News
Commerzbank out of NY
NEW YORK & FRANKFURT -- Commerzbank has closed the remainder of its FX trading desk in New York, as part of its streamlining of the trading business back to Frankfurt.
Market players look to future euro members
BUDAPEST & WARSAW -- International investment banks have piled into central Europe ahead of planned euro adoption.
Orion implements Penson FX
MONTREAL -- A Canadian financial services firm has launched an online, hosted forex trading system, Penson FX, which is aimed at investment managers and brokers.
Dresdner starts rebuilding
LONDON & FRANKFURT -- Dresdner Kleinwort Wasserstein (DrKW) has hired some new faces, as it begins to rebuild its FX team following a series of departures over recent months.
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
CME adds European execution
CHICAGO -- The Chicago Mercantile Exchange (CME) will introduce euro FX and yen options contracts with European-style expiration on its electronic platform Globex in April.
BNP loses emerging markets head
LONDON -- Angus Galletley, head of emerging markets at BNP Paribas in London, has left the bank. Galletley was head of EM local markets and options for central/eastern Europe at the French bank.
CFTC cracks down on forex brokers
FLORIDA -- Rogue FX operators faced heavy penalties last week following action from the Commodity Futures Trading Commission (CFTC), with two firms -- World-Wide Currency Services and Intertrade Forex -- handed large fines.
Deutsche Bank restructuring continues
FRANKFURT -- Deutsche Bank is in the process of restructuring its FX business, with its emerging markets desk being relocated and changes being made in Asia.
Further departures at Morgan Stanley
LONDON -- Morgan Stanley’s recent FX staff exodus continued with the departure of another two in sales following two leavers last week.
eSpeed builds in forex
LONDON -- Technology vendor eSpeed has boosted its London office with three major hires.
Asian ERM debate returns to the fore
HONG KONG -- Calls for an Asian currency regime mirroring the European exchange rate mechanism (ERM) are coming to the fore, as the region’s authorities face mounting pressure to alter their exchange rate policies.
FX trading online: are banks trading blind?
Banks are in danger of ‘trading blind’ and missing business opportunities as ever greater volumes of FX business are carried out via e-channels, warns James Kemp, managing director, Stentra
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
Asian governments hold the key to dollar’s future
LONDON – Decisions made in Tokyo and Beijing, rather than Washington or Frankfurt, will determine the future of the dollar, according to a report published last week.
Trayport adds FX functionality
LONDON – Trayport, the London-based technology vendor, has enhanced the functionality of its flagship trading platform Global Vision 8 (GV8).
Refco hires again – in New York
NEW YORK – Refco Group has added two new faces to its FX institutional sales team in the US, following the recent launch of its revitalised platform Refco FX ProTrader ( FX Week , December 20, 2004).
CMC makes landmark inroad to China
BEIJING – UK-based FX trading firm CMC Group has become the first authorised non-bank provider of foreign exchange products in China.
Prebon suffers further blow
LONDON – Prebon Yamane has suffered further blows in London, as parent Collin Stewart Liberty (CST) has rationalised the G7 currency options arena leading to the departure of a number of former Prebon staff.
Currency funds taking off
LONDON & COPENHAGEN – Currency funds are coming to the fore, as more players in the FX market launch vehicles to meet investor demand.