News
eSpeed upgrades spark changes
LONDON – FX platform vendor eSpeed is undergoing a number of changes to its staff in the coming weeks, as it seeks to improve its position in the market.
DrKW continues to rebuild in FX
PARIS – Dresdner Kleinwort Wasserstein (DrKW) is continuing to rebuild its foreign exchange capabilities with hires in Paris and London, following the major cuts seen at the German bank in December.
Gain growth boosts staff hires
NEW YORK – Online FX dealer Gain Capital has made two appointments to meet growing demand for its services.
Icap offers streaming FX prices
LONDON – Icap is set to offer streaming prices to customers on its forwards platform, as the broker seeks to expand its presence in the electronic broking space, and offer competition to Reuters.
US banks suffering from short notice periods
NEW YORK – US banks are altering their notice periods, as they are increasingly being seen as soft touches for other banks looking to hire staff.
CFTC cracks down on scams
WASHINGTON, DC – US authorities have uncovered a forex scam worth more than $17 million involving nearly 1,000 customers.
Travelex unveils US expansion plans
NEW YORK – Foreign exchange specialist Travelex is targeting significant growth in the US market with the appointment of Robert Wittmann as head of commercial FX.
CoesFx adds 10 new pairs
PLAINVIEW, NY – Electronic currency network, CoesFx, has added 10 new currency pairs, almost doubling the number of currencies available to its retail and institutional clients.
OCC reports decline in forex derivatives trading
WASHINGTON, DC – Foreign exchange has bucked the trend for derivatives trading with a fall in value for the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
RBC departures in sales and trading
LONDON & NEW YORK – Royal Bank of Canada (RBC) is to scale down its forex operations in New York, and is understood to be closing its prop desk in London with the departure of veteran trader Keith Dack.
BoA keeps building
NEW YORK – Bank of America (BoA) is continuing the expansion of its FX capabilities with further growth in its sales team. Mark Rossi and Rodulphe Alexis started at the bank last week, reporting to Patrick Baune, head of sales at the bank. The pair join…
CSFB gets green light for Korean OTC derivatives
SEOUL – Credit Suisse First Boston received approval to engage in over-the-counter derivatives business in South Korea last week.
MetaQuotes releases MetaTrader 4 for FX
KAZAN – MetaQuotes Software will be releasing a new version of its forex trading system, MetaTrader 4, on July 1.
Poor Q2 for US investment banks
NEW YORK – Directionless markets in the second quarter of the fiscal year proved to offer few opportunities, with US investment banks posting meek second quarter results over the same period the previous year.
First Eonia swap index fixed
PARIS - The first fixing of the Eonia (euro overnight index average) swap index, took place on June 20 at 4.30pm CET.
Strong start for Chinese interbank trading platform
SHANGHAI – Volumes traded on China's interbank FX trading system (Cfets) have grown steadily since its launch in mid-May, say dealers.
New fund from ABN Amro
LONDON – ABN Amro has begun marketing a new currency fund made up of 10 underlying managed accounts, providing a diversified portfolio of currency management styles.
Eurex optimistic over forex venture
CHICAGO – Eurex's entry into FX will be facilitated by "the lack of domination in this space", according to Satish Nandapurkar, Chicago-based chief executive officer of Eurex US. He was speaking to FX Week following the exchange's recent move into FX…
Deutsche Bank takes HSBC team for ICM Plus in Japan
TOKYO – Deutsche Bank has poached a four-strong FX sales team from HSBC in Tokyo as it builds up its client coverage in the country.
Merrill raids JP Morgan, again
LONDON – Three southern European FX sales staff have made their way to Merrill Lynch's EMEA strategic solutions group, following the US investment bank's raid on JP Morgan Chase.