News
News in brief
LONDON – November saw HSBC knock Citigroup out of the medal position at the FX Week Best Banks Awards.
Icap and CST settle dispute
HONG KONG – Interdealer brokers Icap and Collins Stewart Tullett (CST) settled a legal dispute over the defection of some 25 staff from CST to Icap.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
Disappointing Q2 for US banks
NEW YORK – Directionless markets in the second quarter offered few opportunities, with US investment banks reporting poor results year-on-year.
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
RBC Capital Markets touches base
LONDON – Royal Bank of Canada (RBC) Capital Markets has poached a three-strong metals team from Cargill Investor Services to form a base metals desk in London. The desk will be headed by Alex Heath, previously senior broker on the metals desk at Cargill…
Australia eases regulations
SYDNEY – Australia eased FX regulations to allow easier domestic foreign exchange business.
BarCap desk in Shanghai
SHANGHAI – Barclays Capital is launching an FX trading business in Shanghai after receiving a branch licence at the end of December.
Bloomberg and Reuters in, Centradia out
NEW YORK AND LONDON – February proved to be a month of arrivals and departures, with multi-bank portal Centradia ceasing to exist and Bloomberg and Reuters announcing their intention to target the buy side.
Post trade flavour of the month
LONDON AND ZURICH – Post trade services were the flavour of the month in October with both Reuters and UBS getting in on the action.
Citi shuts down Nordic offices
SCANDINAVIA – FX Week revealed Citigroup was to close FX sales operations in the Nordic region with branches in Copenhagen, Helsinki, Stockholm and Oslo to be shut.
CLS targets buy-side build-up
NEW YORK AND ZURICH – July saw CLS looking to expand into non-deliverable forwards (NDFs) and OTC options – a move that would pave the way for far greater buy-side participation on the settlement system.
Banks boost online options offerings
LONDON AND NEW YORK – Banks were busy building up their online capabilities in December with a number of players seeking to move emerging markets options online.
RBC scandal begins, NAB rogues charged
TORONTO AND MELBOURNE – March saw the implications of one trading scandal continue to emerge while another came to light. The Royal Bank of Canada (RBC) suspended three staff for an unlawful trade while the National Australia Bank rogue traders faced…
Hong Kong limits speculative trading
HONG KONG – May saw speculation about the shift in the renminbi peg affect the policy of neighbouring economies.
News in brief
CLS to cut prices
Deutsche boosts prime brokerage
LONDON – Deutsche Bank upped the ante for prime brokerage providers by extending its offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Bank of Communications taps Summit
BEIJING – Further evidence that Chinese banks are serious about moving further into FX came at the end of December with the implementation of a deal between Bank of Communications (BoCom) and Misys.
2005: a positive year for forex
NEW YORK – The Foreign Exchange Committee (FXC) last month issued best practice guidelines for prime brokerage in response to rising participation and transaction volumes in the space.
Terrorist attacks hit e-trading
LONDON – The July 7 terrorist attacks in London caused widespread disruption to electronic trading, with spreads widening considerably and at least one bank not delivering prices to a portal.
Bloomberg on the Wire
NEW YORK – Bloomberg is providing straight-through pro-cessing of swaps by linking its multi-dealer swaps trading platform to SwapsWire, an industry-backed electronic processing platform for over-the-counter derivatives.
News in Brief
FX Connect hikes prices pre-upgrade