Month: December 2006

BlackRock Wins China Pension Fund’s First FX Cash Mandate

China’s $30 billion National Social Security Fund (NSSF) has awarded its first batch global investment mandates to ten international fund managers including BlackRock which will manage NSSF’s foreign currency cash position. BlackRock, as well as AllianceBernstein and PIMCO, also won the mandate for global bonds, according to a report in the Shenzhen Daily. The funds […]

RJO Buys Refco Assets

RJ O’Brien and Associates (RJO) has acquired “substantially all” of the assets of Refco Commodity Management (RCM), which include the managing owner interest in the JWH Global Trust, a public commodity pool, with more than $125 million in customer assets under management (the Fund). The Fund’s assets are managed by John W. Henry & Company […]

RBS Hires in eMarkets

The Royal Bank of Scotland (RBS) has added to its electronic markets and solutions group in London, according to industry sources. Sheefali Asija is reported to have joined in the role of director, product development, reporting to Martin Spurr, head of e-ventures at the bank. Asija was last at Hypobank in London in a similar […]

FXC Releases Updates to IFXCO

The Foreign Exchange Committee (FXC) has issued a revision to the International Foreign Exchange and Currency Option Master Agreement (IFXCO) which was published on June 1, 2005. This revision is effective December 4, 2006, and is aimed at making clear that the parties to an FX or currency option transaction governed by IFXCO are legally […]

Five Reportedly Leave IFX as it Drops Institutional Focus

Sources within IFX Markets tell Squawkbox that the company is seeking to reduce its institutional client focus in favour of targeting retail FX traders. The move comes three months after the company was acquired by City Index and has allegedly resulted in IFX Markets releasing five sales and trading staff from its institutional desks in […]

CME Kicks Off December in Style…

The Chicago Mercantile Exchange (CME) had a strong start to its December trading, announcing record trading activity on Friday, December 1, 2006, with a total of 10,997,315 futures and options on futures contracts traded. This eclipsed the previous record of 10,675,578 set on September 1, 2005, and was more than double the exchange’s average daily volume […]

…As Does Saxo

Meanwhile, Denmark’s Saxo Bank says that on December 1, for the first time in its history, it surpassed the USD25 billion mark in one-day volume in currency trading. “Naturally, this is a huge milestone in our history as an online investment bank,” says Saxo’s co-CEO Lars Seier Christensen. “Posting volume of this level in a […]

China Plans FX Options Products

China’s State Administration of Foreign Exchange (SAFE) is reportedly considering plans to allow options on the renminbi to help local banks manage their foreign exchange risks. However, according to Beijing News citing an unnamed SAFE source, China’s central bank, the People’s Bank of China, is yet to approve the product. Kenneth Poon, head of local […]

Simonsen Switches Direction: Joins Danske Bank

Market sources report that Rene Simonsen, who was slated to join Nordea Markets in Copenhagen, has actually joined Danske Bank, Copenhagen instead. Simonsen left his role as director on the FX desk at Icap in Copehagen at the start of December and was originally destined for an FX trading role at Nordea. Sources within Danske […]

Citigroup Launches Islamic FX Products in Singapore

Citigroup has become the first bank in Singapore to launch commodity Murabaha investment products in various currencies, including the US dollar, euro, Sterling and the Singapore dollar. Additionally, the bank is also offering the Islamic equivalents of interest rate swaps, FX forwards and cross currency swaps as part of its new range of Islamic Treasury […]