News
AIG cuts ahead of integration
GREENWICH, CT -- Recruitment consultants in the US report that up to 70 staff have already left the American Insurance Group as it prepares to integrate subsidiaries AIG Trading and AIG Financial Products.
Dollar trend drives fund profits
STAMFORD -- The success of models in capturing early trend moves in the dollar drove 57% of currency fund managers in the Parker FX Index to achieve gains in October. But gains were limited, as the index was up only 0.6%.
White-labelling risks in the spotlight
Panelists at the FX Week Congress last week reviewed some of the risks inherent in white-labelling.
Market consolidation ‘not all bad’
Consolidation in the FX market has not adversely affected efficiency or liquidity, Mark Monahan, global head of sales at EBS told delegates at the FX Week congress in London last week.
Tokyo-Mitsubishi’s ‘creativity’ boosts revenues
TOKYO -- Bank of Tokyo Mitsubishi (BTM) has strengthened its position as one of Japan’s top FX providers, with a rise in FX revenues for the first half of the financial year.
HSBC reorgs by client sector
LONDON -- HSBC has created six new global positions to manage different client sectors within corporate, investment banking and markets (CIBM). They will co-ordinate strategy and client service teams across all products, including FX.
Politics drives Philippine peso
MANILA -- The Philippine peso is likely to weaken in the medium-term, with political factors remaining one of the currency’s main drivers. Market participants in the Asia-Pacific told FX Week that the currency was unlikely to strengthen in the run-up to…
SG reshuffles management
LONDON -- SG Corporate and Investment Banking (SG CIB) last week announced three senior FX management appointments within the debt finance group of its corporate and investment banking division.
‘No euro target’ for ECB
LONDON -- The European Central Bank has no target level for the exchange rate of the euro, director of monetary policy, Hans-Joachim Klöckers, reiterated at FX Week ’s second annual congress last week.
BarCap expands sales team
LONDON -- Barclays Capital will hire up to five additional dealers to its UK corporate foreign exchange sales team in London as part of a continued build-up in the area, a senior official at the bank told FX Week .
CME cuts European fees
CHICAGO -- The Chicago Mercantile Exchange (CME) has slashed transaction fees for all products traded electronically on Globex in Europe, bringing its costs in line with rivals the Chicago Board of Trade and Eurex. However, the cut of 73% to 44 cents,…
FX scam at top banks exposed
NEW YORK -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered last week as part of…
RG Niederhoffer launches negative correlation fund
NEW YORK -- New York-based hedge fund manager RG Niederhoffer Capital Management has launched a negative correlation fund to help equity investors take advantage of short-term FX moves.
Reuters adds SuperDerivatives to 3000
LONDON -- Reuters last week added SuperDerivatives’ currency options pricing system to its 3000 Xtra platform as part of its efforts to boost its position in the treasury markets.
ABN hires Gartmore risk specialist
LONDON -- ABN Amro has added to its FX risk advisory team in London with the addition of James Binney from Gartmore Investment Management. Binney, who joins ABN today (November 24), will partner with Kenrick Ramlochan in London to offer and market…
Banks confirm plans for Istanbul
ISTANBUL -- Global banks with FX businesses in Istanbul have not changed their security procedures following the suicide bombings in the city last Thursday.
ex-Investec FX head joins headhunter
LONDON -- Simon Jaquiss joined headhunting firm Napier Scott Executive Search in London as a senior consultant on FX derivatives, the firm said last week.
UBS ousts Citi from top spot
LONDON -- UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters in FX Week’s annual survey of the industry.
ABN index set for Japan debut
LONDON -- ABN Amro's global FX research team has been invited to present its Speculative Position Index (SPI) to Japanese policy officials later this month due to the accuracy of its modelling.
4Cast hires MMS analysts
LONDON -- UK financial markets research firm 4Cast has hired two analysts from rival MMS International in London, which was recently bought by UK publishing group Informa ( FX Week , September 15).