Month: October 2007

Singapore’s SembCorp Shocks With $248 million Unauthorised FX Loss

The foreign exchange market was witness to an instance of unauthorised trading, leading to massive losses last week after Singapore’s SembCorp Marine (SCM) shocked investors with an estimated $248 million in unauthorised foreign exchange losses. The oil-rig maker, listed on the Singapore Exchange, says its director of group finance, Wee Sing Guan, entered into and misled […]

BofA Changes GCIB Management: Announces Job Cuts

After revealing lower third quarter profits related to the US sub-prime crisis, Bank of America has revealed a new management structure for its Global Corporate and Investment Banking (GCIB) unit. The bank has appointed Brian Moynihan as president of GCIB in the wake of disappointing third quarter results in its capital markets businesses, and says […]

Deutsche Bank Bets on Inflation

Deutsche Bank has appointed some new senior managers in its inflation trading department. Brice Benaben joins as the new managing director and head of inflation trading: Benaben joins from Citigroup where he was managing director of inflation trading.  Daragh McDevitt joins as a director and head of inflation structuring and Paul Canty as a director, […]

CME and Brazilian Merc Invest in Each Other

In the first ever cross-equity agreement between a US and Latin American exchange, CME Group and the Brazilian Mercantile & Futures Exchange (BM&F) have signed a letter of intent to invest in each other’s exchanges. A long-term partnership between the two may be expanded to joint product development, offshore collateral management services and clearing. BM&F is […]

…as CME Results Soar

Meanwhile, CME Group reported a 106% increase in revenues to $565m in the third quarter, when compared with third quarter 2006 when its earnings did not include the Chicago Board of Trade’s. The Q3 results included the pre-merger results of the Chicago Mercantile and the Chicago Board of Trade: the merger closed on July 12. […]

FXpress Unveils FirstF7

Treasury software provider FXpress has released First F7, its latest version of the company’s Web-based corporate treasury solution, to address the upcoming FAS 157/159 guidelines. FAS 157/159 is associated with fair value measurement and increasing automation for trade requests, back office confirmations and bank statement imports. Other enhancements to First F7 include automation features to enable […]

Deutsche Bank Appoints Head of Sales, Cash Management

Deutsche Bank has appointed Mahesh Kini as head of sales for cash management, corporates, within its Global Transaction Banking (GTB) division. Based in Singapore, Kini joins from HSBC’s cash management unit.  He now reports to Deutsche Bank’s Low Yang Sun, head of trade finance and cash management, corporates.

India FX Business Rises, Says RBI Deputy Governor

Total FX contracts outstanding in the balance sheets of Indian banks amounted to $1,100 billion as of August 2007, of which almost 84% were forwards and rest options, according to a presentation given by Shyamala Gopinath, deputy governor at the Reserve Bank of India (RBI) at an India derivatives summit in Mumbai. Gopinath notes that the […]

Chinese Bank Buys into Africa

Standard Bank has unveiled “a major strategic partnership” with Industrial and Commercial Bank of China Limited (ICBC), in terms of which ICBC will become a 20% shareholder in Standard Bank Group. This deal will result in a ZAR 36.7 billion (approximately $5.5 billion) equity investment into Standard Bank, which is the largest foreign direct investment into […]

China Criticises IMF’s Forex Stance

The Chinese government said last week that it objected to an overhaul of International Monetary Fund (IMF) guidelines for foreign exchange surveillance adopted earlier this year (see Profit & Loss, September 2007). Li Yong, China's vice finance minister and the government's representative at the IMF and World Bank's annual meetings, told fellow ministers the IMF […]