News
Dresdner lays off prime brokerage staff amid group-wide cutbacks
FRANKFURT & LONDON – Dresdner Kleinwort looks to be scaling back its FX prime brokerage operation, with the departure of PB head Roger Allen and Noel Singh last week.
LiquidityHub hires chief executive, pooling banks' resources
Robert MacLeod has been made chief executive of London-based LiquidityHub, a venture that aims to electronically pool the fixed-income liquidity of 11 investment banks.
SAFE launches FX monitoring software
BEIJING – China's State Administration of Foreign Exchange (Safe) will launch a new data collection software to monitor its foreign exchange cross border capital flows.
Four more currencies for JP Morgan
JP Morgan has added the forint, Czech koruna, zloty and rand to its electronic interest rate swaps trading platform.
Citigroup launches Islamic finance products in Singapore
SINGAPORE – Citigroup has launched commodity murabaha investments denominated in the US dollar, euro, pound sterling and Singapore dollar.
Deloitte and Touche takes SD-Revaluation
NEW YORK – Consulting firm Deloitte and Touche is using SuperDerivatives' SD-Revaluation service for derivatives when conducting audits for buy-side customers. Deloitte is using the revaluation service for external independent verification of the…
TwoFour connects to FXall
Technology vendor TwoFour Systems last week teamed up with multi-bank portal FXall to offer its clients access to prices directly through its own trading platform.
Citigroup and GSB sign memo of understanding
BANGKOK – Government Savings Bank (GSB), Thailand's state bank, has signed a memorandum of understanding with Citigroup in Thailand to start an international banking business that will launch in the first part of next year.
Asia focus for Bank Julius Baer
ZURICH & SINGAPORE – Bank Julius Baer is understood to be transferring Fred Etheart from Zurich to Singapore, where he will develop an institutional foreign exchange sales desk.
ASIA PACIFIC NEWS: ABN Amro pays $4.5m settlement in Vietnam forex trading case
HANOI – Dutch bank ABN Amro has paid $4.5 million to police to settle a dispute over allegations by the Vietnamese government that its traders broke FX trading regulations.
FXall in ruble push
MOSCOW – Multibank platform FXall has added five liquidity providing banks to bolster trading in the Russian ruble.
Strong activity continues as dollar slides
GLOBAL – Last week again saw big moves in the major currency pairs as traders capitalised on a weaker dollar to make much-needed trading gains.
Boost for Mexican derivatives
MEXICO CITY – The Mexican derivatives market is set for expansion, with foreign participants getting access to the Mexican Derivatives Exchange (MexDer) through BT Radianz.
More top changes at BoA
LONDON & NEW YORK – Bank of America (BoA) is undertaking a further restructuring of its senior FX management team, as the bank seeks to drive its growth to the next level.
Algo trading to double, says Eurex
CHICAGO – "The rise in activity of algorithmic traders is impressive, and it's changing the nature of electronic trading," said Andreas Preuss, chief executive of Eurex.
Icap switches voice brokers
LONDON – Icap is moving resources from the major currencies into emerging markets, as the interdealer broker acts to reflect the changed FX landscape.
Dresdner rebuilds forex team
LONDON & NEW YORK – Dresdner Kleinwort (DK) has made three senior hires as it rebuilds it FX team after a series of departures to Merrill Lynch in September and October.
City Index plans new FX brand
LONDON – Spread betting firm City Index is set to launch a new FX business in the New Year, as it integrates the IFX business it bought in the summer, FX Week has learned.
Senior changes at Lehman
NEW YORK – Lehman Brothers is making senior management changes that cut across three continents.
Icap switches voice brokers
LONDON – Icap is moving resources from the major currencies into emerging markets, as the interdealer broker acts to reflect the changed FX landscape.
RBS and JP Morgan scale back prop trading
LONDON – Royal Bank of Scotland closed its London-based prop trading desk last week in the latest sign of the hardship faced by FX desks at banks.
Asic cracks down on boiler-room scam
SYDNEY – The Australian Securities and Investments Commission (Asic) has frozen bank accounts perceived to contain A$3.9 million (US$3.0 million) in defrauded funds.