News
Fundamentals star in December
With hedge funds becoming increasingly interested in foreign exchange as a source of alpha, FX Week in conjunction with SEB and Mellon has collated data indicating how 35 leading hedge funds have fared over the last year and a half
EBS ends sale speculation
LONDON – Interdealer broker Icap last week confirmed it is in discussions to acquire electronic forex heavyweight EBS.
Tullett Prebon sets up volatility division
LONDON – Tullett Prebon has established a volatility division, in the final stage of restructuring since parent company, Collins Stewart Tullett, acquired Prebon Yamane in 2004.
And now, the weather, from CoesFX
PLAINVIEW, NEW YORK – New York portal CoesFX last week launched a tool to predict foreign exchange rates using a 'weather forecasting' format to enable users to factor in more variables.
Integral Development boosts staff
MOUNTAIN VIEW, CALIFORNIA – Integral Development, provider of capital markets products and services, has hired five staff in business development, finance, research and marketing.
Reuters launches new version of DataScope
NEW YORK – Reuters last week launched DataScope Select, a new version of its back-office solution intended to provide more flexible access to a broader range of data.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
IFX bounces back with trio of hires
LONDON – IFX Markets has hired three and promoted two, as it looks to recover from being raided by BGC.
BGC adds institutional FX
LONDON – BGC, the voice and electronic broking business of Cantor Fitzgerald, has confirmed the creation of an institutional FX trading desk.
StanChart caters to RMB retail clients
HONG KONG – Standard Chartered has gone live with renminbi savings and time deposit services for seven business types.
CLS Bank sets new volume record
LONDON/NEW YORK – CLS Bank has set a new record for the volume of payment instructions settled in one day.
London behind on gender equality
LONDON – The paucity of women forex professionals in London is likely to persist as its reputation as a male-dominated arena continues, according to market observers.
BarCap adds CME options to Barx
NEW YORK/CHICAGO – Barclays Capital has become the first bank to provide CME eurodollar options strategies capability to its electronic trading system, Barx.
Commodities hit JPMC and Citi
NEW YORK – Poor performance in the commodities markets caused JP Morgan Chase and Citigroup to report a decline in revenues generated from their fixed-income divisions in the fourth quarter of 2005, clouding positive results for FX.
Korea to restrict currency data
SEOUL – The Bank of Korea (BoK) is set to restrict parties that are able to view real-time currency data, in a bid to curb currency speculation, from next month.
Milan bank makes cuts overseas
MILAN – Banca Popolare di Milano has closed its overseas FX capabilities and now operates exclusively from Milan.
Deutsche Bank cuts out $1 trillion
LONDON – Deutsche Bank cut out $1 trillion of what it described as 'predatory trades' last year, as it repositioned its business to make it more profitable.
BGC poaches Icap Scandi FWDs team
COPENHAGEN – BGC Partners has hired a four-strong Scandi forwards and derivatives team from interdealer broker Icap in Copenhagen, as it continues its aggressive hiring spree.
ABN names new Asia distribution head
SINGAPORE – ABN Amro has named Andrew Ford regional head of foreign exchange and local markets distribution for Asia-Pacific in Singapore, as the Dutch bank continues its push in the region.
Nybot launches euro index
NEW YORK – The New York Board of Trade (Nybot) will today launch trading in euro index options, as further evidence of the demand for exchange-traded currency products.
Misys ups FX capabilities
NEW YORK & LONDON – Vendor Misys Banking Systems (Misys) has upgraded its integrated treasury portal, Misys Treasury Plus, aimed at corporate treasurers.
Wealth management: the new investment banking?
LONDON – Wealth management could become "the next investment banking", as more investment banks look for alternative sources of liquidity in an already over-saturated market, according to market participants.