Day: 5 March 2007

Soaring FX Volumes on EBS amid Volatility Storm

Icap’s EBS reported its busiest e-FX trading day on Thursday March 1 as the market turmoil that infected the equities market two days before led to high volatility and soaring volumes in other asset classes. Total daily spot FX volumes from banks and non-bank professional FX traders exceeded $268 billion in 135,818 deals across the […]

Gold and Silver Trading Increases on EBS

In other news, Icap says electronically traded gold and silver has risen significantly on FX spot platform EBS as more banks and non-banks move to e-traded precious metals. Trading interest has driven daily US dollar-denominated volumes for e-traded spot gold and silver up 85% during 2006 and the pattern is continuing into 2007, Icap, owner […]

Trading Hurt by Inaccurate Data

The importance of fast, reliable market data was highlighted last Tuesday (February 27) when a computer glitch at Dow Jones misled investors about the value of its benchmark stock index at a time of soaring trading volumes triggered by an equity market sell-off. The glitch, caused by a failure of the company’s servers, led Dow […]

SocGen Strengthens Research Teams

Socit Gnrale has added more analysts to its credit, foreign exchange, fixed income and commodities research teams as it strengthens cross asset research to clients. Jesper Donnesboe has been appointed a strategist within the commodity research team, which covers both base and precious metals. Based in London, he reports to Frdric Lasserre, head of commodities […]

Parsons Joins NAB in FX Strategy

The recently re-branded NabCapital has made its first foray into the market under its new name, employing Nick Parsons, former head of macro research at Commerzbank in London as a foreign exchange and interest rate strategist. Parsons, who was made redundant before Christmas, started at the bank last week, according to a market source.

Collier Trades Deutsche for Merrill

Merrill Lynch has hired Alex Collier to join its foreign exchange e-sales team, according to market sources, as it builds up its e-commerce client facing teams.  Collier joins from Deutsche Bank in London and reports to Christian Exshaw, Merrill’s global head of FX sales and e-commerce. A spokesperson for Merrill Lynch declines to comment on the move.

Former Bank One Manager to Lead FX at US Bank

US Bank has promoted Timothy Shafer to senior vice president and head of its foreign exchange department. He replaces Pat Noble who retired after 32 years with the company. Shafer has been with US Bank since 2004. Prior to the promotion, he managed the foreign exchange sales group, with teams in Minneapolis, St. Louis, Milwaukee, […]

Chicago Exchanges’ Shareholders to Vote on Merger

Shareholders of Chicago Mercantile Exchange Holdings and CBOT Holdings will vote on the exchanges’ proposed merger at separate meetings on April 4, according to a filing with the Securities and Exchange Commission. Executives from both exchanges have stated they expect the merger, announced in October last year (Squawkbox, October 23, 2007) to close midyear. The […]

China’s SAFE Awards Almost $10 billion in QFII Quotas

China’s State Administration of Foreign Exchange (SAFE) says that HSBC Investment and Sumitomo Mitsui Asset Management Co. have each obtained $200 million in Qualified Foreign Institutional Investor (QFII) quotas, bringing the country’s total QFII quotas to $9.995 billion, just $5 million under its $10 billion limit. The QFII program, which began in 2002, allows qualified […]

ACI UK to Host Dealing Simulation Course

Delegates from 10 countries are ready to converge on London from March 12 as ACI UK – the national association of ACI – The Financial Markets Association – prepares to stage the ACI Australia Dealing Simulation Course, which is globally sponsored by BT, Profit & Loss and Reuters, for the seventh time. The event, which […]