Month: June 2003

Cassidy Joins DPM

Derivative Portfolio Management, which offers back office services to fund managers, has appointed Diane Cassidy as managing director of client services. Her responsibilities include building the company’s client service team and ensuring the provision of support and service to its global client base, says Robert Aaron, chairman and CEO. Cassidy joins from ADP where she […]

Wachovia Turns to Online Trading to Broaden Client Reach

With all the focus on the bulge bracket banks and the expectation among many that the rest of the market will succumb to the inevitability of white labelling for FX execution technology, some banks are still ambitious enough to create their own systems for online execution. Wachovia Bank has introduced an in-house developed proprietary platform, […]

Currenex to Offer ExecutableStreaming Prices

Multibank portal Currenex is widely seen as the most innovative of the remaining platforms, however this innovation has yet to be turned into market-leading volumes or client numbers. This is not stopping the company however, and replete with its final funding in place, it is about to rollout Executable Streaming Prices (ESP), its latest module […]

FX Connect Sets New Volume Benchmark

At the same time as a plethora of surveys indicate increased levels of online trading, hard evidence in support of these findings comes from FX Connect, the FX component of State Street’s Global Link which announced it has broken through the $20 billion volume barrier in a single day. This is more than double the […]

EBS Makes its Move with Bloomberg; Prime Brokerage Initiatives

Although EBS was quick to establish a dominant market position in spot trading of the major currencies (with the exception of Cable) after its launch, there has long been a desire within the organisation to expand its horizons, as outlined by CEO Jack Jeffery in Profit & Loss, July/August 2002. In May, EBS celebrated the […]

Icap Expands Distribution of Economic Derivatives

Interdealer broker Icap is to market options on economic statistics to customers in a partnership with Deutsche Bank and Goldman Sachs. The company says it believes this will expand the distribution of economic derivatives into the interbank market. Economic derivatives enable traders to hedge short term volatility exposure to changes in economic statistics on long […]

Old Mutual Relaunches Funds Subsidiary

London-based Old Mutual has relaunched its GNI Fund Management operation under the name Bright Capital, a fund of hedge funds manager. Hasan Askari, deputy chairman and CEO of Old Mutual Financial Services, says, “We believe that fund of hedge funds are a key growth area of asset management. With Bright Capital, we have developed a […]

Results of LJH-Reuters Hedge Fund Survey

Reuters and LJH Global Investments, the global hedge fund advisory firm have released the results of the first quarter hedge fund manager poll that aims to highlight key investment trends. The latest results show that aggregated flows for all hedge fund strategies more than doubled over 2002. LJH polled 67 global hedge funds in this […]

AIB Sues Citigroup BofA Over Allfirst

Allied Irish Banks (AIB) has sued Citigroup and Bank of America (BofA), according to the Wall Street Journal, alleging both institutions helped John Rusnak, the Allfirst Financial currency trader, convicted of hiding losses of almost $700 million (see Profit & Loss, April 2002). The WSJ says AIB is seeking $500 million in compensatory damages as […]

IFX Appoints Chief Executive

IFX Group, a London-based spread trading and market making company, has appointed Edmond Warner as chief executive, replacing interim CEO Neil Chisman, who resumes his duties as non-executive director on the IFX board, having stepped up following the departure of Graham Wellesley in April. Warner joins from Old Mutual, where he was where he was […]