split role
CHICAGO – Bryan Hunter, chief operations officer of Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace, has left.
Celent consulting report hails the exchange model
PARIS – The exchange model is set to be the future model for FX, according to a report released last week.