News
Russian activity on the up
MOSCOW - Russia's stable economy, booming markets, soaring demand for financial services and growing number of high net-worth individuals, means banks are now investing in more FX staff in the country, say market participants.
Market snubs Reuters' full-year growth
LONDON - Reuters announced more positive news in its 2005 preliminary results last Thursday, February 23, which marked the first full year of revenue growth since 2001.
BoA to reclassify
NEW YORK - Bank of America (BoA) has had to recalculate its financial statements since 2002, after it emerged that it had wrongly classified FX and interest rate derivatives earnings.
SD updates commodities offering
NEW YORK - SuperDerivatives has updated its SD-CM commodity option pricing platform.
Shake-up at Credit Suisse
LONDON & NEW YORK - Credit Suisse has seen a further reshuffle in its senior management.
Saxo reports strong growth in 2005
COPENHAGEN - Saxo Bank reported a 39% increase in pre-tax profits and an 81% return on equity in its results for 2005.
Volatile times for the Thai baht
BANGKOK - Political uncertainty in Thailand and likely further rate hikes will lead to short-term volatility in the Thai baht, say market participants.
BNP merges FX and rates
LONDON - BNP Paribas last week announced it is to merge its foreign exchange and interest rate trading operations, in a bid to improve efficiency and deliver best practice.
Strong results at BarCap
LONDON - Barclays Capital reported strong growth in income and net trading income in its 2005 annual results. Total income increased 27% to £4.3 billion.
Sumitomo goes live with Calypso solutions
TOKYO - Sumitomo Trust & Banking (STB) has gone live with vendor Calypso's interest rate and FX derivatives software solutions.
Deutsche expands PB offering
LONDON - Deutsche Bank is boosting its prime brokerage capabilities with the hire of a European head and an expansion of services.
Reuters expands in China
EIJING - Reuters is significantly increasing its presence in China, signing five banks to its Dealing 3000 matching service and selling its Kondor risk management product suite to six.
Traiana goes live with forex options
NEW YORK - Software vendor Traiana went live with its foreign exchange options service on its Harmony Message Center (HMC) this month.
SEB signs up to FX Connect
STOCKHOLM - Skandinaviska Enskilda Banken (SEB) is the latest bank to join FX Connect, State Street's electronic FX trading platform.
Staff build-up at Bank of America
NEW YORK - Bank of America (BoA) has made a trio of hires over the past month as it continues to build its forex capabilities.
Refco saga continues
NEW YORK – The Refco saga continued last week, with creditors vetoing a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
CLS breaks one-day trading record
LONDON – CLS Bank set a new record for the number of payment instructions settled in one day breaking the half million barrier for the first time. It settled 502,384 instructions on with a gross value of $3.9 trillion on January 17.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
Bloomberg to create e-trading company
NEW YORK – Bloomberg is partnering with several major banks to launch an electronic swaps trading company, according to the data vendor.
Rouble gets its own symbol
MOSCOW – The Russian congress is to establish a symbol for the rouble sign in a bid to boost the reputation of the unit.
Marex Financial takes FXall
LONDON – Independent brokerage firm, Marex Financial has started offering foreign exchange liquidity and trading services from FXall to clients in Europe, the Middle East and the US.
Saxo makes retail move
COPENHAGEN – Saxo Bank is making significant changes to its structure, as it seeks to boost its retail business with senior hires from the Danish business world.
Lloyds TSB goes live on 360T portal
LONDON & FRANKFURT – UK bank Lloyds TSB Financial Markets has gone live as a liquidity provider to German multibank portal 360T ( FX Week , January 30).