Month: April 2007

Bank of Russia’s Reserves Continue to Rocket

Bank of Russia’s external and public relations department has announced that the country’s international reserves now equal $361.2 billion, up $4.6 billion in the last week. The reserves have been soaring for the last eight weeks, recording a hike of $50.1 billion in total during that period.   The Bank of Russia has been purchasing […]

Lehman Hires in India

Lehman Brothers has appointed Pankaj Vaish as managing director and head of equities and fixed income liquid markets, India.  Based in Mumbai, he reports to Tarun Jotwani, chairman and CEO, India, and Hyung Lee, head of equities and fixed income, Asia.   Jotwani says Lehman will expand in equities, rates and commodities, among other liquid […]

MICEX Could Open up to FX Derivatives

The speed of advance in the Russian foreign exchange markets was highlighted last week with the admission that The Moscow Interbank Currency Exchange (MICEX) could launch a derivatives market in the middle of June. According to Russian news agency Interfax, Alexei Rybnikov, the exchange’s general director, floated the idea at an investment conference in Moscow. […]

Departure from HSBC FX Sales Team

HSBC confirms that Steve Tanner, formerly an institutions FX salesperson at the bank, has left. Market sources suggest he may be headed to Credit Suisse in a similar role, but this could not be confirmed by press time.

EBS Launches AUD/NZD Cross

As part of its ongoing efforts to eat into Reuters Matching’s lead in the “Commonwealth” currencies, EBS is following the recent addition of NZD/USD trading to its platform (Squawkbox, March 5, 2007) with the launch today (April 30) of the AUD/NZD cross.   Darryl Hooker, emerging markets manager, Icap e-broking, says: “Liquidity in both the […]

RBC Capital Markets Expands in Hong Kong

RBC Capital Markets Hong Kong has hired five senior marketers and plans to add eight more in coming months, according to the firm.  Joining the Canadian bank are:   Ronnie Lim, previously with Citicorp Investment Bank, Singapore, who is covering ASEAN-based financial institutions for fixed income products. Chen Zhao, previously with Industrial and Commercial Bank […]

Trading Technologies Launches Gateway to SGX

Trading Technologies International (TT) has launched its Singapore Exchange (SGX) gateway, its first into the Asian financial markets. The gateway provides TT’s X_Trader 7 customers with electronic access to SGX’s range of regional futures and options contracts on interest rates and equities.   Harris Brumfield, TT’s CEO, says, “Global interest in the vibrant Asian markets […]

India’s RBI Announces FX and Derivatives Initiatives

The Reserve Bank of India has announced a suite of initiatives for the country’s FX and derivatives markets as part of its ‘Annual Policy Statement’ for 2007-2008.   Key initiatives include; The establishment of two ‘working groups’ to study the development of currency futures and interest rate futures Allowing banks and primary dealers to begin […]

Thai Banks See FX Profit Surge

Local Thai banks are reporting strong foreign exchange profits for first quarter 2007 due mainly to high volatility in the baht that arose from capital controls imposed, then modified, by the Bank of Thailand (See SquawkBox March 5, 2007).   Kasikornbank, Thailand’s fourth largest bank, reported a THB609.8 million ($18.7 million) profit on foreign exchange […]

SEB Takes Apama for Algorithmic Trading

Skandinaviska Enskilda Banken (SEB) is using Progress Apama’s algorithmic trading platform to provide its buy-side customers with algorithmic trading capabilities.   Apama’s platform gives financial institutions the ability to instantly analyse, evaluate and respond to complex market events. SEB will use the Apama system to deliver algorithmic trading capabilities to its buy-side client base.   […]