News
EBS to put data on sale
LONDON – EBS is to sell historical FX data to banks and non-bank traders via a new service called EBS Data Mine.
Lloyds looks to raise its FX profile
Lloyds TSB may not be well known for FX, but it has made a big-name hire that it hopes will enable it to continue buiding its presence in the fiercely competitive UK market
Knight Capital in landmark deal with Hotspot FXi
NEW JERSEY – Knight Capital last week announced plans to acquire electronic currency network Hotspot FXi in a landmark deal worth $77.5 million.
Corporates fail to hedge
NEW YORK – A major study of corporate FX hedging practice by Citigroup has found that nearly half of all companies either do not hedge at all or hedge under six months.
Singapore releases inaugural forex volumes survey
SINGAPORE – The Singapore Foreign Exchange Committee released its inaugural survey of foreign exchange volume in the city-state last week.
State Street to offer settlement solution
BOSTON – State Street Global Markets (SSGM), the investment research and trading arm of State Street, will launch an online settlement instructions system linking CLS and global directory SSISearch.
EBS ends sale speculation
LONDON – Interdealer broker Icap last week confirmed it is in discussions to acquire electronic forex heavyweight EBS.
Western Union joins forces with Travelex
LONDON – Western Union, the worldwide money transfer service, and Travelex, the world's largest non-bank foreign exchange payment firm, have signed an exclusive agreement whereby the latter offers Western Union's transfer service.
Commerz continues to rebuild
FRANKFURT & LONDON – Commerzbank has boosted its FX team with four new hires in London and Frankfurt, as it continues to rebuild after cutbacks in late 2004.
BOA falls in FX
NEW YORK – Bank of America (BoA) posted a fall-off in FX trading-related revenue for 2005 versus the previous year in its annual results released last week.
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.