News
Cuts follow ABN Amro research merger
LONDON – ABN Amro has merged its FX, credit, rates, strategy and economic research into one global team, resulting in at least seven redundancies.
Tullett Prebon benefits from market volatility
LONDON – First half results at Tullett Prebon benefited from volatile market conditions in FX, interest rate derivatives and energy, according to the interdealer’s interim report released last week.
Thailand coup makes little impact on baht
BANGKOK – Last week’s military coup in Thailand is unlikely to have a lasting impact on the baht, according to analysts in the region.
Hungarian riots fail to dent market
Political turmoil in the Hungarian capital produced sharp moves in the forint last week, but the currency remains relatively stable as the prime minister held onto power.
Bank of Russia irks market over IMF investment
MOSCOW – The Bank of Russia invested around $257 billion into the world economy by the end of August, according to statistics from the IMF released last week.
Senior hires at FXMarketSpace
LONDON – FXMarketSpace, the centrally cleared forex market-place established by Reuters and the Chicago Mercantile Exchange (CME), has made four senior hires to its global management team.
FXall sees strong take-up on MM platform
LONDON – More than 65 institutions have participated on the FXall money markets platform since it was launched in June, the platform said last week.
Risk survey recognises top derivatives players
LONDON – Tullet Prebon, UBS, Deutsche Bank, and Royal Bank of Scotland (RBS) shared the spoils in the currency category of FX Week sister publication Risk’s 2006 interdealer survey.
Mixed results for US banks
NEW YORK – Low volatility in currency markets provided a challenging third quarter for US investments banks, with a mixed bag of results released last week.
New Xinhua rules intercept foreign news
BEIJING – Xinhua News Agency, the Chinese government-controlled information service, has issued new rules designed to stop foreign competitors from working directly with their customers in China.
Vietnam probe into ABN Amro traders widens
HANOI – Vietnamese authorities have increased uncertainty for all FX operations in the country by widening the criminal investigation into ABN Amro traders.
More fraud uncovered by CFTC
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has settled a forex fraud action resulting in over $2.5 million in civil penalties.
Bear builds metals business
NEW YORK – Bear Stearns has expanded its FX-aligned precious metals group to a global full-service hard-asset business through making hires and introducing product capabilities.
Merrill Lynch swoops on top Dresdner Kleinwort trio
LONDON – Merrill Lynch raided Dresdner Kleinwort last Thursday to take the bank’s most senior foreign exchange personnel.
Deutsche reorganisation sees commodities stripped from FX
LONDON – Deutsche Bank has restructured its forex capabilities, promoting global head of currencies and commodities Jim Turley to head the institutional client group.
FXdirekt expands eastern European footprint
Krefeld/Oberhausen – Online forex bank FXdirekt Bank is targeting its foreign exchange trading platform FEXtrader to Polish and Czech investors.
Merrill Lynch swoops on top Dresdner Kleinwort trio
LONDON – Merrill Lynch raided Dresdner Kleinwort last Thursday to take the bank’s most senior foreign exchange personnel.
Calypso upgrades technology
SINGAPORE – Calypso Technology has made several enhancements to its FX and FX derivatives software in response to client demand, officials told FX Week.
Calyon up almost 50% in Q2
PARIS – Revenues from the capital markets business of French bank Calyon rose almost 50% in the second quarter of 2006 versus the same period last year, according to the bank’s interim report.
Strategists in demand
GLOBAL – Forex strategists are en vogue this month, with a number of hires at major banks in the US and Europe.
FNX launches margin trading and client management solution
PHILADELPHIA – Trading technology vendor FNX has rolled out Cayman, a real-time FX and cross-asset solution designed for high-volume margin trading and client management.