Month: December 2004

Fitch to Acquire Algorithmics

Fitch Group, a Fimalac SA company, has entered into an agreement to acquire Algorithmics. The transaction, valued at $175 million, is expected to close in January. Algorithmics, a privately held Canadian-based company founded in 1989, provides enterprise risk management solutions to financial institutions. Fitch says Fitch Risk’s operational and credit risk data, software and consultative […]

DKW Restructures

Market sources say that Dresdner Kleinwort Wasserstein (DKW) will cull 240 jobs by year-end, cutting across all geographies and all business areas as the bank seeks to reinvest in higher margin business, including structured finance and derivatives. According to sources, the cuts will be divided 50% between front and back office functions. Within FX, of […]

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Commerz FX Team Gets Redundancy Packages

While Commerzbank still declines to officially confirm the departure of its 12-strong FX team in London, sources say dealers in London, New York and Singapore have now received redundancy packages. In November, Commerz announced it was retrenching its global investment banking operations to Frankfurt (see Squawkbox, November 15 and 29). So far, one London-based FX […]

FX Committees Announce New Code for Turkish Lira

The London Foreign Exchange Joint Standing Committee Operations Sub-Group (the FXJSC Ops Group) and the Foreign Exchange Committee Operations Managers Working Group (FXC Ops Group) have released the results of a consultation among members regarding their intentions for processing outstanding foreign exchange trades denominated in Turkish lira to address the conversion of old Turkish lira […]

Standard Chartered Hires Henderson

Callum Henderson has been appointed by Standard Chartered as head of FX strategy based in Singapore, a spokesperson confirms. Henderson reports to Gerard Lyons, chief economist and group head of global research, based in London. Henderson previously worked at Bank of America, where he was an EMEA senior emerging markets strategist. He succeeds Claudio Piron, […]

Rivoli Launches Equity Fund

Rivoli Fund Management has launched Rivoli Equity Fund, its first Long/Short Equity Fund. The fund is available through both EUR and USD class and trades large caps on a worldwide basis, using arbitrage and directional strategies. The fund completes a range of alternative investment vehicles. Rivoli International Fund, the flagship fund, has also recently been […]

EBS Trader to be Fully Integrated on Bloomberg

EBS and Bloomberg jointly announced that EBS Trader will be fully integrated on the latter’s terminal and will be offered free of charge to all Bloomberg users. This is the next step in the collaboration between EBS Trader and Bloomberg to provide a comprehensive, one-stop system for conversational direct dealing FX trading, according to the […]

Citigroup Names Spot Options Chiefs in London

Citigroup is transferring Raymond Ng from Singapore to take up the chief dealer role in London in January, reporting to Gavin Wells, managing director of spot FX, the bank confirms. Ng has spent the past four years as trading manager for the spot desk in Singapore, and since last year, has additionally managed the Hong […]

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