News
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
Deutsche Postbank loses staff post ING-BHF Bank acquisition
LONDON – Deutsche Postbank, which bought ING-BHF Bank in London on January 1, is understood to have lost several in its FX dealing room team since the acqusition.
Danske relocates sales head
NEW YORK – Sander Fynboe, global head of sales at Danske Bank in New York, is transferring to the London office, the bank has confirmed.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
Merrill Lynch hires globally
NEW YORK – Merrill Lynch has boosted its global trading desks with appointments across three continents.
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Avecia uses RBSFiX for huge deal
MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).
HSBC posts strong year for forex
LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.
JPMorgan rolls out EM carry-to-risk model
LONDON – JP Morgan has rolled out a model that analyses risk-adjusted returns on emerging market currency positions.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.
FX faces employee shortage
LONDON – The FX industry could face an employee shortage unless banks start recruiting younger staff, say market participants.
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
HSBC adds in FX options
LONDON -- HSBC has gazumped Goldman Sachs in hiring Patrick Schartner for its sales team.
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.
BoA continues FX hiring spree
NEW YORK & LONDON -- Bank of America (BoA) has announced more changes on both sides of the Atlantic as it continues its new year hiring spree.
Lloyds TSB to open night desk
LONDON -- Lloyds TSB will be opening a forex night desk in March as part of its continued expansion into FX.
European banks get boost in Q4
ZURICH -- European banks were back in the black by the end of 2004 after tough market conditions in the third quarter brought about dire results for foreign exchange.
Etrali connects trading rooms
PARIS -- Etrali is offering an internet protocol (IP) gateway allowing FX traders to access positions and conferencing facilities while moving between trading floors globally.