Month: April 2004

Citi’s FX Revenue Flat

According to its annual report, FX revenues were virtually flat in 2003 at Citigroup, weakening from $1,790 million in 2002 to $1,782 million. All other trading related revenues, including fixed income and equities, grew last year. The bank’s FX revenues have grown more than 60% since 2000, when the bank reported $1,103 million.

PFG Hires RBC Team

Futures commission merchant Peregrine Financial Group (PFG) has made Jonathan Siegel senior vice president and head of the New York office which it opened on March 1. Along with Siegel’s hire, PFG has hired a five-strong team from Royal Bank of Canada to execute in the interbank market. The new presence is intended to expand […]

Greenwich Research Suggests eFX Boom…

Research published by Greenwich Associates suggests that electronic trading volumes doubled to $8 trillion in 2003, although almost 50% of global FX institutions say they still have no intention of trading online. The paper attributes most of the growth to institutions that have dipped their toes in the eFX water over the preceding couple of […]

…While FXall Provides Evidence

Continuing its policy of releasing its volume figures when it reaches milestones every two months, FXall reports that total volume for March reached $413 billion, a 30% increase on the $317 billion it publicised in January. The platform reports that total monthly volume has grown 52% since November, with 163% growth on the $157 billion it […]

Singapore FX Committee Sources ACI Model Code

The Singapore Foreign Exchange Market Committee (SFEMC) recently published an updated version of the “Blue Book”, the Singapore Guide to Conduct and Market Practices for Treasury Operations. In the Blue Book, the SFEMC acknowledges the goodwill of ACI – The Financial Markets Association in permitting The Model Code to be used as a source of […]

West End Capital Hires Yen Strategist

West End Capital Management, a fixed income investment management firm, has hired Venkat Mandava as a lead strategist on its Yen portfolios. According to the firm, he has extensive experience of the interest rate and derivatives market, from his time spent at both Credit Suisse First Boston and Barclays Capital.

Abbey Takes BBH’s Infomediary

Abbey has gone live with Infomediary, Brown Brothers Harriman’s communications outsourcing system which collects trade instructions from external sub-advisors and feeds them into internal accounting systems.

Kemp Named Global Head of FX at Merrill; deSa to Leave

Michael deSa, most recently co-head of global FX and rates at Merrill Lynch in London, is to leave the bank in June, a spokesperson confirms. Stephen Kemp, who joins in New York from Morgan Stanley, will succeed him as managing director and global head of the FX group. At Morgan Stanley, Kemp was managing director […]

RBS Replicates Sales Structure Globally

The Royal Bank of Scotland (RBS) is to expand its interbank FX sales service into New York and Hong Kong after a successful trial out of London. The bank amalgamated the functions of its non-reciprocal sales and trading teams in London 18 months ago, and recently mirrored the format to serve clients in North America […]

Action Economics Readies for Launch

It was widely assumed in the wake of Informa group’s $37 million purchase of market commentary and analysis group MMS (see Profit & Loss, October 2003), that one of the main players in the third party research industry was no more. MMS was folded into Informa’s MCM subsidiary – of which MMS was a chief […]