News
EBS launches prime broker service
LONDON -- Spot broker EBS’s prime brokerage service went live last week, with Deutsche Bank, JP Morgan Chase and Royal Bank of Scotland acting as the prime broker banks.
Fundtech targets Korea
SEOUL -- US technology vendor Fundtech is targeting business in Korea ahead of the addition of the Korean won on the Continuous Linked Settlement (CLS) system for FX trades in 2004.
UK senior managers face new rules on conflict of interest
LONDON -- Senior managers in the UK will from next year be responsible for ensuring their currency research does not contravene strict new rules on conflict of interest, regulatory body the Financial Services Authority (FSA) said last week.
Amex and HVB FX results growing
MUNICH -- American Express Bank saw a modest uptick in its Q3 FX trading revenues, with $54 million in FX income, up from $50 million for Q3, 2002.
Peter Bartko joins Forexster
LONDON -- EBS founder and former chairman Peter Bartko has ended his two-year retirement by joining Forexster, a Bermuda-based FX trading network.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
FX continues to prop up flagging Reuters
LONDON -- FX provided some positive returns for Reuters in the third quarter, despite a backdrop of overall decline at the firm, according to its results published last week.
Wachovia adds institutional FX sales dealers in London
LONDON -- Wachovia Bank has hired two institutional FX dealers in London, as part of a global drive to increase its institutional forex business.
Trichet unlikely to ring changes
FRANKFURT -- There are unlikely to be any major policy changes at the European Central Bank (ECB) following Jean-Claude Trichet’s introduction as president last week.
US merger brings uncertain future for BoA/Fleet staff
CHARLOTTE -- Bank of America’s (BoA) $47 billion purchase of FleetBoston Financial should bolster its regional US coverage in FX. But overlap in jobs is unavoidable with a bank the size of BoA, said analysts, and the outlook is uncertain for staff at…
ABN Amro hires derivatives managers in London, NY
LONDON -- ABN Amro has hired two derivatives marketing managers in new positions in London and New York, in the latest stage of its ongoing FX expansion.
GFI buys exotic options model
LONDON -- Inter-dealer broker and market data firm GFI Group has bought options pricing model dVega, and integrated it with the latest release of its flagship options pricing tool Fenics FX, GFI will announce today (October 27).
HSBC adds three in options
LONDON -- HSBC has hired three options and structuring heavyweights in new positions, as it continues to expand its options business in London and New York.
StanChart options trading head leaves
SINGAPORE -- Standard Chartered has lost another member of its Singapore FX options team since the departure of Tim Carrington, global head of FX options in Singapore in July.
November rate hike in UK expected
LONDON -- The narrow margin by which a Bank of England rate rise was defeated in October has boosted expectations of a tightening in November. And sterling will see a boost as a result, said analysts in London, speaking after publication of the BoE’s MPC…
Lehman’s forex relocation
LONDON -- Lehman Brothers’ FX team will move to the bank’s new European head office in Canary Wharf, London, in the first week of January.
IMF fuelled record trading
NEW YORK -- US banks’ financial results last week added to the evidence that the third quarter witnessed exceptionally high FX trading revenues, chiefly as a result of explosive moves following the International Monetary Fund’s meeting in September.
CLS plans business continuity improvements
SINGAPORE -- Continuous Linked Settlement (CLS) Bank International intends to move one of its two operations sites from greater London, to provide more reliable business continuity in case of an interruption to business, Joseph De Feo, president and…
Merrill merges FX and rates
LONDON -- Merrill Lynch merged its global FX and global rates businesses under new co-heads Michael DeSa and Barry Wittlin in September, a spokesperson confirmed last week.
Euro needs more stability
BRUSSELS -- The EU Commission needs to solve the issues surrounding the EU stability pact for Eurozone countries before any new countries join either the currency or the European Union, analysts said last week. The consequences of allowing France and…