News
HSBC names Brown global FX chief
GLOBAL – HSBC has undergone a major reorganisation in FX, resulting in a newly created global head of FX role.
Morgan Stanley follows US bank rivals
NEW YORK – Morgan Stanley has continued the trend of record results from US investment banks, announcing a sharp rise in revenues for sales and trading in fixed income.
Senior change at Credit Suisse
NEW YORK & LONDON – Credit Suisse has made further senior management changes in FX, after the reshuffle seen at the end of last month.
Citigroup raids Merrill Lynch
GLOBAL – Two senior FX officials have made their way to Citigroup as the bank continues to raid its US rival, Merrill Lynch.
Lava launches new staging area offering
NEW YORK & LONDON – LavaFX, the electronic communications network (ECN), has built a new staging area aimed at reducing execution errors on the platform. Orders placed via direct connections or an order management system (OMS) are sent to the staging…
CBRC sends out warning
China's regulatory body, the China Banking Regulatory Commission (CBRC), sent out a warning to foreign companies against marketing their FX businesses in China.
Further changes at DrKW
LONDON & NEW YORK – Dresdner Kleinwort Wasserstein (DrKW) continues to make changes to its global FX business with another appointment and a departure.
EBS completes 90% of client migration to new platform
LONDON – EBS has migrated 90% of customers and all EBS Spot brokers on to a new IP-based platform.
Talks mount over FXall buyer
NEW YORK – FXall has agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, say sources.
CLS sets one-day record
CLS Bank has set a new record for the value of payment instructions settled in a single day. The platform settled 344,318 payment instructions with a gross value of $4.65 trillion on March 15. The last time a record was set was on December 21 last year,…
US banks announce record first-quarter results
NEW YORK – The US investment banks have stormed through the first quarter of this year, with record-breaking results released last week.
Talks mount over FXall buyer
NEW YORK – FXall has agreed to sell a 20% stake to private equity firm Technology Crossover Ventures (TCV), based on an overall valuation of $300 million for the company, say sources.
Commit to algos, banks warned
LONDON – Banks must commit now or be prepared for a life outside the fast-moving algorithmic space, warned Jeremy Smart, executive director at Morgan Stanley.
Marex continues expansion
NEW YORK & LONDON – Independent brokerage firm Marex Financial has signed its third deal with an FX platform in recent weeks.
Reuters adds trading service for exchanges
LONDON – Reuters last week entered the exchange-traded space with an offering that enables the buy side to execute trades on exchange products with brokers from a single screen.
EBS pushes into emerging markets
BEIJING – Global trading platform and data provider EBS is making inroads into the emerging markets arena with the roll-out of its data service in China and the introduction of its prime brokerage platform in eastern Europe.
Logicscope ties up with TwoFour Systems
NEW YORK – Vendor TwoFour Systems has become the latest participant in the Logicscope Vendor Partner Program.
Demand for ETFs at an all-time high
BASEL – Demand for exchange-traded futures and options contracts reached an all-time high last year, with annual turnover up 22% on 2004, according to the latest quarterly data released by the Bank for International Settlements (BIS).
DJ Newswire and FXdirekt launch German language news service
LONDON & FRANKFURT – Dow Jones Newswire has teamed up with German online trading platform FXdirekt Bank, to establish a German language real-time FX news service.
HSBC becomes CME Russian ruble market-maker
CHICAGO – Chicago Mercantile Exchange (CME), the regulated FX marketplace, has added a second market-maker for Russian ruble futures, with HSBC signing up to provide liquidity. Deutsche Bank is also a market-maker for this contract.