News
HKEx to launch renminbi futures by middle of year
HONG KONG – Hong Kong Exchanges and Clearing (HKEx) plans to introduce renminbi futures by the middle of this year, according to Lawrence Fok, head of the exchange's business development division.
FXMarketSpace to spur consolidation
WESTBOROUGH, MASSACHUSETTS – FXMarketSpace will facilitate consolidation in e-FX, according to Robert Iati, partner at research and advisory company TABB Group.
Deutsche and RBC appoint senior currency strategists
TOKYO & TORONTO – Currency strategists are en vogue this month, with banks building up FX research teams in Tokyo and Toronto.
EBS pushes out netting service
LONDON – EBS has begun rolling out its new netting service to prime broking banks, after completing a pilot with ABN Amro.
Traders in Thailand suffer further setback
BANGKOK – Investors in Thailand are reconsidering their allocations to the country, after the government announced a proposal that would require foreign owners of assets in strategic industries to sell down shareholdings and give up voting rights in…
BNP Paribas overhauls e-business
PARIS & NEW YORK – BNP Paribas has overhauled its electronic foreign exchange business as it looks to establish itself as a leading player in the arena.
Société Générale CIB names new FICC heads
PARIS – Société Générale Corporate and Investment Banking (SGCIB) has appointed Marc Breillout and Gregoire Varenne to head the new fixed income, currencies and commodities division in Paris.
Brokerage consolidation is back in the spotlight
PARIS – Consolidation of the broking industry is looming large again, with last week's announcement by Société Générale and Calyon that they were in exclusive talks to merge brokerages Fimat and Calyon Financial.
BarCap poaches Lee amid changes in GRCB division
SINGAPORE & LONDON – Barclays Capital has poached Alvin Lee from Citigroup in Singapore, to help develop dual-currency deposits as a consumer banking product within Barclays.
Tradition poaches Tullett Prebon personnel
LONDON & JOHANNESBURG – Interdealer broker Tradition has raided Tullett Prebon, as it expands its emerg- ing markets capabilities in London and Johannesburg.
ABN Amro cuts back London forex staff
LONDON – ABN Amro has made cuts to its London FX team, resulting in the departure of John Marley, European head of sales.
JP Morgan launches Bloomberg IR options
LONDON – JP Morgan has begun trad- ing over-the-counter interest rate options on Bloomberg's multi-dealer trading platform.
FXall volumes surged 45% in 2006 on growing market
LONDON – Trading volumes on multibank platform FXall surged 45% in 2006, with over $9.8 trillion traded on a single-count basis.
Oregon state, CFTC fines Orion founder
OREGON – The US Commodity Futures Trading Commission (CFTC) and the District Court of Oregon have fined Russell Cline, founder of foreign currency trading firm, Orion International $33 million.
India pledges to pursue a less restrictive FX strategy
MUMBAI & HONG KONG – Indian prime minister Manmohan Singh issued a statement last week, confirming the country's commitment to gradually move towards a less restrictive forex regime.
Former IFX FX chief set to join Hotspot
LONDON – Kevin Gillespie, former head of foreign exchange at IFX Markets, is to resurface at electronic communications network Hotspot FXi, say market sources.
E-commerce and algo trading to drive recruitment this year
LONDON – Headhunters are predicting that the next 12 months could see a significant amount of staff turnover in the FX market.
Brokerage consolidation is back in the spotlight
PARIS – Consolidation of the broking industry is looming large again, with last week's announcement by Société Générale and Calyon that they were in exclusive talks to merge brokerages Fimat and Calyon Financial.
UBS beefs up its PTS Services post-trade system
NEW YORK – UBS enhanced its post-trade services last month, introducing a number of added capabilities to its post-trade processing portal, PTS Services Portal.
CME posts seventh successive year of continued growth
CHICAGO – The Chicago Mercantile Exchange posted a record year in 2006, making it the seventh consecutive year of continued growth.
China launches benchmark Shibor rate
SHANGHAI – China has taken further steps towards developing its interest rates derivatives market, with the launch of the Shanghai interbank offered rate (Shibor) last Thursday (January 4).
StanChart restructures institutional sales team
LONDON – Standard Chartered has implemented a new structure for institutional sales in London, following the departure of Tara Hunt, head of global investor sales in October last year.