News
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Deutsche Bank reorg sees return to Tokyo
GLOBAL – Deutsche Bank is to open a trading desk in Tokyo as it reorganises senior foreign exchange man agement across three continents.
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Eurobase launches four electronic trading modules
LONDON – Vendor Eurobase Banking Solutions has launched four e-trading modules aimed at providing banks with tools to maximise revenue generation across FX and other asset classes.
Hedge funds down, but retail FX soars
GREENWICH, CONNECTICUT – Hedge fund FX trading has slowed down, while FX retail trading has taken up the slack, according to research from Greenwich Associates.
Fraud charges at Florida's FIG
WASHINGTON, DC – The US District Court for the Southern District of Florida has frozen the assets of foreign currency firm First International Group (FIG) following fraud charges by the US Commodity Futures Trading Commission (CFTC).
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.