Foreign exchange

Pimco reaps "great" currency returns

LONDON & MUNICH - Fixed-income specialist fund manager Pacific Investment Management Company (Pimco) is confident to reap "great" returns from its first currency fund, according to Thomas Kressin, a Munich-based senior portfolio manager at the firm.

NFA cracks down on AMI

CHICAGO & LONDON - The US National Futures Association (NFA) has set a precedent by ordering one of its brokerage members to only solicit promotional material from companies registered with the Commodity Futures Trading Commission (CFTC) and the NFA.

Nordea signs up with SuperD

COPENHAGEN - Nordea will use data and software vendor SuperDerivatives' market data feed to ensure price transparency, and assist with accounting and regulatory compliance.

London still top of the forex markets

LONDON, NEW YORK, TORONTO & SINGAPORE - London holds firm as the leader of the foreign exchange world, as year-on-year forex growth in the UK continues to outstrip that of the US, according to the latest figures released by regional trade bodies.

Saxo Bank sells 5% stake for $92m

COPENHAGEN, LISBON & LONDON - Espirito Santo Financial Group (ESFG) and subsidiary Banco Espirito Santo Group (BESG) have bought a 5% shareholding in Saxo Bank, in a move to expand the bank's electronic capabilities.

Icap speeds up price info on EBS

LONDON - Interdealer broker Icap has cut latency on spot-broking system EBS Spot and market data service EBS Live, according to a letter to EBS Prime bank customers seen by FX Week .

HK bank Wing Lung licenses Fenics FX

HONG KONG & LONDON - A growth in Hong Kong bank Wing Lung's foreign exchange options business has prompted it to license GFI Group's options pricing and risk management system, Fenics FX.

BoA scales back global FX

LONDON, NEW YORK & SINGAPORE -Bank of America (BoA) is continuing to scale back its global foreign exchange operations, with senior-level departures and desk closures last week.

Deutsche cuts forex in London

LONDON - Deutsche Bank has made five cuts to its foreign exchange team in London, as part of wider redundancies in the global markets business.

Ex-BNP FX head joins Bear

LONDON - Bear Stearns has realigned senior foreign exchange management in Europe, with Loïc Meinnel, former global head of FX at BNP Paribas, taking the helm in London.

Carrying a mixed bag

Analysts polled by FX Week reveal an industry split on the sustainability of resurging risk appetite and the future of yen-based carry trades. Compiled by Wendy Mock

FX thrives in South Korea

SEOUL - Foreign exchange derivatives were behind the large gains posted by banks operating in South Korea in the third quarter of 2007, according to official statistics.

Calyon chief heads Newedge

LONDON, NEW YORK, PARIS - Newedge, the joint venture institutional brokerage formed through the merger of Calyon Financial and Fimat, last week, announced its new foreign exchange line up.

Citi launches Japan desk in India

NEW DELHI - Citigroup is launching a Japan-focused desk in New Delhi at the end of January, to cater to a growing number of Japanese corporate clients in the country.

CLS product expansion welcomed

CLS's announcement last week that it has begun settling credit derivatives trades demonstrates the industry utility's efforts to reduce the unit cost and total bill for settling forex trades over the system.

CFTC stays quiet on forex scam

WASHINGTON DC - The United States Commodity Futures Trading Commission (CFTC) said it could neither "confirm nor deny" the existence of an investigation by its offices into a US man who allegedly defrauded investors millions of dollars.

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