Month: November 2007

Merrill Ousts Asian FICC Head

Ranodeb Roy, co-head of Merrill Lynch’s fixed-income, commodities and currencies (FICC) division in Asia, has left the investment bank in a management reshuffle that comes after $7.9 billion in losses on sub-prime mortgage-related securities and bad loans. Antony Hung, who co-headed FICC with Roy has been named sole head of Asia Pacific FICC, according to […]

GFI Strengthens Emerging Markets FX Options Desk

Interdealer broker GFI Group is strengthening its emerging markets foreign exchange options desk with the addition of two senior brokers in London. Adam Sonin is joining from ACM/GFI's wet freight derivatives business, which he has managed since its inception in 2002 and Mark Gallagher is moving over from GFI's G10 exotics desk. Both positions are […]

Icap Applies for Exchange Status

Icap is applying to the UK's Financial Services Authority to become a regulated exchange, a move that would enable it to increase its client base and launch into new markets. In its half year results statement released last week, Icap said: “In addition to operating multilateral trading facilities under MiFiD [Markets in Financial Instruments Directive] […]

Banks Launch Platform for Private Clients to Trade FX

Citi and Saxo Bank, a Copenhagen-headquartered online bank, have joined up to launch CitiFX Pro, an online foreign exchange trading platform for private clients and smaller institutional traders. CitiFX Pro will offer more than 150 currency crosses and, subject to regulatory approval, is scheduled to begin operating soon in the US market. It will be […]

Icap’s EBS to Change Pricing Structure for FX Products…

Icap’s foreign exchange trading platform EBS is changing its pricing structure in a move designed to reward increased volumes. However, price makers, who traditionally traded at a cheaper rate, will be paying higher prices. With effect from 1 January 2008, the company will begin a phased transition to volume-based pricing for all FX products on […]

…As Icap’s Profits Soar, Boosted by FX Revenues…

Icap, the world's largest interdealer broker, has reported record revenues and profits, boosted by the success of its electronic broking group, which includes the EBS foreign exchange trading business. Group revenue rose by 15% to £626.2 million in the six months to 30 September and pre-tax profit soared by 34% to £161.5 million as a result of […]

SembCorp Pays SG, Hit With FX Claim from BNPP

Singapore’s SembCorp Marine (SCM) has been hit with separate claims from Société Générale and BNP Paribas over the winding up of $303 million in rogue foreign exchange transactions executed by its former director of group finance, Wee Sing Guan.  Initially estimated at $248 million (see Squawkbox, 29 October), the world's second largest oil-rig maker says […]

Knight Capital Buys EdgeTrade for Algorithm Expertise

Brokerage Knight Capital Group has agreed to acquire agency-only algorithmic broker EdgeTrade for around $59.5 million. The addition of EdgeTrade will give Knight an algorithmic offering for the buyside and will enable it to cross-sell EdgeTrade’s algorithms to clients through Knight Direct, its direct market access platform. Knight expects demand for new algorithms that cover […]

Rendell Joins RBC from Calyon

RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, has appointed Nigel Rendell as senior European emerging markets strategist based in London. Rendell has over 20 years’ experience as an economist and strategist and joins RBC from Calyon, where he was a senior FX strategist in London and previously senior […]

Deutsche Bank Launches “Asian Monetary Union” Indices

Deutsche Bank has launched a set of indices that are designed to capture returns generated by the growing coordination of currency policy among Asian central banks. The DB Asia Convergence Indices simulate a market neutral strategy that exploits what Deutsche Bank believes is an increase in correlation among local Asian currencies in up to 12 […]