Foreign exchange
Gu appointment casts shadow over BoA FX
LONDON & NEW YORK - David Gu has been slated to head rates and currencies following the merger of Merrill Lynch and Bank of America (BoA), throwing into doubt the future of the BoA foreign exchange team, say market sources.
UBS wins with front-to-back approach
UBS has retained its number one position as the best bank for foreign exchange prime brokerage in this year's FX Week Best Bank Awards. Deutsche and Citi followed in second and third places respectively.
Icap adds new functionalities to EBS Spot
LONDON & SINGAPORE - Interdealer broker Icap is rolling out new features on its foreign exchange electronic trading platform, EBS Spot, this Saturday (November 22), officials told FX Week .
OTC derivatives on the up
BASEL - The Bank for International Settlements' (BIS) semi-annual report has shown a significant increase in the growth of over-the-counter foreign exchange derivatives in the first half of this year.
Citi triumphs, Deutsche bounces back
LONDON - Citi maintains its lead in this year's FX Week Best Bank awards, as Deutsche Bank bounces back to take second spot.
Danske leads locals in Scandi domination
Danske Bank was victorious in the Scandinavian currencies category, benefiting from its local market advantage.
Credit Suisse advances in Asia forex
HONG KONG & SYDNEY - Credit Suisse released its advanced execution service (AES) for foreign exchange in Asia last month, following the system's US and European rollout earlier this year.
Icap still best broker for forex
Icap holds onto its crown as best broker for spot FX ahead of rival Thomson-Reuters.
Best FX Bank Awards: Barclays Capital has e-trading edge
Barclays Capital has usurped UBS to take pole position as the best bank for electronic trading, after coming second in last year's rankings.
Mizuho hires ex-Lehman e-trading team
TOKYO - Mizuho Financial Group, the Japanese bank, has hired 16 former Lehman Brothers staff to help kick-start its electronic trading business.
Citic Group in currency bail-out
HONG KONG - Citic Pacific has reached an agreement with parent company Citic Group to provide financial support to meet liabilities from exposure to leveraged FX contracts disclosed on October 20.
Thomson Reuters shows eye for detail
Thomson Reuters has retained first place as best vendor in the dealing technology category thanks to a focus on detail, according to Paul Allmark, global head of Reuters Electronic Trading (RET).
Customers look to HSBC for stability
HSBC has held on to its title of best bank for foreign exchange in the Asia-Pacific, as customers flock to dealers with a long-standing history in the region during the market turmoil.
Diversity key to success for FXall
FXall has triumphed in the best multibank foreign exchange portal category for the seventh consecutive year.
Chicago's wind of change
Felix Shipkevich, general counsel at CMS Forex in New York, highlights the difficulties of applying similar regulations to retail foreign exchange and the exchange-based commodities and futures markets
Goldman sacks top FX performers in London
LONDON - Goldman Sachs' attempts to cut costs have led to some of the bank's top foreign exchange performers losing their jobs, according to a market source.
E-broking FX volumes soar
LONDON - Interdealer brokers continued to be the biggest winners in the latest round of market turbulence, with Icap and BGC reporting an increase in volumes from foreign exchange businesses.
UBS posts record Q3 FX revenues
ZURICH - UBS reported record foreign exchange and money markets revenues in the third quarter of this year, reaching $1.3 billion.
Clients switch on to Portware FX
NEW YORK - Portware has seen a 70% increase in clients using Portware FX, its real-time foreign exchange aggregation system, since the start of 2008, according to Harrell Smith, head of product strategy for the firm in New York.
Thomson adds Icap tick data
JERSEY CITY & LONDON - Interdealer broker Icap is making historical tick data for foreign exchange, fixed-income and interest rate products available through Thomson Reuters, in a bid to broaden its client base among algorithmic trading, valuation and…
Lehman's Burgess now at ING
LONDON - Ian Burgess, formerly of Lehman Brothers, has joined ING's institutional sales division in London.
WestLB drops RealStream
DÜSSELDORF - WestLB is no longer using Cognotec's RealStream Manager and has signed up to Eurobase's Siena Gateway, in a move to streamline its electronic foreign exchange infrastructure.
'Instividual' investors switch on to FX
One area of the foreign exchange market that appears to be continuing on a healthy growth trajectory is retail FX trading, according to research released last week.