News
JP Morgan adds to FX and commodities
LONDON – JP Morgan has made four hires in FX in London.
CME goes live on Reuters
CHICAGO and LONDON – The Chicago Mercantile Exchange (CME) has rolled out CME FX on the Reuters Dealing 3000 platform.
FX advisory tops pay bracket
NEW YORK – FX advisory roles in the US have seen significant salary increases due to the changing nature of the job, according to a recent survey.
Bear Stearns beefs up forex team
LONDON – Bear Stearns has made two new FX hires in London and plans for a further two in the near future.
Volumes up on trading platforms
LONDON – Trading platforms have seen a strong start to the year, with substantial increases in volumes.
Record start for US investment banks
NEW YORK – This year looks set to be another bumper year for FX, with a second consecutive year of record-breaking first- quarter results from the US investment banks.
Citi to shut down Nordic offices
LONDON – Citigroup FX sales operations in the Nordic region are set to close as the bank shuts down branches in Copenhagen, Helsinki, Stockholm and Oslo.
CoesFX launches Asian branch
PLAINVIEW – Electronic FX trading network, CoesFX is expanding into the Chinese market with the launch of CoesFX Asia.
SG CIB rolls out cross-asset research
PARIS – Société Générale Corporate & Investment Banking (SG CIB) has introduced cross-asset research to meet demand for information resulting from the increased correlation and interaction between asset classes from investors.
Saxo upgrades trade tool
COPENHAGEN – Saxo Bank is working on an upgraded version of its SaxoTrader online trading tool. The product will soon be in alpha testing and is expected to go into production in mid June, following a period of testing with partners and customers.
New fund for ABN Amro AM
LONDON – ABN Amro Asset Management is considering launching a second currency hedge fund in June, said officials at the asset manager in London.
Volkswagen hit by strong euro
WOLFSBURG – Volkswagen (VW) took an e800 million exchange rate hit to operating profits in 2004, with US sales dealt a significant blow from the strong euro.
TD hires in London and Toronto
TORONTO & LONDON – TD Securities has beefed up its global team with two new hires in Toronto and London.
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
More changes at Lehman
LONDON – Lehman Brothers’ foreign exchange team has undergone further changes with two senior departures and a number of hires.
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
Buy-side access to hit banks
NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.