News
DrKW reorganises capital markets
LONDON -- Dresdner Kleinwort Wasserstein (DrKW) has appointed Achilles Macris and Erich Pohl as global co-heads of its capital markets operation in London, the bank announced last week.
Citigroup defies downturn
Top player’s revenues up again as gap widens between the best and the rest
Sterling: the big-picture view
The UK economy is looking increasingly like Cinderella among the ugly sisters of Japan, Europe and the US, says David Bloom, currency strategist at HSBCin London
Merrill ousts derivatives head
LONDON -- Merrill Lynch has ousted its European head of fixed income and FX derivatives, Kevin Chattwell, as part of the US investment bank's efforts to flatten its senior management structure.
Barclays bolsters global line-up with 10th new recruit this year
LONDON -- The wholesale expansion of Barclays Capital's forex group continued last week with the hire of a new global head of foreign exchange structuring.
Q3 treasury broking results bring ray of light for Reuters
LONDON -- Reuters' treasury broking services provided a rare piece of good news in the UK technology and data firm's Q3 results, published last week.
Trading places
JPMC FX safe from job cuts
Dealers suffer continued M&A woes
LONDON -- Forex-related mergers and acquisitions (M&A) activity slumped further in Q3, according to data published earlier this month, adding to a difficult year for corporate sales.
MMS plans growth in forex analysis
LONDON -- FX and fixed-income analysis provider MMS International, part of the newly formed MMS Group, is to grow its headcount by 20%.
Germany to look at Tobin FX tax
FRANKFURT -- Germany's new government is considering the introduction of the Tobin tax on foreign exchange transactions, Reuters reported last week.
Euro, yen: G3 laggards
As domestic demand in the Eurozone and Japan slumps, the dollar has shrugged off news of a current account deficit, says Richard Grace, senior currency strategist at WestLB
Convenience is key for online trading
GENEVA -- Convenience is a key factor driving buy-side clients' use of online FX portals, according to professionals attending the Swift International Banking Operations Seminar (Sibos) conference in Geneva at the start of this month.
Upsurge in German forex
FRANKFURT -- Deregulation of the German insurance market is attracting the world's top investment banks to expand in Frankfurt.
Soros slates Europe and ECB
LONDON -- Legendary currency speculator and financier George Soros last week delivered a damning verdict on Europe's economy and its central bank.
Tech briefs
SG takes SuperDerivatives for another year
Real hammered as election woes bite
SAO PAULO -- The Brazilian real dropped near to its lowest-ever level last week as political uncertainty continued following the presidential election on October 6.
Changing face of forex intervention
LONDON -- The changing nature of what motivates forex players to trade has shifted the thinking behind official intervention in the currency markets, according to James Trott, former chief dealer at the Bank of England.
Sterling credit crisis raises FX fears
LONDON -- Fears for the long-term future of sterling forex have been heightened by the revelation of a liquidity crisis in sterling bonds.
Prebon Yamane snares rival's forwards brokers
LONDON -- Interdealer broker Prebon Marshall Yamane in London has hired a team of three currency forwards brokers from rival RP Martins.
FXall ups customer list to 350
NEW YORK -- Multi-bank FX trading portal FXall last week announced it has signed up more than 350 customers, following the addition of a monthly record of 44 new clients in September.
HSBC makes senior appointments
LONDON -- UK-based bank HSBC has made four senior appointments to its Corporate, Investment Banking and Markets (CIBM) division, the firm announced last week.
China FX emergence continues
BEIJING -- The liberalisation and development of China’s FX market is continuing, presenting banks with a potentially lucrative new market.
European currencies win out as Japan and US woes bite
LONDON -- European currencies were the winners last week as fears over economic and political issues intensified pressure on the dollar and the yen.
HSBC enhances electronic MM trading and delivery
LONDON -- HSBC is planning to add new features to its electronic money markets service in November, an official at the bank told FX Week .