News
PFG poaches RBC traders
NEW YORK -- Chicago-based futures commission merchant Peregrine Financial Group (PFG) has hired five sales dealers from Royal Bank of Canada to launch an FX service in New York.
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
Merrill props up Tokyo
TOKYO -- Merrill Lynch is setting up a prop FX desk in Tokyo with the hires of two traders from Royal Bank of Scotland (RBS).
Ex-MMS analysts set up new research firm
NEW YORK -- A group of former MMS analysis staff are launching a new real-time advisory service today (April 19) for FX, fixed income and economic news.
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
FX profits soar as funds up risk
NEW YORK -- Citigroup and State Street both reported surges in Q1 FX revenue last week on the back of increased activity from fund managers, senior officials told FX Week .
Russia shifts focus from dollar to euro
MOSCOW -- The move by Russia’s Central Bank (CBR) to manage the rouble against both the euro and dollar is a step towards the free floating of the currency, but will lead to increased volatility against the US dollar, analysts said last week.
CME cuts again for forex
CHICAGO -- The Chicago Mercantile Exchange will launch another series of price cuts in May to further boost FX volumes. This builds on discounts that are currently offered to new members across Europe ( FX Week , November 24, 2003), Asia and certain…
BoE reappoints chief economist to MPC
LONDON--The Bank of England has announced that Charles Bean (right), its executive director for monetary policy and chief economist, has been reappointed to the monetary policy committee (MPC) for another three-year term.
MAS move could pre-empt peg changes
SINGAPORE -- The Monetary Authority of Singapore’s surprise move last week towards a "policy of modest and gradual appreciation" for the Singapore dollar may be a pre-emptive move to counter Asian peg revaluations.
LBBW joins 360T with Cognotec
STUTTGART -- Germany’s sixth largest bank, Landesbank Baden-Württemberg (LBBW), has joined European multi-bank, multi-asset class trading platform 360T to offer its clients a wider electronic FX service.
UK banks advised to delay Basel compliance
LONDON -- UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
BoA revenues dwarf merger partner’s
CHARLOTTE -- Bank of America’s purchase of FleetBoston Financial in late March is unlikely to bring much to its FX revenues, according to financial results published last week.
Japan’s FSA issues action against JPMC
TOKYO -- Japan’s Financial Services Agency (FSA) has issued an administrative action against the Tokyo branch of JP Morgan Chase, requesting it improve its compliance and internal controls. JP Morgan Chase is requested to "submit the Business Improvement…
ABN Amro takes Indover onto CLS
AMSTERDAM -- ABN Amro has taken Indover Bank onto the continuous-linked settlement (CLS) service for FX, as the first Dutch third party on the service. Indover’s Hong Kong branch is also signed up to become a fourth-party user via Indover in Amsterdam.
Desperately seeking analysts
LONDON -- Royal Bank of Canada, Westpac, ANZ and JP Morgan Fleming are all seeking to recruit senior currency analysts in London, as a flurry of activity has left several banks stretched to provide European FX market coverage.
Icap enters electronic futures fray
LONDON -- UK-based inter-dealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter.
Trio signs first arb tool client
LONDON -- Trio Internet Systems, the IT arm of money broker Martin Brokers UK, is about to sign up its first customer for Vantage, a pricing and distribution application that highlights arbitrage opportunities between currencies and other instruments.
Greenwich reports e-FX divide
NEW YORK -- A sharp divide exists between active e-FX clients and those that do not trade FX online, according to new research out this week.
Mid-tier clients pile into rupee options
MUMBAI -- FX options use in India is extending to more mid-market customers, nine months on from the liberalisation of rupee options, local market participants told FX Week .