News
Credit Suisse launches back-office outsourcing service
LONDON AND ZURICH - Credit Suisse has launched a back-office outsourcing service for banks and corporates.
UBS's corp sales head to depart
SYDNEY AND LONDON - UBS has undergone major changes in foreign exchange globally, with a change to the global head of corporate FX and a promotion in the structuring group.
CLS heads for the buy side
NEW YORK - CLS is to expand into non-deliverable forwards (NDFs) and OTC options - a move that could pave the way for far greater buy-side participation on the settlement system.
CLS PROFILE: the benefits of membership
Newton Investment Management, a UK fund management subsidiary of Mellon, joined CLS as a third-party member in March 2004. Mohsin Siddiqi (right), supervisor, trade operations, explains what drove the decision to join the system and what benefits it has…
CLS THREE YEARS ON: CLS set to corner settlement market
Three years after its creation, the continuous-linked settlement service (CLS) looks to be on track to meet its goal of getting 90% of spot FX trades settled in five years, with well over 50% of trades transacted using the system already.
Tenfore Systems beefs up FX content
LONDON - UK-based data vendor Tenfore Systems has added two contributors to its forex feed in a bid to increase its FX coverage.
BNP continues sales build-up
LONDON - BNP Paribas has further boosted its London FX team with two new hires.
RBS offers multiple FX pricing
LONDON – The Royal Bank of Scotland (RBS) is extending its swaps and forwards capabilities by offering prices on multiple platforms. The bank will be live with prices for swaps and forwards on Currenex in coming weeks, on a request-for-quote (RFQ) basis.
Hong Leong Bank deploys BT voice-trading technology
Hong Leong Bank has implemented BT's ITS.Netrix voice-trading technology at its Kuala Lumpur dealing room.
BNP appoints head of e-commerce
NEW YORK & LONDON – BNP Paribas has boosted its global forex team by making two hires in New York and London.
Global FX sales reorg at Deutsche
LONDON & NEW YORK – Deutsche Bank has made changes to senior management in its global FX sales team following the retirement of global head of FX sales Dan Almeida last month.
Fimat to become CLS member
LONDON – Brokerage firm Fimat will be going live on the continuous-linked settlement (CLS) service by the end of September, a senior official told FX Week .
Asian currencies at risk from oil surge
JAKARTA – Asian currencies have taken a hit from surging oil prices, which remained above $60 last week despite falling off record levels set earlier this month.
UK banks storm ahead in forex
LONDON – UK banks are storming ahead in FX, with a strong set of results reported for the first half of the year.
ACM expands in Middle East
DUBAI – ACM-Refco, the online currency and metal trading firm, has opened a representative sales office in Dubai, United Arab Emirates.
Voting underway for Best Banks Awards
LONDON – Voting for the FX Week Best Banks Awards 2005 got underway last week, with more than 300 votes already having been cast.
China announces reference basket
BEIJING – The People's Bank of China (PBoC) has announced the four currencies that will act as a basket against which the renminbi (RMB) will be pegged.
Aussie/Kiwi influx keeps lid on spiralling London salaries
LONDON – The steady flow of Aussie and Kiwi staff into London's FX arena has helped keep a lid on spiralling wages, according to market participants.
BoA's Nutland defects to Calyon
LONDON – Steve Nutland, head of trading at Bank of America (BoA) in London, has left after almost six years, the bank has confirmed.
BoA build-up complete
LONDON – Bank of America (BoA) has completed its planned build up this year with a hat trick of senior hires on its emerging markets trading desk.