News
HK FX traders favour service over price
HONG KONG – Service rather than price is the key determinant for FX traders, according to a survey carried out in Hong Kong.
Corporate confidence in FX on the rise
LONDON – Forex activity from corporates will continue to grow in 2005, following the introduction of accounting standard IAS 39 and the Homeland Investment Act, according to banks.
CST merges G7 currency options desks
LONDON & SINGAPORE – Colin Stewart Liberty has merged the G7 currency options desks of Tullett Liberty and Prebon Yamane in London and Asia, FX Week has learned.
LloydsTSB adds to FX team
LONDON – Lloyds TSB Financial Markets has added to its London FX sales team in an effort to further penetrate the UK and European markets, said Jeremy Hodges, head of FX sales at LloydsTSB in London.
BP prepared for IAS 39
LONDON – British Petroleum (BP) became the first European-based corporate client to go live with Wall Street Systems’ (WSS) Hedge Compliance Module to aid it in its compliance process following the introduction of the IAS 39 accounting standard.
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.
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.