News
Man Financial posts strong forex results Reuters to report revenue rise
LONDON – Reuters’ share price rose by 4.8% on the London Stock Exchange on January 13, from £3.8175 to £4, and hovered at that level by close, following a statement by the vendor on its Q1 performance.
BMO launches new FX trading system
MONTREAL – Bank of Montreal (BMO) Nesbitt Burns has launched eFXpedite, a new online trading system that enables the real-time electronic transaction of FX for a wide range of its corporate and institutional clients.
UBS bolsters its forex team
LONDON – UBS has started a ‘mini-restructure’ by adding to its London foreign exchange team.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Reshuffle at SG CIB
LONDON – SG Corporate and Investment Banking has confirmed changes to its team globally, with senior management moves around the globe.
Ex-NAB traders charged
MELBOURNE – Four traders were charged last month for their involvement in the A$360 million rogue trading scandal uncovered at National Australia Bank last year.
Exporters resilient to strong Aussie dollar
SYDNEY – Australia's commodity exporters have remained resilient despite the strong Australian dollar, amid record high commodity prices and strong demand, say analysts.
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
JP Morgan pushes e-FX in Japan
TOKYO – JP Morgan Chase has made changes to its management team and plans to make hires in a bid to bring greater awareness of its electronic FX platform in Japan.
Lehman gets FX derivatives licence in S Korea
SEOUL – Lehman Brothers is expecting to get a boost to its FX business now that it has become the only foreign bank in Korea to offer a full suite of over-the-counter derivatives products onshore.
German turnover continues
FRANKFURT – The swift movement of German bank forex staff has continued into 2005, with Commerzbank's high-profile hire of Klaus Hoffmann, chief trader from rival Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt.
Turkish delight in strength of lira
ISTANBUL – The run-up to the introduction of the new Turkish lira (NTL) has coincided with a strong growth in the unit.
Refco hires in London
LONDON – Refco Group, the US FX prime brokerage firm, has made three new hires to its FX sales team to join in the coming weeks, and one internal hire in a bid to build platforms such as FXProTrader.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Banks lose on FX in fourth quarter
NEW YORK – Two North American banks reported fourth-quarter drops in profit in forex last month.
Euro gains status as reserve
FRANFURT – Buying by some of Eastern Europe’s and Africa’s central banks is buoying the euro as the central bankers come to the realisation the currency is here to stay, according to a leading forex fund manager.