News
FNX takes Aspen Hedge to Japan
TOKYO – Philadelphia-based FX vendor FNX will launch Aspen Hedge, its multi-asset product for hedge funds, in Japan in October.
Billiton transfers forex to Europe
MELBOURNE – Australian banks in the UK could see added flow going through their FX dealing desks later this year, when the world's largest mining company transfers its remaining forex trading from Melbourne to Europe.
Calyon expands flow trading
LONDON – Calyon, the bank formed from the merger of Credit Agricole Indosuez and Credit Lyonnais in April, has expanded its FX flow business, adding a three-strong team from National Australia Bank (NAB), a senior official told FX Week .
CoesFX expands but watchdog still bites
NEW YORK – Online futures commission merchant CoesFX has expanded its team in response to rapid growth and has formed an advisory board to help project its platform to a wider audience.
Fimat's FX platform goes live
LONDON – Fimat, the brokerage arm of investment bank SG, has gone live with FimatFX, its online foreign exchange trading platform, a senior official told FX Week .
IASB proposes new disclosure standards
LONDON – IASB (the International Accounting Standards Board) last week published proposals to improve disclosures about financial instruments in financial statements.
Bank of China opens in Bahrain
MANAMA – The Bank of China opened a representative office in Bahrain earlier this month, after it gained a banking licence from the Bahrain Monetary Agency (BMA) in April. The move marks the first entry to the Middle East and Northern Africa region by a…
Yuan convertibility moves a step closer
BEIJING – China took another step closer to yuan convertibility last week with an announcement that it is further liberalising non-trade related currency transactions. From August, more multi-national firms throughout the People’s Republic will be able…
Global Link upgrades Asia OM
HONG KONG – State Street is releasing a new trade order management system for its e-commerce platform, Global Link, in Asia within six months.
Barclays joins EBS Prime
LONDON – Barclays Capital has joined EBS’s recently launched FX prime brokerage service EBS Prime, the firms announced last week.
Industry altered by e-trading
NEW YORK – E-trading has changed the way banks communicate with their clients, agreed panelists in an e-FX debate at the FX Week USA Congress last week.
Delelis rejoins the sell side
LONDON – Alain Delelis has returned to the sell side to join Bank of America in London as head of global spot and emerging market trading, the bank confirmed last week. Delelis is the latest in a string of 13 hires made since Christiane Mandell became…
FXC issues broker points rules
NEW YORK – The Foreign Exchange Committee, a US industry association affiliated to the Federal Reserve, last week issued new guidelines on broker ‘points’ – the issue at the heart of last year’s massive Wall Street forex fraud.
Overnight options roller-coaster
NEW YORK – A veteran of the overnight currency options market treated delegates at the FX Week USA Congress in New York last week to a guide to this risky – and exciting – business.
BarCap opens office in Boston
Boston – Bob Diamond, London-based chief executive officer of Barclays Capital, opened the bank’s new Boston sales office earlier this month, marking the bank’s first local entry to the fund-rich north-east region of the US.
The flight from NAB continues
LONDON – The flood of departures from National Australia Bank (NAB) continued last week as three senior institutional dealers left the bank in London and New York.
US regulator loses retail fraud case appeal
CHICAGO – US regulator the Commodity Futures Trading Commission (CFTC) has lost an appeal to assert its jurisdiction over a retail FX trading firm it accused of fraud. Appeal court judges found in the test case of the futures regulator and AlaronFX of…
Profit-taking to get harder
NEW YORK – Making money from trading foreign exchange is going to get harder for banks and investment managers as the industry changes from a hedging to a risk-taking culture.
SG names treasury, fixed income and derivatives head
Paris – SG, the corporate and investment banking arm of French bank Société Générale, has promoted Grégoire Varenne to head of fixed income and derivatives, commodities and treasury for Europe and Asia.
US banks still seeing record earnings
NEW YORK – Record earnings from foreign exchange continued into the first half, according to US banks’ financial results published last week. Citigroup, State Street and Bank of America all reported new highs in their FX or trading results, as currency…