News
Isda adds 4pm fixing time for HK$
HONG KONG -- The International Swaps and Derivatives Association (Isda) has added a 4pm fixing time to its Hong Kong dollar IsdaFix swap rate service. That adds to the daily 11am fixing in the Hong Kong dollar. Both the 11am and 4pm Hong Kong dollar…
GNI plans OTC spot launch
LONDON -- UK broker GNI, a division of alternative investment provider Man Group, plans to launch a new ‘click-and-deal’ spot FX trading platform on its suite of online products later this summer. GNI Touch FX will add to the broker’s services for…
FX Connect hits $20bn in daily trading volume
BOSTON -- State Street Corporation traded more than $20 billion on its multi-bank FX dealing platform FX Connect last Tuesday (May 13). With some $1.2 trillion traded daily in the foreign exchange market, according to the latest figures from the Bank for…
Crackdown on risk budgets
Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…
Japan steps up yen intervention battle
TOKYO -- Japanese authorities intervened in the forex markets again last week as the yen came under more pressure from the weakening dollar.
Bear Stearns launches emerging markets book
LONDON -- Bear Stearns has hired Emrah Aksaray to run a new emerging markets book for the bank in London. Aksaray will focus on the European timezone, including Turkey and South Africa, as well as emerging eastern European markets.
CAI completes forex rejig
LONDON -- Credit Agricole Indosuez (CAI) completed the reorganisation of its forex business following former global head of FX Simon Eedle’s relocation to New York in April.
Bank of Japan intervention set to continue
TOKYO – Japanese authorities spent over $20 billion in the forex markets in Q1 this year, in an effort to ease the yen’s strength against the dollar and the euro.
Intesa bows out of London
LONDON – Banca Intesa, one of the last Italian banks still trading FX in London, closed its desk in April, becoming the latest of its compatriots to consolidate forex in Italy.
US judge dismisses Gain Capital law suit
WARREN, NJ – A lawsuit filed in New York against online forex dealer Gain Capital was dismissed last month.
EBS prime brokers unveiled
LONDON – Deutsche Bank, JP Morgan Chase (JPMC) and Royal Bank of Scotland (RBS) will be the first prime brokers on a new interbank prime brokerage service from spot broker EBS.
Industry leaders revive the client-facing options team
LONDON – Top-tier banks are moving to set up core groups of client-facing options specialists, turning away from a previous trend to re-train all sales dealers to have derivatives expertise.
FXall adds to messaging
NEW YORK – Multi-bank platform FXall is collaborating with New York messaging firm Communicator to offer an additional real-time messaging service to its clients from today (May 12).
European banks under euro threat
FRANKFURT – Major European banks’ half-year FX earnings could be under threat from the rise of the euro, senior market participants told FX Week .
Market eyes new euro/dollar high
LONDON – A lifetime high for the euro against the dollar became a distinct possibility last week as the greenback continued to crumble across the board.
BarCap hiring continues
LONDON – Barclays Capital has hired another seven forex staff globally, cementing its position as the biggest recruiter in forex so far this year. The bank has now added at least 19 new staff to its global FX business this year, across institutional and…
CLS glitch repeat unlikely
NEW YORK – A repeat of the March 25 technical glitch which left over 20,000 Australian dollar and yen trades unsettled on the Continuous-Linked Settlement (CLS) service is unlikely, a CLS spokesperson told FX Week .
Bank One set to launch options desk in London
CHICAGO -- Bank One has hired two senior dealers to set up a new foreign exchange options desk in London, a senior official at the Chicago-based bank told FX Week .
BNP Paribas completes sales line-up for institutional clients
LONDON -- BNP Paribas completed the line-up of its UK institutional FX sales team last week, with the hire of its latest new recruit.
ABN Amro FX rises by 50%
AMSTERDAM -- Dutch bank ABN Amro’s FX dealing revenues for Q1 were up 50% compared with the same period the year before, it announced last week.