News
Broker consolidation in the spotlight
LONDON – Consolidation of the broking industry is looming large again, with the unexpected announcement by Collins Stewart Tullett (CST) last week that it had received a number of bids for the company.
PBoC liberalises derivatives market
BEIJING – The People's Bank of China (PBoC) has issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market. Meanwhile, non-bank companies such as insurance firms and asset managers can also apply…
Berkshire Hathaway hit by strong dollar
OMAHA – Berkshire Hathaway, the investment and insurance company run by billionaire investor Warren Buffet, has suffered $926 million in mark-to-market losses from its foreign currency contracts, amid a strong US dollar in the first half of the year.
BNP and RBS boost bank sales
GLOBAL – BNP Paribas and Royal Bank of Scotland (RBS) have boosted their presence in the financial institutional forex space by opening a new desk and hiring new staff, respectively.
Deutsche boosts prime brokerage
LONDON – Deutsche Bank has extended its prime brokerage offering with the introduction of options, non-deliverable forwards (NDFs) and increased processing capabilities.
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
Ueda Harlow taps Internap
TOKYO – Japanese FX broker Ueda Harlow has selected technology vendor Internap Network Services for internet IP connectivity on its new online FX trading service. Ueda Harlow-FX, launched at the end of June, will use the intelligent routing technology…
Citi extends structuring
NEW YORK – Citigroup has extended its structuring capabilities by setting up a group dedicated to providing derivatives-based solutions for clients.
Oanda offers a simple option
NEW YORK – Oanda, a US currency trading and information firm, has launched Oanda BoxOption, aimed at simplifying options trading.
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
The tip of the eFX iceberg
GREENWICH, CT – Electronic FX volumes could hit a new wave of growth if the banks behind spot broker EBS' buy-side initiative stay committed, according to research by Greenwich Associates.
One in, one out at Deutsche
LONDON – Deutsche Bank has hired Chris Collings as a director with a specialty in strategic corporate structuring. He will be a specialised resource for all the regional FX structuring teams and corporate coverage. Collings was previously part of the…
More hires at JP Morgan
LONDON – JP Morgan has made five hires in its global currency and commodities group in London, to bolster its sales and trading platform in Europe.
Diversification needed for Asian central banks
TOKYO – As much as $450–$500 billion may have to be shifted from dollars to yen and euros if Asian central banks are to avoid big yearly losses, said Thomas Stolper, global market economist at Goldman Sachs in London.
ABN Amro names new distribution head
AMSTERDAM – ABN Amro has made Scott Wacker global head of FX distribution, following a realignment aimed at increasing coverage of futures clients.
CLS cuts costs as well as risk, says survey
LONDON – The introduction of CLS has cut processing costs of FX transactions almost three-fold, according to a survey by Z/Yen, a city-based market research firm.
US FX catching up with UK
LONDON & NEW YORK – Growth in the US FX market is outstripping the UK, according to official figures released last week.
ABN Amro cashes in on retail demand
HONG KONG – ABN Amro is capitalising on retail demand for exposure to forex markets with the launch of the first FX-linked equity notes for retail investors based in Hong Kong.
AIG continues FX restructure
NEW YORK – AIG Financial Products (AIG FP) has restructured its FX trading desk a year after it tried to boost the operation with six hires ( FX Week , July 5 2004).
Reuters strength driven by FX
LONDON – Reuters' half-yearly results were driven by strong foreign exchange and other trading.
Foreign banks slammed in Seoul
SEOUL – Three foreign banks have been reprimanded by Korean authorities for selling inappropriate FX derivatives contracts to state-owned companies.