News
CLS moves complete
LONDON – CLS Group is today naming Peter Slater as its new deputy chief executive officer of CLS Group and chief executive officer of CLS Services, following board approval.
Investec closes London corp desk
LONDON – Investec, the international specialist banking group, has closed its corporate FX desk in London.
Finevo Markets takes FNX
NEW YORK – Manhattan-based broker-dealer Finevo Markets Group is employing FNX's ASP solution as its core platform for straight-through processing and processing of foreign exchange transactions.
Italy most likely to pull out of euro
GLOBAL – Of the 12 member nations currently making up the euro, Italy is most likely to dump the currency, according to a survey conducted by FX Week .
Deutsche boosts London sales desk
LONDON – Deutsche Bank has boosted its London FX sales desk with two major hires in recent weeks.
Clampdown on speculators in Asia
JAKARTA – Asian authorities have clamped down on speculative trading, with a string of new FX controls across the region.
Saxo Bank founders cash in
COPENHAGEN – Founders of Saxo Bank Lars Seier Christensen and Kim Fournais stand to pocket more than $30 million each following the sale of 25% of the business to a private equity firm.
SG CIB builds up proprietary forex trading desk in Asia
SINGAPORE & HONG KONG – SG Corporate & Investment Banking (SG CIB) has built up its proprietary trading desk in the Asia-Pacific region, with hires in Singapore and Hong Kong.
NAB currency trader jailed
MELBOURNE – Luke Duffy, former head of the National Australia Bank’s (NAB) foreign currency options desk, has been sentenced to 29 months’ imprisonment for his part in the bank’s rogue trading scandal unearthed last year.
RBS Greenwich Capital shifts FX team
GREENWICH, CONNECTICUT – RBS Greenwich Capital is moving its FX operations from New York to its existing Greenwich headquarters this week.
TD London reorg complete
LONDON – Toronto Dominion has completed the reorganisation of its senior management team following the transfer of Moti Jungreis, new global head of wholesale forex, to Toronto ( FX Week , April 25).
WestLB using Cognotec to link to 360T
NEW YORK – Cognotec, the Dublin-based technology vendor, has selected WestLB, a partner bank, to deliver live automated market-making to multi-asset trading platform 360T.
Trio of departures from Citigroup
NEW YORK – Citigroup has lost another two FX staff in New York and one in London, following earlier departures and the closure of desks in continental Europe.
CLS bags world’s largest pension fund
AMSTERDAM – The world’s largest pension fund – the e170 billion Stichting Pensioenfonds ABP – has gone live on CLS as a third party of ABN Amro.
Eurex joins FX futures fray
CHICAGO AND FRANKFURT – Eurex, the Frankfurt-based derivatives exchange, has entered the FX market with a September date set for the launch of its futures platform.
JPMC swoops on UBS pair
LONDON – JP Morgan Chase in London has made two major hires from UBS, as it starts to rebuild its forex team in the wake of recent departures.
Patsystems supports CME on Reuters
LONDON – Software vendor Patsystems has signed a deal to provide technology supporting Chicago Mercantile Exchange (CME) FX on Reuters, as it looks to extend into new areas and develop beyond traditional markets.
More EM currencies for RBS FiX
LONDON – Royal Bank of Scotland (RBS) has made a further upgrade to its online FX service, RBS FiX, with the addition of forward benchmark prices for 12 emerging markets currencies.
CMC Markets adds new products and offices
LONDON/TORONTO – Online FX platform CMC Markets is set to expand with the launch of new currency baskets and additional offices globally.
One in, one out at RBC
LONDON AND TORONTO – Royal Bank of Canada (RBC) has made one new hire and seen one departure on either side of the Atlantic in the past two weeks.
Iceland trade heated up by rate rise
REYKJAVIK – Trading on the Icelandic krona (ISK) soared last week following a higher than anticipated rate hike by the Central Bank of Iceland (CBI), effective from June 7.
EM options taking the lead
LONDON – Emerging market currencies is the biggest market for options traders, according to a survey by sister publication Risk magazine, with these units representing more than a third of the total traded.