News
HKMA limits spec trading
HONG KONG – Authorities clamped down on speculative trading on the Hong Kong dollar last week by introducing a ceiling on the currency at HK$7.75 per US dollar.
Forex site launched by London Capital
LONDON – Spread betting firm London Capital Group is to launch a foreign exchange platform following a management buy-out.
Fiftieth anniversary to eclipse previous events
STOCKHOLM – The fiftieth anniversary ACI Congress promises to eclipse the event held in London last year, according to Jan Trädgårdh, chairman of the organising committee.
Citic chooses Sophis
HONG KONG – Citic Capital, the international investment banking arm of China International Trust and Investment Corporation (Citic) Group, has selected Risque as its core platform for risk management and proprietary trading for processing in FX,…
SG takes up prime brokerage challenge
NEW YORK – SG Corporate & Investment Banking (SGCIB) has fully entered the prime brokerage market with the launch of SG Prime.
GFI launches Fenics dealFX
NEW YORK – GFI Group is to demo Fenics dealFX, a foreign exchange options trading system that it launches this week at the congress.
Stockie weakness despite economic strength
STOCKHOLM – For a currency with such strong economic fundamentals, the Swedish krona has seen surprising weakness this year, as many in the market have discovered to their cost.
Wilkinson kicks off Travelex TV campaign
LONDON – Foreign exchange specialist Travelex has signed England rugby international and world cup 2003 winner Jonny Wilkinson as a brand ambassador.
Reuters showcasing latest additions
STOCKHOLM – Reuters will be exhibiting its expanded electronic trading portfolio, including the impending Reuters trading for foreign exchange, at the congress.
Interbank FX trading takes off in China
SHANGHAI – China Foreign Exchange Trading System (CFETS) opened its interbank FX trading business last week, leading to speculation that a shift in currency policy may be imminent.
Reuters bids farewell to Fleet Street
LONDON – Reuters, the global information provider, is ending its longstanding relationship with Fleet Street by completing a move to new headquarters in London's Canary Wharf.
HSBC embarks on radical tech revamp
LONDON – HSBC is radically overhauling its trading technology infrastructure to create a truly cross-asset class messaging platform to support its electronic trading operations globally.
Changes at ABN Amro
AMSTERDAM – ABN Amro has made a number of changes to the senior management of its FX team and is restructuring its Asian operations.
Traders lured by hedge funds
LONDON – Banks are finding it hard to hold on to top-quality sales and trading staff as the exodus to hedge funds has gathered pace.
SuperD launches reval product
NEW YORK – Pricing systems vendor SuperDerivatives has expanded its suite of services with the launch of a revaluation service.
RBS increases sales force
LONDON AND MADRID – Royal Bank of Scotland (RBS) has made two new appointments in London and Madrid as it continues to build up its European sales presence.
JP Morgan loses two in London
LONDON – JP Morgan Chase has lost another two members of staff from its London office. Tracey Rodriguez has resigned from her role as a senior salesperson, covering interest rate products and reporting to desk head Sikander Ilyas.
Westpac building global presence
SYDNEY AND LONDON – Westpac has made an addition to its FX desk and relocated two staff to its London office as it continues to build its global FX presence.
Prime brokerage threatening banks
LONDON – Banks are charging far too little for prime brokerage to be profitable, according to market players.
Technology forcing change in forex staff skills set
LONDON – The rapid pace of technological change is leading to a ‘paradigm shift’ in how foreign exchange staff are employed, according to Ray McKenzie, director of forex products at the Chicago Mercantile Exchange (CME).
eSpeed’s FX platform gets a makeover
NEW YORK – Electronic broker eSpeed is rolling out an improved forex trading platform to all its users over the next two months.