News
Currenex opts for Fix
NEW YORK -- Currenex will go live with a Fix gateway for access to its executable streaming prices service by mid-April, after the completion of beta testing with a partner bank and three user clients.
BoA elects post-merger board
CHARLOTTE -- Bank of America last week announced the members of the new board to be created by its April 1 merger with FleetBoston.
Deutsche NY adds in sales
NEW YORK -- Deutsche Bank has made four appointments to its FX sales team in New York over the last two months. Chris Beane joins today (March 29) to manage FX sales to real-money clients. He leaves State Street where he held a similar role.
Banks unclear on new research rules
LONDON -- The UK’s FX Joint Standing Committee is to host a meeting with UK regulator the Financial Services Authority (FSA) to clarify the forex implications of FSA rules on research that were released last week.
Goldman "fires on all cylinders"
NEW YORK -- Goldman Sachs last week added to the crop of booming currency revenues so far announced by US investment banks for the first quarter.
Chinese liberalisation driving increased demand for sales staff
HONG KONG -- Foreign exchange sales staff with expertise in China are set to be in particular demand in 2004, according to recruitment specialists in the Asia-Pacific.
Travelex to buy Fortis FX unit
TORONTO -- FX services group Travelex has reached an agreement to buy Fortis’ Dutch corporate and retail FX subsidiary GWK Bank for e17.5 million, the firm announced last week.
South Africa to register FX brokers
PRETORIA -- Foreign exchange brokers in South Africa will have to register with the Financial Services Board (FSB) by July 31 to continue their business under new rules announced by finance minister Trevor Manuel last week.
HSBC reaps rewards in US
NEW YORK -- HSBC has seen a threefold increase in FX client volume in North America over the past year, following its recruitment drive in the region. And gains made in the first quarter of 2004 suggest it is continuing to build that volume "at a very…
NZ ups reserves as "insurance"
WELLINGTON -- The Reserve Bank of New Zealand (RBNZ) is proposing to enhance its capacity to intervene in FX markets. The central bank wants to increase the amount of foreign currency reserves it holds as "insurance" against a non-convertible Kiwi dollar…
Watchdog savages NAB
MELBOURNE -- National Australia Bank’s currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released last week.
TWD defies poll woes
TAIPEI -- Taiwan’s presidential election debacle will not have a significant impact on the Taiwan dollar in the medium- to long-term.
Calyon names regional managers
PARIS -- Calyon, the group to be formed from the merger of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) on April 30, has agreed the structure of its global spot FX business and appointed regional heads, a senior official said last week.
Fundtech adds two CLS clients
NEW JERSEY -- Two Fundtech clients have extended their use of payments software Payplus for CLS (continuous-linked settlement) to support the growth of their FX businesses.
Deutsche names trading chiefs
LONDON -- Deutsche Bank has promoted its London head of FX trading, Gordon Wallace and Singapore manager Nitin Gulabani, to become co-heads of global FX trading.
Lehman raids Merrill team
LONDON -- Lehman Brothers has raided rival investment house Merrill Lynch for a team of three FX options dealers in London, according to sources close to the bank.
Investment banks break records
NEW YORK -- This year looks set to be a record-breaker for banks' FX earnings, if the commercial banks follow the lead set by the US investment houses.
NAB OPTIONS SCANDAL - NAB crisis deepens with latest departure
MELBOURNE -- The staffing crisis at National Australia Bank (NAB) deepened last week as Peter Cunningham, joint global head of FX left the bank, in a move a NAB spokesperson described as a "mutual agreement".
Seven leave Dresdner in FX flight
LONDON -- Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month.
EBS sees fruit of 'sustained effort on sterling'
LONDON -- Spot broker EBS last week quantified the success of its initiative to build sterling volumes on its platform.
Reuters buys remainder of Icor
LONDON -- Reuters has taken over Icor Brokerage's electronic FX options platform, following its announcement last week that it has bought the remaining 50% stake in Icor it did not already own.