News
Chinese whispers cause confusion
BEIJING – Currency markets were thrown into disarray last Wednesday following an inaccurate news report by a Communist-party-backed news agency claiming China would allow the yuan to appreciate.
Marketmaker launches in HK
HONG KONG – Online forex service provider CMC Group has moved into Hong Kong with the roll-out of its internet-based Marketmaker platform.
BNP completes FX changes
PARIS – BNP Paribas has restructured its FX desk, following on from the wider changes made during the fixed-income reorganisation earlier this year ( FX Week , January 24).
Prime brokerage threatening banks
LONDON – Banks are charging far too little for prime brokerage to be profitable, according to market players.
Dollar hits European banks
ZURICH – The dollar’s correction at the beginning of the year hit European banks, which posted a mixed bag of results in forex last week.
Further departure at CBA
LONDON – Commonwealth Bank of Australia (CBA) in London has lost another senior member of staff, with the departure of Jonathan Klein, head of investor sales, client acquisitions, Europe.
NAB in global build-up
SYDNEY AND NEW YORK – National Australia Bank (NAB) has made myriad hires to its global FX team, as it continues rebuilding the business following last year’s notorious rogue trading scandal.
Investors take on real exposure
SAO PAULO – Currency hedging by foreign investors of Brazilian hedge fund vehicles is on the decline, as risks on the Brazilian real favour the upside, according to hedge fund managers.
Currency strategies down
LONDON – Currency strategies faced a tough month in April, continuing the trend seen in recent months.
Hotspot using TradeSTP
LONDON – Hotspot FXi, the multi-bank FX market operator, is set to use data distribution products vendor LogicScope Realisations’ TradeSTP deal notification software, say sources.
Size matters, finds Greenwich survey
GREENWICH, CT – The ability to execute large currency trades is one of the key components in winning new FX business from corporates and institutional clients, according to latest research from Greenwich Associates.
COESfx adds real-time FX data
PLAINVIEW, NEW YORK – Electronic currency network (ECN) COESfx has launched a new service, providing real-time streaming forex data directly to currency traders’ desktops.
Misys launches aggregation service
LONDON – Misys Banking Systems (Misys) has launched the Misys Treasury Exposure Aggregation Service (MTEAS), adding more features to its foreign exchange offering.
DrKW adds two in London
LONDON – More FX sales team hires have been made at Dresdner Kleinwort Wasserstein (DrKW) in London, adding to the 20-plus hires it has made globally since its restructuring late last year.
BNP loses sales head
NEW YORK – Drew Gross, head of North American FX sales at BNP Paribas in New York, has resigned from his role, FX Week has learned.
All change for CLS management
LONDON and NEW YORK – CLS has announced a shake-up of its senior management and the forthcoming departure of chief executive Joseph De Feo.
ACI Congress programme unveiled
STOCKHOLM – The line-up for the ACI World Congress, to be held on 26–28 May in the Swedish capital, has been finalised.
COESfx teams up with AbleSys
PLAINVIEW, NEW YORK – Electronic currency network COESfx has formed an alliance with technology vendor AbleSys Corporation (ASC), giving FX traders access to trading signals to help improve their decision-making.