Month: November 2006

RBS Closes Prop Desk…

The Royal Bank of Scotland is closing down its FX proprietary trading desk in London, a spokesperson confirms. In a statement released on Friday (November 24), the bank says: “We can confirm that RBS has closed its FX prop trading desk. We keep the structure of our businesses under constant review to meet the rapidly […]

…Hires Head of Global Emerging Market IR Options

In other moves, the Royal Bank of Scotland has appointed Stephen Laughton to the newly created position of head of global emerging market interest rate options and exotics, covering all aspects of both trading and structuring. He joins from ABN Amro where he held a number of positions since 2001, most recently as global head […]

Citigroup Creates FICC Group

Citigroup has formed a new Fixed Income, Currencies and Commodities (FICC) global business group, it announced internally last week. The group combines the global fixed income and emerging markets sales and trading divisions and represents “a natural evolution toward providing an integrated global platform best positioned to serve our clients”, Tom Maheras, CEO of global […]

Icap and EBS Profits Surge

Icap, the world’s largest inter-dealer broker, saw a 22% surge in first-half revenues due largely to an increase in business on world markets. Profits at the group, which earlier this year held merger talks with the London Stock Exchange, rose 23% to 120.8 million while revenues stood at 542.8 million. Chief executive Michael Spencer says […]

Harris Joins RP Martins

John Harris is joining RP Martins in London as a senior broker with a remit to expand the firm’s cross asset class emerging markets business, sources tell Squawkbox. Harris, a 25-year veteran of the industry, was last in the market running the forward cable desk at Prebon Marshall Yamane and left the firm soon after it […]

BT Appoints MD of Trading Systems

BT has appointed a new managing director for trading systems, one of three financial services units within the firm. Phil Mottram will be based in London and will report to the vice president of BT Global Financial Services, Laurie Bowen. His appointment is effective as of December 1, 2006. As managing director of trading systems, […]

Banks Break New Islamic Banking Ground

Bank Islam Malaysia (Bank Islam) and Bank Muamalat Malaysia (Bank Muamalat) broke new ground in Islamic finance last week agreeing to execute a derivative master agreement to document Islamic derivative transactions. The document is the first industry initiative in the world to standardise a document governing Islamic derivative transactions. In particular, this is part of […]

Australia’s FX Market Catching up with Singapore

Singapore’s lead as Asia’s (excluding Japan) largest FX market has significantly narrowed with recent data showing Australia’s FX market is rapidly catching up. Australia’s average daily FX volumes jumped by more than 50% to reach AUD211.3 billion in April 2006 compared to April 2005, according to latest data from the Reserve Bank of Australia (RBA), […]

OzForex Growth Surges on UK Business

Sydney-based OzForex, an online foreign exchange provider, says the successful launch of its UK office last year and a move to a 24-hour trading service will enable it to achieve annualised turnover of more than AUD2 billion for the 2006 calendar year. OzForex’s founder and managing director Matthew Gilmour says the company has recorded a […]

China’s Central Bank Study Hints at Introduction of FX Futures

The People’s Bank of China (PBoC) has allocated resources to study the country’s futures markets, which are all commodities-based and run by exchanges in Dalian, Zhengzhou and Shanghai, according to the official Xinhua News Agency. The move has raised the possibility that the PBoC may soon be considering the introduction of currency futures. However, state […]

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