Month: January 2008

Bank of America Makes FX Job Cuts

Bank of America, the second biggest US bank, has made a number of redundancies in its foreign exchange business as it tightens up of its operations following sub-prime losses. They are among the 650 job cuts that the bank plans to make globally across the Global Investment Banking and Global Markets groups following a slump […]

Meinnel Takes the Helm at Bear FX?

Sources close to Bear Stearns tell Squawkbox that Loic Meinnel has replaced Bernd Broker as head of foreign exchange at the bank in London. Broker is a nine year veteran of Bear and his whereabouts was unknown at time of going to press, however the sources suggest he is no longer with the organisation. Meinnel […]

Lehman hires e-FX Head?

Lehman Brothers has raided Knight Capital's Hotspot FXi by appointing Rob Fleschler in New York as its new global head of FX e-commerce, sources tell Squawkbox. A spokesperson for the bank was unable to confirm the hire by press time. Fleschler was previously global head of sales at trading platform Hotspot FXi. He joined Hotspot, […]

Crook Leaves BarCap for Goldman?

Sources at Barclays Capital have confirmed that Adam Crook has left the bank where he worked on the foreign exchange UK real money desk. He is rumoured to be moving to Goldman Sachs in London in a similar position. A spokesperson for Goldman declines to confirm the move. At the end of last year Barclays […]

Volatile Markets Boost Icap Earnings

Interdealer broker Icap expects to beat analysts’ estimates with its yearly profits for its financial year ended 31 March, 2008 based on a strong third quarter – from 1 October, 2007 to 24 January, 2008. Icap says the analysts’ consensus is £307 million for this year, compared with the year to March 2007 when Icap’s […]

Gain Capital Gains New Investors

Gain Capital, a provider of foreign exchange trading technology and execution services, has received an injection of $117 million from two private equity firms; the money is to help Gain penetrate further into funds and institutions and strengthen its operations in international markets. Private equity firm 3i led the investment round with $97 million; 3i […]

Cognotec and Saxo Bank Team up for Retail FX Trading

Saxo Bank has agreed to provide streaming price liquidity to Cognotec’s RealStream Margin Trading platform in a partnership that targets the expanding number of professional retail traders in foreign exchange. The partnership brings together two of the biggest names in retail e-FX trading. “We are very excited about the potential for growth in this market […]

CME Racks up Volumes in Market Melee…

CME Group recorded its third highest trading day on 22 January as US markets opened after the long weekend and reacted to Monday’s global markets meltdown. Foreign exchange products traded on CME’s Globex electronic platform reached 1,188,631 contracts with a notional value of $160 billion; the previous record was 1,126,852 contracts, with a notional value […]

…Acquires Stake in BM&F

CME Group will officially acquire an approximately 10% equity stake in Bolsa de Mercadorias & Futuros (BM&F), Latin America’s largest futures exchange, while BM&F will acquire around 1.19 million shares of CME Group common stock. The deal follows the signing of a letter of intent last year (see Squawkbox, October 29, 2007). The exchanges also […]

Barclays Capital Hires Murphy in Asian Distribution Role

Barclays Capital has hired Paul Murphy as a Singapore-based managing director in global distribution.  He will report regionally to Kevin Burke, head of distribution, Asia Pacific and globally to Neil Cummins, managing director, global distribution.   A spokesperson tells Squawkbox that Barclays Capital has the one product delivery distribution platform, thus Murphy will have responsibility […]