Foreign exchange
Gray decamps from Saxo Bank
LONDON - Saxo Bank has lost its senior manager in institutional sales in London, the Copenhagen-based dealer has confirmed with FX Week .
Lloyds TSB expands forex solutions team
LONDON - Lloyds TSB Corporate Markets has made four hires in its corporate and institutional foreign exchange solutions team in London, as part of a continued effort to expand its risk solutions service.
Will we ever move to a fee-based model?
The competition to gain retail clients and white-label partnerships by retail trading companies and vendors is leading to more creativity in service provision.
Retail platforms in currency expansion
NEW YORK - Online FX trading companies CMS Forex and FXCM have added new currencies to their trading platforms, allowing retail traders to trade in emerging market currencies.
Taratunio joins Bank of America
NEW YORK - Senior foreign exchange salesperson Gary Taratunio is heading to Bank of America (BoA) in New York, after leaving JP Morgan last month.
Icap quells fears with positive Q2 results
LONDON - Interdealer broker Icap quelled fears over the future performance of its businesses last week, by reporting a 15% rise in second quarter revenues compared with the same period last year.
Banks and hedge funds spur growth in OIS trading
LONDON & NEW YORK - Central bank activity has contributed towards a surge in trading overnight index swaps (OIS) over the past year, according to dealers.
Internalising flow threatens brokers
As banks begin looking at ways to internalise flow, the big question is what it will mean for electronic brokers such as EBS and Thomson Reuters.
BoA in global reshuffle
NEW YORK, CHARLOTTE & LONDON - Bank of America has consolidated its global rates, currencies and commodities (GRCC) and credit products (GCP) businesses into a newly formed global fixed-income platform.
Wesselius joins Deutsche
AMSTERDAM, ATHENS & LONDON - Deutsche Bank has hired BNP Paribas' former foreign exchange sales head for the Netherlands to lead its Dutch FX coverage.
Icap shares suffer amid slow growth speculation
LONDON - Speculation of a fall-off in currencies, rates and credit products growth at Icap caused a sharp fall in the monthly share value of the London-based interdealer broker last week.
SmartStream boosts post-trade with TLM Treasury Confirmations
LONDON - London-based technology vendor SmartStream Technologies has launched TLM Treasury Confirmations for FX, money market and over-the-counter trades, in response to market demands for enhanced post-trade capabilities.
TraderTools gets smart with liquidity
NEW YORK AND PARIS - FX trading technology vendor TraderTools has implemented Smart Trade's STTP 5.5 liquidity management system for use within its Liquidity Management Platform.
Moumdjian quits BoA
NEW YORK - Harry Moumdjian, principal and head of electronic solutions sales for North America at Bank of America in New York, has resigned from the bank.
Credit Suisse integrates forex algos into Minerva OEM
LONDON - Credit Suisse has become the first broker to integrate foreign exchange smart routing and algorithmic execution strategies into Fidessa LatentZero's Minerva order and execution management system (OEMS), with automated execution services (AES) FX.
The technological arms race continues...
One of the key takeaways from the FX Week USA congress last Tuesday is that the unrelenting spend on technology seen over the past few years is unlikely to end. A quick poll of delegates found that two-thirds will spend more on technology in fiscal year…
CME posts surge in Q2 forex volumes
CHICAGO - The Chicago Mercantile Exchange (CME) reported a strong increase in contract volumes in second-quarter results released last Tuesday (July 1).
Last FX man standing quits at Credit Suisse
LONDON & GREENWICH - The last member of Credit Suisse's defunct foreign exchange team for southern Europe is leaving the bank, market sources tell FX Week .
Rival banks scoop Merrill Lynch defectors
LONDON - Morgan Stanley and Barclays Capital have made two hires from Merrill Lynch, market sources tell FX Week .
Investors keen on double-short euro ETNs
NEW YORK - Morgan Stanley's Market Vectors double-long leveraged euro exchange-traded notes (ETNs) have outperformed their double-short counterparts by almost 30 times in trading volumes.
More departures from JP Morgan
LONDON - Mass redundancies are continuing to affect the foreign exchange desks of JP Morgan in London, with two former Bank One staff reputed to have left the US dealer this month.
Small US banks free to use standardised approach
WASHINGTON, DC - The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.