Foreign exchange

Capital enters retail FX

LONDON - Capital Forex, the FX arm of online trading company London Capital Group, is white-labelling Currenex's technology to break into the retail foreign exchange market.

Credit crisis wipes out FX gains

NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%.

Credit crisis wipes out FX gains

NEW YORK - Bear Stearns confirmed it was the US securities dealer with the most damaging exposure to the troubled US mortgage market when it unveiled a third-quarter net profit of $171.3 million, a year-on-year drop of 61%

Oanda receives $100 million injection

TORONTO – Online trading company Oanda has received $100 million in venture financing from a consortium of investors, led by Californian venture capitalist New Enterprise Associates (NEA).

FX Solutions launches new platform

NEW JERSEY – Online retail trading company FX Solutions is releasing version two of its trading platform FX Solutions Trader today (September 17).

Retail forex traders will bounce back

Retail foreign exchange traders were among the hardest hit in the August turmoil, where risk aversion led to a sharp reversal in carry trades. But it looks like many market participants haven't been deterred from pursuing the potentially lucrative…

Japan's EBank ventures into forex market

TOKYO – Tokyo-based online bank EBank is breaking into the foreign exchange market with plans to enable FX margin trading at the Tokyo Financial Exchange in the next three months.

Icap and CME Group report bullish trading in August

LONDON & CHICAGO – Interdealer broker Icap and the Chicago Mercantile Exchange Group (CME Group) have posted record volumes in foreign exchange trading for August, amid continued high volatility in the currency markets.

Market-makers need to get technical

The recent weeks of volatility have highlighted the need for dealers to have appropriate systems in place to manage and assess FX trading activity. As a number of dealers experience record volumes in August, others question the profitability of these…

BoA grows in London

LONDON – Bank of America (BoA) has made three hires in London as it expands its trading capabilities in the city, a spokesperson for the bank in New York told FX Week .

Bear Stearns raids BNP Paribas

LONDON & PARIS – Bear Stearns has boosted its foreign exchange sales team in London with two hires from French rival BNP Paribas, market sources tell FX Week .

Dresdner hit by senior departures

LONDON – Dresdner Kleinwort has witnessed two senior management departures from its foreign exchange and commodities business, sources tell FX Week .

CME Group intensifies electronic forex trading

CHICAGO – Trading in seven foreign exchange and rates futures contracts will become fully electronic, as part of a reorganisation at the recently merged Chicago Mercantile Exchange and Chicago Board of Trade (CBOT) entity, CME Group.

Another instalment in the Refco saga...

NEW YORK – Trusts representing Refco creditors and customers have filed a lawsuit for more than $500 million against the defunct futures broker's legal and accounting advisers.

BoA shuffles top level

LONDON – Greg Kaldor has relinquished his role as managing director and co-head of foreign exchange institutional sales at Bank of America (BoA), less than two months after the departure of colleague Max Leffen.

RBC and Citi raid BNP

LONDON – The Royal Bank of Canada (RBC) and Citi have poached two foreign exchange salespeople from BNP Paribas in London, market sources say.

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