News
Multibank platforms ‘to consolidate’
LONDON -- The multibank platform space is set for further rationalisation following the demise of Centradia, according to market participants.
ACM adds currencies and precious metals
GENEVA -- Advanced Currency Markets (ACM), the online FX trading firm owned by Refco group, is adding several new currency pairs and precious metals to its online dealing platform.
Regional FX investments take off
LONDON -- Sales of investments linked to baskets of regional currencies have taken off as investors search for yields from broad macro themes in Asia and central Europe.
Further cuts at German banks
NEW YORK & DÜSSELDORF -- WestLB has closed its FX trading desk in New York and is beefing up its Düsseldorf team, the latest in a series of restructurings by German banks.
BNP hires Italy FX sales head
LONDON -- BNP Paribas has hired Guido Williams in a new position as head of fixed-income derivatives and foreign exchange sales to Italian corporates and head of FX sales to Italian banks.
RBC loses rates strategist
LONDON -- Jeremy Stretch has left his role as rates strategist at RBC in London to join Rabobank as a currency strategist. He replaces Lee Ferridge, who has taken up a role as prop trader for the bank in London.
SSGM adds to Global Link team
BOSTON -- State Street Global Markets (SSGM), the investment research and trading arm of State Street, has made two new appointments in Boston.
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