Month: February 2007

FXall Joins the ECN Melee

Multibank portal FXall is raising the stakes in the ECN industry by officially launching Accelor, an anonymous matching portal for its clients. Accellor combines anonymous ECN functionality with FXall’s technical architecture and market data service, a combination that the company believes provides it with a differentiator. The new platform is now live with the first wave […]

Wykes Trades Lava for Credit Suisse

Jonathan Wykes has left trading platform provider Lava FX to join Credit Suisse as a director with responsibility for spearheading sales for the bank’s AES (Advanced Execution Services) for FX products. AES is Credit Suisse’s suite of algorithmic trading strategies, tools and analytics. It was originally designed for equities trading but was extended to other […]

Nagle Joins Saxo Bank

Tom Nagle has joined Saxo Bank in London as a senior manager on the institutional sales trading desk reporting to Claus Gelhede, head of institutional sales. Nagle previously worked at broker GNI and foreign exchange trading firm IFX Markets in similar roles. His hire is part of Copenhagen-headquartered Saxo’s drive to build up its sales and […]

India’s CB Should Start FX Fund: World Bank

The World Bank has recommended that the Reserve Bank of India should establish an investment fund to invest a portion of the country’s $185 billion foreign exchange reserves in a wider range of global markets. Praful Patel, South Asia vice-president of the World Bank says that investment into newer global instruments is expected to reap […]

Japanese Retail Traders Hit With Penalty Taxes on Unreported FX Profits

More than 100 Japanese retail traders have been penalised by tax authorities in the last half of 2006 for failing to declare JPY2 billion in profits earned through foreign exchange margin trading. The law in Japan states that profits earned through FX margin trading is taxable as an individual’s miscellaneous income. However, according to the […]

CBA Hires Strategist

Commonwealth Bank of Australia (CBA) has moved to strengthen its foreign exchange and fixed income strategy team with the hire of Divyang Shah, according to market sources. Shah is said to be joining the bank from independent research firm IdeaGlobal as FX/fixed income strategist, based in London and will report to Richard Grace, senior currency […]

ANZ Appoints Tech Supremo

ANZ has appointed a new group managing director of operations, technology and shared services with the hire of David Cartwright. Cartwright, who will report to ANZ CEO John McFarlane, will move from the UK to join the Australian banking group over the next few months following the planned retirement of Mike Grime. He joins from […]

Saxo Adds Rouble to Platform

Saxo Bank has started to offer online trading access to dollar-rouble foreign exchange pricing to all client segments. This addition to its multi-product trading platform SaxoTrader was made to allow institutional and private clients globally to invest freely in the rouble and hedge currency risks in Russia. The dollar-rouble cross marks the 160th currency to […]

SwapsWire Reports Strong 2006

SwapsWire, the industry utility established in 2002 to automate the confirmation process in the OTC derivative markets, announced record 2006 volumes last week.  In 2006, the service confirmed more than one million trade events for the first time, more than double the number in 2005.  In order to handle increased volumes and a broadening product […]

ACI Signs MoC in Russia

The National Foreign Exchange Association of Russia (NFEA) and industry group ACI – The Financial Markets Association have signed a Memorandum of Cooperation in Moscow. The associations say they are going to combine their efforts in contributing to financial market development through the promotion and exchange of best business practices, knowledge and experience, educational materials […]