News
FXall debuts Altair platform
NEW YORK – FXall, the online FX trading portal, has launched Altair, an upgraded version of its service, to expand its offering to a wider range of products and a bigger customer base.
All change as ANZ restructures
MELBOURNE – Rick Sawer, managing director of ANZ's foreign exchange and commodities division is to leave the bank following a decision to restructure the business.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
HSBC rings the changes
LONDON – HSBC has seen a number of changes in its sales team. The bank has hired Alessandro Cataldi from Bank National De Lavoro, Mirea Sitjas-Montaner from Deutsche Bank and Stephane Verhelst from Dresdner to work in its European bank sales team. The…
Lehman to offer onshore forex derivatives in Korea
SEOUL – Lehman Brothers has transferred JS Kim, a senior vice-president in fixed income from Tokyo to Seoul, in preparation for the launch of its onshore FX and interest rate derivatives business in the country.
BoA loses French corp sales dealer
LONDON – Olivier Brouet has left Bank of America (BoA) in London, where he worked in FX sales to French corporates, reporting to Kai Fisher, head of European FX corporate sales. A bank official said Brouet has not been replaced but declined to comment…
Bayer Group's two-year plan pays off
LEVERKUSEN – As the dollar continues its slide versus all major currencies – it has lost 8% of its value against the euro in the past two months and 9% against the Swiss franc – corporates are struggling to readjust their hedging strategies.
Merrill man takes on NAB's troubled FX group in Sydney
SYDNEY – National Australia Bank has hired Jeff Lee to take on the management of its troubled FX business in Sydney.
Concerted intervention ruled out
FRANKFURT – Despite increasingly vigorous comments from European politicians arguing in favour of stemming the onward rise of the euro, concerted intervention from Europe and the US is extremely unlikely.
Non-US airlines profit from low-flying dollar
NEW YORK – The weak dollar is giving airlines outside the US some relief from the impact of high fuel costs, according to their latest financial results.
Commerz braces for cuts
SINGAPORE – Commerzbank's integration of its investment banking and capital markets units is likely to force some FX job cuts, said a source close to the bank in Singapore.
Trading platforms break records
LONDON – FX trading platforms withstood a massive spike in trading on November 5, as record volumes followed the announcement of better-than-expected US jobs data.
Banks review yuan reval forecasts
BEIJING – Some bank analysts have brought forward their expectations of regime change in the Chinese yuan, following the rate hike by the People's Bank of China late last month.
Bond investors take up currency overlay
LONDON – Currency overlay, which is commonly used by equity investors to manage currency risk and return on their portfolios, is now catching on with bond managers.
Indian bank takes Reuters to process growing FX volumes
MUMBAI – India's Kotak Mahindra Bank has installed Reuters' Trade Processing system at its head-office in Mumbai to manage growing volumes of currency swaps, bullion trades, interest rate swaps, FX option and structured products trading.
European banks' profits slide
LONDON – The huge downward move in the dollar last week came too late to help banks' third-quarter FX trading revenues.
Hantec U-turns on Refco deal
HONG KONG – Hantec Investment Holdings, a Hong Kong-based financial services company, has backtracked on an agreement to discuss licensing investment firm Refco Forex's FX trading system, RefcoFXTrader, less than two months after signing a memorandum of…
Harry Culham joins Dresdner
LONDON – Ex-Merrill Lynch FX chief Harry Culham is joining Dresdner Kleinwort Wasserstein in London to take on global FX for the bank, following the departure of Jorge Villon.
European banks' profits slide
LONDON – The huge downward move in the dollar last week came too late to help banks' third-quarter FX trading revenues.
Tech firms spread out
LONDON/NEW YORK – Two FX technology firms have moved into new offices to cope with expanding staff numbers.
Refco chooses RBS as prime broker for FX
NEW YORK – Futures broker Refco Capital Markets (RCM) has dropped Canadian Imperial Bank of Commerce as its prime broker for foreign exchange in favour of Royal Bank of Scotland (RBS).