Month: April 2006

JP Morgan Boosts Asia FX and Rates Sales and Trading

JP Morgan had hired Tarun Mahrotri as head of Asia Pacific (excluding Japan) foreign exchange and rates, sales and trading, and co-head of fixed income sales and trading. Mahrotri was previously at HSBC Hong Kong where he was head of regional trading with responsibility for trading and managing risk in rates, foreign exchange and credit. […]

Banks Approved for China’s Interbank IRS Market

Five local and 13 foreign banks in China have been approved to conduct yuan-denominated interest-rate swaps (IRS), says the China Foreign Exchange and Trade System (CFETS), a subsidiary of the People’s Bank of China. The approvals come two months after the country’s first yuan IRS transaction was executed by two local banks who had received […]

CSFB Loses Global Head of FX Sales?

David Newman has left CSFB in New York where he was global head of FX sales, market sources tells Squawkbox. Newman joined CSFB in 2001 as managing director and global co-head of treasury product sales alongside London-based Rusty Elvidge from JP Morgan. At JP Morgan he held a number of positions culminating in the role […]

Merrill Lynch IM Improves FX Workflow With State Street

State Street Corporation has developed an FX execution management workflow service via its Global Link network for Merrill Lynch Investment Managers (MLIM). Using Global Link’s FX Connect execution platform, the workflow service fully integrates with MLIM’s trading processes. It allows MLIM’s equities business to aggregate multiple sources of FX requirements, view associated compliance requirements, trade […]

ACI and FBE Amend Statutes for STEP Initiative

ACI -The Financial Markets Association (ACI) and the European Banking Federation (FBE), the main promoters of the Short-Term European Paper (STEP) initiative, say the general assembly of Euribor FBE has amended its statutes to take on STEP-related responsibilities. Euribor ACI will similarly amend its statutes shortly. The STEP Market Convention promotes the integration of the […]

FX Volume Growth Spurred on by Fund Managers: Report

Growth in electronic foreign exchange trading volumes among banks globally slowed in 2005, but total e-FX trading grew at a robust pace thanks to fund managers and retail customers, says a report released last week by research company Greenwich Associates. “E-FX trading volumes among large companies and financial institutions had been growing significantly every 12 […]

Record Volumes for FXall

FXall, the multibank online foreign exchange platform, had record trading volumes of $825 billion in March, a 53% increase on the same period last year, the company says. The first quarter of 2006 was the platform’s busiest time with total volumes of $2.1 trillion, up 35% on Q1 2005. FXall’s volumes have grown every quarter […]

Merc Reduces Trading Fees for CME Eurodollar Options

The Chicago Mercantile Exchange (CME) is reducing its fees for members and lessees to encourage more electronic trading of CME eurodollar options on the CME Globex trading platform. The incentive programme becomes effective on Monday, May 1, 2006, and extends through the end of the year. To be eligible, 30% of the member’s eurodollar options […]

HSBC Appoints Head of European FX Trading

HSBC has appointed a new head of European foreign exchange trading based in London sources tell Squawkbox. The bank did not respond to enquiries by press time. Gary Nettleingham, previously spot trading manager at the bank in London, has been promoted to the position. The move comes just two weeks after HSBC appointed Andrew Brown […]