News
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.
JP Morgan hires London MD
LONDON – JP Morgan has hired Andrew Simon as managing director and head of global clients in its global currency and commodities group. He joins from Lehman Brothers, where he was a managing director and head of FX derivatives marketing. He also has…
Saxo extends currency offering
COPENHAGEN – Foreign exchange specialist Saxo Bank is set to introduce the new Turkish lira (TRY) onto its platform from next week, in an effort to meet increased demand for trading in the currency.
More expansion at BoA
NEW YORK – Bank of America (BoA) is continuing the unrelenting build-up of its FX team with a series of hires in strategy and an additional prop trader.
US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
Renminbi takes first step
BEIJING – Banks are predicting further significant appreciation in the renminbi following the long-awaited shift in the currency announced last Thursday.
Summit scores another in Taiwan
TAIPEI – Taiwanese Far Eastern International Bank (FEIB) has signed Summit Systems, Misys Banking Systems' treasury and capital markets solution, for its STP.
Five go to GFI in Singapore
SINGAPORE – A five-strong regional FX options team at Tullett Prebon has jumped ship to GFI in Singapore amid further reorganisation at the newly merged entity.
Industry resilient to shocks
NEW YORK – The new dynamics of the foreign exchange industry has meant that the industry is better equipped to react to major disruption in the market.
Hotspot FX expands coverage
NEW YORK – Electronic currency network Hotspot FX has added five new currency pairs to cater for a growing client base in the Asia-Pacific time zone.
Italian sales staff in fashion
MILAN AND LONDON - Deutsche Bank's recent high turnover of staff has continued with a new hire in Milan and a departure in London.
CBA makes changes to Sydney strategy team
SYDNEY AND LONDON – Commonwealth Bank of Australia (CBA) has continued to ring the changes on its research team with a new addition in Sydney and an internal transfer from New Zealand to London.
More volatility for Slovakian unit
BRATISLAVA – The Slovakian koruna is likely to see continued volatility in coming weeks as international banks continue to move in and out of the market, according to traders.