News
BoA poaches pair from Morgan Stanley
LONDON – Bank of America is expanding its rates capabilities with two senior hires from Morgan Stanley in London.
Lehman hires new FX head
NEW YORK & LONDON – The turnover at Lehman Brothers continues with two senior appointments in London and New York.
Reuters adds ISK
Reykjavik – Global information provider Reuters has launched the Icelandic krona on its Dealing 3000 spot FX matching service.
Lava moves into interbank FX space
NEW YORK – Citigroup subsidiary, Lava Trading has confirmed plans to launch a new interbank forex trading system this year. The move makes it the first of a number of platforms rumoured to be taking the plunge into the space.
Foreign banks lose out in South Korea
SEOUL – Foreign banks operating in South Korea took a hit in 2005, with net profits sliding nearly 70%, according to government statistics.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
A changing interbank landscape
The decision by the world's largest interdealer broker, Icap, to acquire spot FX broker EBS bears significant implications for the current landscape of the FX industry.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
ACI charity awards
The UK ACI's fX Factor Awards in support of the Variery Club's Children's Charity are taking place on May 5 at Grosvenor House in London.
Standard Bank builds in sales
LONDON & HONG KONG – Standard Bank is building its sales capabilities in London and Asia, as it looks to expand coverage to institutional and corporate clients.
BNP poaches Citi forex options head
NEW YORK – BNP Paribas has raided Citigroup and Barclays Capital (BarCap) as it continues to beef up its presence in the US and Europe.
COESfx signs Nostradamus
PLAINVIEW, NEW YORK – Electronic communication network COESfx and vendor Nostradamus Systems have linked up to provide traders with a tool to predict future foreign exchange levels.
Strong Q1 forex results from US banks
NEW YORK – US banks continued the trend of strong first quarter results already reported, with sharp rises in foreign exchange-related profits.
CLS Bank reports 10% rise in volume in March
LONDON – CLS Bank recorded a 10% rise in average daily payment instructions settled on its system in March.
JP Morgan revamps in Asia
HONG KONG – JP Morgan has reorganised senior management in Asia and hired Tarun Mahrotri, formerly regional head of trading at HSBC in Hong Kong.
Dow Jones/Relegence launch info service
NEW YORK – Dow Jones and real-time financial services news engine Relegence, have launched an "information command center" for buy-side and sell-side financial professionals.
Gain takes $40 million advantage
BEDMINSTER, New Jersey – Futures commission merchant, Gain Capital, has received $40 million in equity investment from US private equity firm, VantagePoint Venture Partners.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
Yen and RMB undervalued, finds survey
LONDON – The majority of fund managers believe the yen is undervalued based on current fundamentals, according to research by US investment bank Merrill Lynch.
Shake-up at Credit Suisse continues
NEW YORK & LONDON – Credit Suisse's sales head has left the bank, continuing a shake-up that started when Gael de Boissard, co-head of fixed income, took over FX responsibility, according to bank sources.
State Street to provide forex workflow solution for MLIM
LONDON – State Street is providing a foreign exchange execution management workflow solution through its Global Link network for Merrill Lynch Investment Managers (MLIM) in London.
FXall sees increase in volumes
NEW YORK – Trading platform FXall announced record trading volumes of $825 billion in March, a 53% increase on the same period last year.