Foreign exchange
Strong results at BarCap
LONDON - Barclays Capital reported strong growth in income and net trading income in its 2005 annual results. Total income increased 27% to £4.3 billion.
Reuters expands in China
EIJING - Reuters is significantly increasing its presence in China, signing five banks to its Dealing 3000 matching service and selling its Kondor risk management product suite to six.
Traiana goes live with forex options
NEW YORK - Software vendor Traiana went live with its foreign exchange options service on its Harmony Message Center (HMC) this month.
Future opportunities from EUR/CHF
Corvin Codirla and Adarsh Sinha, fx strategists at barclays capital in london, show that while low eur/chf volatility may be justified at present, investors should position for a pick-up further out
Staff build-up at Bank of America
NEW YORK - Bank of America (BoA) has made a trio of hires over the past month as it continues to build its forex capabilities.
Refco saga continues
NEW YORK – The Refco saga continued last week, with creditors vetoing a deal that would have seen the remains of the unregulated business sold to Forex Capital Management.
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
Bloomberg to create e-trading company
NEW YORK – Bloomberg is partnering with several major banks to launch an electronic swaps trading company, according to the data vendor.
Marex Financial takes FXall
LONDON – Independent brokerage firm, Marex Financial has started offering foreign exchange liquidity and trading services from FXall to clients in Europe, the Middle East and the US.
Saxo makes retail move
COPENHAGEN – Saxo Bank is making significant changes to its structure, as it seeks to boost its retail business with senior hires from the Danish business world.
Lloyds TSB goes live on 360T portal
LONDON & FRANKFURT – UK bank Lloyds TSB Financial Markets has gone live as a liquidity provider to German multibank portal 360T ( FX Week , January 30).
Mixed results for European banks
PARIS & ZURICH – There were mixed results for the European banks who reported their 2005 results last week, with Société Générale (SG) reaping the rewards of a strong year, while UBS saw a slight fall.
Algorithmic trading in FX – watch this space
With algorithms now being tailored to provide best execution, Stuart Crooks, European head of FX sales at FlexTrade Systems, says now is a good time to start looking into these products
Senior management changes at Reuters
LONDON – Reuters is making two key changes to its senior management line-up as it seeks to boost its e-trading capabilities.
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
StanChart makes key hires in derivatives
LONDON – Standard Chartered is building up its FX options capabilities with key hires in London.
Further changes at Merrill Lynch
NEW YORK – Stephen Kemp, global head of FX at Merrill Lynch, has left his role at the US investment bank.
Dresdner sales head departs
FRANKFURT – Juergen Barthel, global head of FX sales at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt, has left the bank. Although DrKW declined to comment, it is understood Barthel's departure is part of an ongoing restructuring by Harry Culham,…
China allows RMB IR swaps
BEIJING – The People's Bank of China (PBOC) has issued new regulations allowing banks to conduct renminbi-denominated interest rate swap transactions on a trial basis.
The bonuses of networking
Ronald Balzano , president of COESfx, says businesses relying too heavily on trading desks will lose out to firms that offer customers quick and easy access via ECNs
FXall signs TD
NEW YORK & TORONTO – Multibank platform FXall has added Toronto Dominion to its list of liquidity providers, taking its current number of banks to over 60.
Barcap survey shows options e-commerce still lags behind
LONDON – A survey by Barclays Capital of its corporate customers has found that options are lagging behind in the move to e-commerce from voice brokerage.
FFastFill signs Merrill for CME FX on Reuters
LONDON – Merrill Lynch has become the seventh bank to go live with trading software firm FFastFill's application service for the Chicago Mercantile Exchange (CME) FX on Reuters.