News
US banks report strength in last quarter of 2006
NEW YORK – US banks have reported a positive set of results from their currencies business for Q4 2006. The currencies business helped to push revenues higher in most of the banks, but dented the fixed-income revenues at Goldman Sachs.
Currenex builds out order types
LONDON – Currenex has released version 9.0 of its trading software, which sees the inclusion of advanced order types.
PVB goes live with Misys cross-asset system
MANILA – Philippine Veterans Bank (PVB) has gone live with cross-asset processing system Misys Opics Plus for its FX business.
Rivals are set to gain from merger of French brokers
LONDON – The announcement of a proposed merger between Société Générale's Fimat and Calyon Financial has already prompted some staff to start looking for alternative employment, say market sources.
Bear Stearns to expand in London, following global plan
LONDON – Bear Stearns is to grow its London-based FX business in line with the bank's wider growth plans, that could see it as much as triple its current staffing levels in the city.
Parker Global launches investable forex index
STAMFORD, CONNECTICUT – Investment consultant Parker Global Strategies (PGS) has launched PGS FX Alpha Edge, an investable foreign exchange index.
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.