Month: September 2005

FXC’s Snyder Unveils Retail Focus

Speaking at last week’s Profit & Loss Forex Network Chicago conference, Mark Snyder, chairman of the Foreign Exchange Committee, said the FXC is in the final drafting stage of a market letter on retail trade. The document reiterates calls for good legal documentation and the importance of understanding know-your-customer (KYC) obligations and contractual relationships. “We […]

Merrill Lynch Gets Korean Derivatives Approval; Hires Two Executives

Merrill Lynch’s Korea office has received a full-scope derivatives license enabling the firm to structure, trade, and sell a complete array of derivative instruments in the Korean market. The firm has hired Yoonkee Cho as a vice president, local currency trading. He was previously at Citibank in Korea where he most recently served as a […]

BarCap & HFR Launch Tradable Hedge Fund Options

Hedge fund analysis firm HFR and Barclays Capital have joined forces to offer the first transparent pricing of hedge fund-linked tradable options. Based on the HFRX Global Hedge Fund Index, Barclays will offer a two-way market in European call options to its institutional clients and counterparties. Indicative pricing of the options will be available during […]

Jupiter Appoints Crole

Jupiter Asset Management has appointed Charlie Crole as institutional client director. Crole joined the company on 4 September. He has 20 years experience in the institutional market place, the last five of which were spent at Schroders, last as senior client director, responsible for maintaining and developing key institutional relationships with, amongst others, corporates, government […]

Foreign Banks Get Approval for RMB FX Forwards in China

HSBC, Deutsche Bank and Citigroup have obtained separate approvals from the State Administration of Foreign Exchange (SAFE) to provide renminbi (RMB) FX forward services to their customers in mainland China. Richard Yorke, CEO, China, at HSBC, says, “Since China’s revaluation in July, we see increasing needs for corporates and banks to hedge their RMB risk.” […]

Hotspot FXi Adds Singapore Dollar Trading

In order to meet demands from Asian market participants as well as its client base of hedge fund and international asset managers, Hotspot FXi is adding US dollar/Singapore dollar to its platform. Officials say the new currency pair will support Hotspot’s efforts in the region, where it has opened offices in Singapore and Beijing, and […]

WestLB to Close Desk?

Market rumours are rife that WestLB, London, may be in the process of winding down the recently created prop trading desk, within the fixed income division. Mike East and Chris Kuan set up the desk in mid-April.East joined WestLB in 1975. In September 2004 he took a career break and left the bank. His position […]

CLS Bank Sets New Record

CLS Bank International last week announced a record set in the value of payment instructions settled in one day. It recorded 344,016 payment instructions with a gross value of US$4 trillion, marking the first time that value has exceeded this mark in a single day.CLS Bank now settles on average over 200,000 payment instructions a […]

Eurex US Announces Further Market Makers

Derivatives exchange, Eurex US, launched currency futures trading with 20 market makers on 23 September. The market makers include global banks and proprietary trading firms with experience providing streaming two-way currency prices in the FX market. Satish Nandapurkar, CEO of Eurex US, says: “We have established significant backing from market makers and we are delighted […]

OzForex to Open London FX Office

OzForex, an Australian online provider of foreign exchange services to corporates and individuals, will open a London office and concurrently launch a 24-hour global currency payments service in October. The move comes as OzForex reached a milestone A$1 billion (US$770 million) in FX transactions in June 2005. The London business, to be known as UKForex, […]