Foreign exchange
SEB gets China RMB go-ahead
SHANGHAI – SEB Shanghai has received approval from the Chinese foreign exchange regulators to launch a renminbi forex forwards business in the country.
Banks gear up to pursue forex opportunities in India
MUMBAI – Banks are realigning and expanding FX desks in India, in response to the growing business opportunities in the country.
Saab chooses SuperD to enhance pension funds
STOCKHOLM – Swedish defence contractor Saab is using interest rate derivatives data from SuperDerivatives to enhance the performance of its employee pension funds.
Banks warn to stress test
CHICAGO – At last week's FX Invest congress in Chicago, Barclays Capital, Citi and Morgan Stanley warned of the pressures being placed on back-office systems by rising FX volumes.
Deutsche dealt blow in Asia
SINGAPORE – It is understood that Deutsche Bank has lost Jai Rajpal, its global head of Asian currency trading, to Lehman Brothers, in what is being viewed as a huge blow for the bank.
All eyes are on Chicago this week
FXMarketSpace has finally gone live, and apparently things aren't going too badly.
Steady growth on FXMarketSpace
LONDON, CHICAGO & NEW YORK – Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace went live last week, with volumes understood to be growing gradually.
Dresdner rebuilds global forex business
LONDON, FRANKFURT & SINGAPORE – Dresdner Kleinwort has rebuilt its foreign exchange business, with 13 new hires.
Forefront Investments faces suit from CFTC
WASHINGTON DC – The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Richmond, Virginia-based futures broker Forefront Investments, for failing to hold adequate net capital.
Voting for e-FX Awards is underway
The starting pistol for this year's e-FX Awards has been fired, with companies invited to submit their pitches in the 13 categories.
The need for speed in algorithmic trading
LONDON – By 2017, the 10 top banks will manage 80% of all capital markets by revenue, according to Ralph Silva, senior analyst from Tower Group.
HSBC reshuffles in Asia
HONG KONG, JAKARTA & MUMBAI – HSBC has realigned senior management in Asia, as it bolsters its coverage of the Indian market.
Retail FX platform attracts $100 million from PE firm
SADDLE RIVER, NEW JERSEY – Online trading platform FX Solutions has received more than $100 million from Francisco Partners, a technology-focused private equity investment firm.
JP Morgan loses three, hires one in forex
NEW YORK & SINGAPORE – JP Morgan has lost three members of its FX team in New York and London.
Advanced Markets chooses Cognotec's retail FX solution
CHARLOTTE, N. CAROLINA – Forex broker Advanced Markets is going live with Cognotec's retail FX trading platform, RealStream-Margin this quarter.
Bear Stearns realigns forex, rates and credit
NEW YORK, LONDON & HONG KONG – Bear Stearns has made several strategic hires to drive the consolidation of its global credit, FX and rates business into three major regional trading groups in Europe, Asia and the US.
Steady growth on FXMarketSpace
LONDON, CHICAGO & NEW YORK – Reuters and Chicago Mercantile Exchange joint venture platform FXMarketSpace went live last week, with volumes understood to be growing gradually.
Preparing for a decline in cable
WHAT STRATEGY SHOULD BE ADOPTED AHEAD OF STERLING'S FALL AGAINST THE US DOLLAR? BEN TYLER , ASSOCIATE DIRECTOR, STRUCTURED FX AT LLOYDS TSB CORPORATE MARKETS IN LONDON INVESTIGATES
Panel findings highlight evolving role of buy-side
LONDON – The rise of algorithmic trading indicates that the traditional distinction between the buy- and sell-side is fading, according to a panel discussion held in London last week.
Morgan Stanley adopts multi-asset class approach
NEW YORK & LONDON – Morgan Stanley has restructured its fixed-income and equities businesses to adopt a multi-asset class approach to dealing with clients.
Dresdner loses three in Moscow and Singapore
MOSCOW & SINGAPORE – Dresdner Kleinwort is understood to have lost three members of its FX team in Moscow and Singapore.
Citigroup shakes up Asia forex
SINGAPORE – Citigroup has restructured senior FX management in Asia, as it realigns its business under the new fixed-income, currencies and commodities (FICC) structure.
SmartStream launches TLM Trade Process Management
LONDON & BOSTON – London-based technology vendor SmartStream Technologies last week released a system that automates the transaction lifecycle from execution to settlement.
Bloomberg Tradebook adds forex forwards
NEW YORK & LONDON – Electronic broker Bloomberg Tradebook plans to add FX forwards to its electronic communications network Bloomberg Tradebook FX, in the second quarter.