News
China adds two more onshore-trading banks
BEIJING – Two more banks have won approval to trade onshore derivatives in China, as the country continues opening up to foreign institutions.
DrKW hires former Merrill boss
LONDON – Dresdner Kleinwort Wasserstein has hired Steve Bellotti, a former FX trading and sales head at Merrill Lynch, to become its new global head of capital markets in London.
Saxo to stream deep prices
COPENHAGEN – Denmark's Saxo Bank will make a streaming feed of executable foreign exchange prices available to clients in off-market order sizes later this year.
Townsend links with three FX firms
CHICAGO – Clients of trading technology and analytics vendor Townsend Analytics will soon be able to trade with three specialist FX trading firms via Townsend's RealTick Platform, the firm announced this month.
Hedge funds to rethink strategy
LONDON – Large numbers of hedge funds drawn to the FX market over the past year are likely to modify trend-driven FX trading, after being stung by heavy losses this year.
Mellon takes Citi VP
LONDON – Mellon Bank has expanded its European asset manager FX sales desk in London with the hire of Ben Holder from Citigroup.
Citi reorgs senior management
LONDON – Citigroup has set up a new products and services group for foreign exchange, as part of a sweeping reorganisation of senior management.
FX policy has worked, says RBA
CANBERRA – The Reserve Bank of Australia (RBA) has succeeded in its aim of stabilising the Australian dollar through intervention in the currency markets, it said last week.
Asian currencies bounce back after price hit
HONG KONG – Asian currencies have bounced back after taking a hit from the high price of raw materials, particularly oil, in recent weeks.
HSBC launches charting package on FXall
LONDON – HSBC has launched a free online FX charting package on multi-bank portal FXall's website, covering 15 major cross rates. The service, fxcharting@hsbc, is white-labelled from UK-based charting provider TraderMade.
SG to name global FX head
LONDON – Dominick Errichetti is set to take on global responsibility for foreign exchange at SG Corporate and Investment Banking (SG CIB) in New York, according to sources close to the bank.
Sun Platinum pays $40 million penalty
WASHINGTON – FX trading firm Sun Platinum was last week ordered to pay $40 million in civil penalties and restitution to customers, after a US district court entered a default judgment against the firm.
Loewy joins bank exodus
LONDON – HSBC's former head of foreign exchange, Rob Loewy, has joined news and analysis firm Market News International (MNI) as a business consultant.
Citi hires corporate dealer from Barclays
LONDON – Citigroup has hired Andrew Burley for its corporate foreign exchange sales desk in London. He will report to Alex Jackson, head of corporate forex sales in London, when he joins after completing his gardening leave from Barclays Capital in the…
ANZ in forex capabilities reorg
MELBOURNE – ANZ is to merge its capital markets and forex desks in a bid to improve efficiency, grow its business and manage risk efficiently.
GFI launches voice-broker service
LONDON – Inter-dealer broker GFI has responded to market demand for voice-broker execution with the launch of FX Trading View.
Buy side to see Matching prices
LONDON – Fund managers, corporates, and mid-tier banks will soon get access to Reuters' interbank FX rates for the first time, the UK vendor will announce today (September 13).
Former Soviet satellites' FX interest increasing
ASTANA, KAZAKHSTAN – The FX market for the states surrounding Russia has picked up in recent years due to liberalisation of capital and increasing international trade.
Sales staff in global demand
HONG KONG – Demand for sales staff in Asia is on the increase, with many of the major banks having hired or looking to increase their capabilities in the region.
4Cast buys SocGen's directory and website
LONDON – 4Cast has bought the Dealers Directory from Société Générale, the French bank said.