Month: July 2006

Merrill Lynch Re-Structures – FX Head Departs

A week after revealing that profits in its global markets division had fallen in Q2, sources close to Merrill Lynch report that the division has been re-structured under the leadership of equity specialist Rohit D’Souza and Osman Semerci. D’Souza has been appointed head of global equities and Americas global markets, global markets and investment banking. […]

China Awards Quotas for QDIIs

China’s qualified domestic institutional investors (QDII) scheme has commenced with quotas totalling $4.8 billion being awarded to three Chinese banks for investment in offshore fixed income securities. China’s State Administration of Foreign Exchange (SAFE) granted the Bank of China, the Industrial and Commercial Bank of China and the mainland subsidiary of Hong Kong based Bank […]

Credit Derivative Brokers Merge

In a sign of the market’s increasing maturity, two credit derivative inter-dealer brokers have announced plans to merge. Creditex, the electronic broking company and CreditTrade, a voice broking operation focused upon the credit derivative market are merging to become Creditex Group. The combined group will have offices in New York, New Jersey, London and Singapore, […]

Reid Joins Citi PB

A spokesperson for Citigroup confirms that David Reid has joined the bank in its FX prime brokerage group as head of FX prime brokerage sales for Europe. He joins from AIG where he held a similar role for the past three years, prior to which he worked at now-defunct multibank portal Atriax. At Citigroup, Reid […]

Malaysia’s First Islamic Cross Currency Swap Dealt

Standard Chartered Bank and Bank Muamalat have executed Malaysia’s first Islamic cross-currency swap based on the USD/MYR. The $10 million deal used a commodity based "Murabahah" transaction to avoid interest payments and thus comply with Syariah principles. Murabahah is a particular kind of sale where the seller expressly mentions the cost of the sold commodity […]

Man Acquires Eurex US Share, to Re-launch Exchange

Eurex has given up what proved to be the unequal struggle of its US subsidiary, Eurex US, to compete with the major US exchanges and has sold a 70% stake in the unit to Man Group. The two companies have announced that a new exchange, the US Futures Exchange (USFE) will be launched and will […]

Kassel Joins ING in New York

Matt Kassel has joined ING Capital Markets in New York as director of proprietary trading. He joins from research group IDEAglobal where he was head of foreign exchange strategy. At ING, Kassel will be trading predominantly FX products but also has a remit in precious metals and exchange-traded derivatives. Prior to IDEA, he was senior […]

Phillip Launches Margin FX Service in Hong Kong

The Phillip Group, a Singapore-based diversified financial services firm, has launched a margin FX trading platform for clients in Hong Kong. Mark Ho, a director of Phillip in Hong Kong tells Squawkbox the platform was developed internally and will be offered eventually to clients in China and the rest of Asia as regulations permit. The […]

Ball to Head E-Trading at Marex

Marex Financial has appointed Gary Ball as head of e-trading. He will be responsible for e-trading across Marex’s, commodities, FX, futures and options businesses. Ball has over 15 years broking experience in the City, most recently as European head of electronic brokerage for Calyon Financial and prior to that in senior management positions with the […]

India’s RBI Permits More Currency Capital Instruments

The Reserve Bank of India (RBI) has relaxed limits on Indian banks issuing debt instruments in foreign currency for the purposes of their own capital requirements. The development is expected to see Indian banks become more active in the international capital and foreign exchange markets as they seek capital funding from foreign institutional investors in […]