Foreign exchange
BarCap plans a second private CFXO
LONDON – Barclays Capital is planning another privately placed collateralised foreign exchange obligation (CFXO), worth e20–e50 million ($26–$65 million), after closing its first at the end of 2006. The original transaction was also privately placed and…
FXall adds benchmark fixings to QuickOMS
LONDON – FXall has added benchmark fixings from Citigroup, HSBC and the Royal Bank of Scotland (RBS) to its order management system, QuickOMS.
Saxo Bank to open rep office in Beijing
BEIJING & COPENHAGEN – Saxo Bank plans to open a representative office in Beijing in the next two months, according to a senior official in Copenhagen.
Further restructuring at Bank of America
LONDON – Ravi Mudan has been promoted to global head of FX proprietary trading at Bank of America (BoA) in London.
Cognotec axes jobs in development and sales
DUBLIN – Cognotec slashed up to 40 jobs last week, as part of a restructure at the technology company.
Swiss and French banks declare a healthy 2006
ZURICH & PARIS – European banks releasing annual statements last week have posted bumper results for 2006.
Celent consulting report hails the exchange model
PARIS – The exchange model is set to be the future model for FX, according to a report released last week.
Senior shake-up at Deutsche
LONDON – Deutsche Bank has realigned senior FX management, and has created two new roles to expand its forex coverage.
Cognotec email gives mixed messages
In an email sent out to key clients last week, Cognotec said it is going through yet another corporate restructure. It said the headcount at the company had significantly increased over the past 18 months, doubling its development resources, primarily…
BarCap hires Lehman hedge fund FX chief
GLOBAL – Graham Bibby, head of FX hedge fund sales at Lehman Brothers, is understood to have left the bank for a similar position at Barclays Capital.
Morgan Stanley creates global head of FX role
NEW YORK – Morgan Stanley has named Steve Mettler global head of FX sales and trading in New York.
Texas court fines PIC $123 million
WASHINGTON DC – The Texas Federal Court has levied more than $123 million in fines and restitution, in a case filed against Premium Income Corp (PIC) and its affiliates, Inforex and Tri-Forex International.
Currenex set to move into new asset class
NEW YORK – Trading technology vendor Currenex is going multi-asset class, according to officials at the company in New York.
MG Financial begins streaming Dow Jones news
NEW YORK – Retail FX company MG Financial last Thursday (February 8) began streaming currency news from Dow Jones Newswires, through its FX trading platform DealStation.
EBS adds ruble trading to spot platform
LONDON – Spot broker EBS has launched ruble trading over its spot matching platform, EBS Spot.
Citigroup names Prasad global head of forex and local markets
LONDON – Anil Prasad, head of CEEMEA sales and trading, has been named global head of FX and local markets at Citigroup in London.
Citigroup names Prasad global head of forex and local markets
LONDON – Anil Prasad, head of CEEMEA sales and trading, has been named global head of FX and local markets at Citigroup in London.
Strategists warn of carry trade risk
LONDON – FX markets could face disruption as the carry trade and a declining yen reached critical levels last week, warned analysts.
New platforms: ready, steady, go
And it's all systems go, literally. FXMarketSpace is very close to testing in a live environment, with final details being put in place. Meanwhile others, such as FXall's new anonymous trading platform, should have begun piloting by now.
RBC subscribes to Ffastfill for CME forex service
CHICAGO & LONDON – Software vendor Ffastfill has signed on RBC Capital Markets for its CME FX on Reuters application service. The service gives direct access to CME's FX futures and options contracts. FFastfill, which was chosen by Reuters as the launch…
Goldman loses two in FX sales...
LONDON – Goldman Sachs has lost two staff from its institutional FX sales business in London.
...and CS loses two in trading
NEW YORK – Credit Suisse has lost two spot traders in New York, and reorganised its fixed-income business.
Tradition hires five in inflation, new desk head
EUROPE – Interdealer broker Tradition has added to its inflation team across Europe and appointed a new desk head, John Cullen.
Dresdner exodus continues in forex
LONDON – The exodus from Dresdner Kleinwort's foreign exchange business continued last week, with three departures hitting the institutional FX sales desk, and one each from FX options and spot FX trading in London.