Month: April 2006

Icap Finalises EBS Deal

The much-anticipated sale of EBS to Icap is to go through, subject to regulatory approval, after the world’s largest interdealer broker agreed to acquire all of the share capital of EBS Group Limited. Icap is to pay $775 million for the foreign exchange trading platform, towards the top end of initial estimates of $700-800 million. […]

Byrne Moves to Dresdner from Citigroup

Peter Byrne has moved to Dresdner Kleinwort Wasserstein in New York as director and US regional head of foreign exchange sales for hedge funds and institutions.He reports to Joe Landes, head of FX for New York. He joins from Citigroup where he worked in hedge fund sales in New York. During his banking career he […]

Patelis Takes Helm of Merrill Lynch Research

Merrill Lynch has appointed Alex Patelis as head of global foreign exchange and local currency research strategy. He replaces Yianos Kontopoulos who has decided to retire as a sell-side analyst to pursue entrepreneurial opportunities outside the firm, Merrill says. Kontopoulos will remain with Merrill Lynch through a transition period to October. Patelis, based in London, […]

di Salvo Trades EBS for Reuters

Emanuele di Salvo is joining Reuters in June as part of its specialist sales team. He joins Reuters from EBS where he held a similar role. He will be responsible for driving take up of the trading platform Reuters Trading for Foreign Exchange in Italy, a spokesperson says. Based in London and Milan he will […]

RBS Lays off Trading Staff?

The Royal Bank of Scotland (RBS) is laying off around 70 sales, trading and business support staff including two traders on the FX spot desk in London, market sources tell Squawkbox. A spokesperson for RBS declines to comment on the rumour although the bank did issue a statement on Thursday (20 April) saying: "We keep […]

Kos to Kick off Forex Network in New York

Dino Kos, executive vice president and manager of the System Open Market Account at the Federal Reserve Bank of New York, is kicking off the Profit & Loss Forex Network event next month with the opening keynote address. The FX conference and exhibition is taking place at the Reuters building, 3 Times Square in New […]

SGAM AI Builds Hedge Fund Sales Business

Societe Generale Asset Management Alternative Investments (SGAM AI) has made four appointments at regional sales head level as it seeks to further build its hedge fund business. The four appointments, three of which are internal, are Todd Ladda, who assumes responsibility for the US, based in New York; Hong Kong-based Christophe Lalo, responsible for Asia […]

CLS Usage Continues to Rise

Market use of Continuous Linked Settlement (CLS), the mechanism designed to eliminate or reduce settlement or "Herstatt" risk, continues to grow strongly. During March 2006, CLS Bank International says it settled on average 247,813 instructions per day, with an average value of $2.7 trillion. This represents a 10.1% rise in volume compared to February. CLS […]

Organisations Collate Trading Rule Amendments

EMTA, ISDA and the Foreign Exchange Committee (FXC) have collated the numerous updates to Annex A of the 1998 Foreign Exchange and Currency Option Definitions and re-published them in chronological order. The definitions document was last updated and published in its entirety on September 25, 2000, but since then, the three industry bodies have published […]

Moulds Replaces Retiring Fall at BofA

William Fall, head of Bank of America’s European and Asian operations, is to retire in June. Jonathan Moulds, the bank’s head of global markets in those regions, will replace him. Fall has been with the bank for more than 11 years. Moulds will take over the role with immediate effect and report to Gene Taylor, […]