News
BGC to hire 25 in spot forex
LONDON – Spot brokers are the initial target of Cantor Fitzgerald's upcoming recruitment spree for FX, as it prepares to spin off new voice broker BGC Partners, said an official at the firm last week.
NAB to re-open options desk
MELBOURNE – National Australia Bank hopes to re-open its currency options desk in the "near-term", said chairman Graham Kraehe last week. However, the bank refused to be drawn on a date, saying it was up to regulator the Australian Prudential Regulation…
South Africa comes under global focus
JOHANNESBURG – South Africa is currently a focus of activity in the FX world, as global institutions such as the Continuous-Linked Settlement Group (CLS) and spot broker EBS add the region to their sphere of activity.
Chinese banks turn to Reuters for help with derivatives regulations
SHANGHAI – Guangdong Development Bank (GDB), First Sino Bank (FSB) and the Bank of Shanghai (BOS) are installing systems from Reuters to comply with derivatives regulations introduced by the China Banking Regulatory Commission (CBRC) in March.
Saxo Bank to launch in the US
NEW YORK – Retail forex specialist Saxo Bank will launch its online trading platform SaxoTrader in the US this week.
TD Securities reshuffles in London
LONDON – TD Securities has reorganised forex management in London in order to build its emerging market desk.
Politics fail to dampen hopes for forint
BUDAPEST – The resignation last month of Hungary's prime minister Peter Medgyessy has not led to the trading opportunities that may have been expected from the country's currency, the forint.
SG's Grieb to manage investment banking in Prague
PRAGUE – Jurgen Grieb, formerly head of FX and derivatives sales for Société Générale in London, moves to Prague this week to become head of investment banking at SG CIB in the Czech Republic
EBS to admit funds to Spot
LONDON – Spot broker EBS will allow funds to trade on its EBS Spot platform from next year, it will announce this week.
Pension funds scramble for FX management
LONDON – UK pension funds' demand for foreign exchange management has gone through the roof over the past year, as trustees and managers seek to limit risk and improve returns.
Foley to launch Gelber FX desk
CHICAGO – Bank One's former forex options chief Justin Foley is joining Gelber Trading, a division of Chicago-based trading firm Gelber Group, to set up a new FX desk in September.
ABN Amro takes Traiana for PB
CHICAGO – ABN Amro has signed up to use Traiana's TRM (Trading Relationship Management) solution, which automates the give-up of trades between prime brokers.
FX volumes up by a third
LONDON – FX trading volumes are up by nearly a third over the past three years, according to new research from UK consultancy ClientKnowledge.
Boom time for research staff
LONDON – FX strategists are finding themselves in demand as a result of a prolonged period of seat switching across banks globally. The latest moves underline the importance banks place on research as a driver of growth of their businesses.
Two more quit Westpac London
LONDON – Two more senior forex managers have left Westpac in London, adding to the loss of co-head of global institutional foreign exchange, David Beale earlier in August.
New hedging policy adds $35m fizz to Fosters
MELBOURNE – Australian brewer Fosters Group added nearly US$35 million to its operating profits after changing its FX policy this year in response to upcoming accounting standard IAS 39.
RiskMetrics signs 200th client for ASP platform
NEW YORK – Risk management vendor RiskMetrics Group has signed 200 clients for ASP (application service provider) delivery of its RiskManager, CreditManager and CDOManager tools, it said last week.
Commerce FX storms US retail market
BOSTON – Commerce FX, a subsidiary of Boston-based Commerce Bank & Trust, is reaping the rewards of its entrance into the retail margin trading market last year, an official told FX Week .
PHP trading volumes surge in "fiscal crisis"
MANILA – Traders in Manila are seeing soaring volumes in Philippine peso trading, after the country's president said it was in the midst of a fiscal crisis last week.
CSAM to add emerging markets to FX management
LONDON – Credit Suisse Asset Management (CSAM) is looking to add emerging market currencies to its suite of forex management services from early next year.
BNP beefs up NY trading capabilities
NEW YORK – BNP Paribas has made seven appointments to its interest rate group in New York, headed by Zbigniew Ryzak. Nick Moore and Matthew Thomas move from the London office in trading roles. Moore becomes global head of US dollar vanilla options…