Month: February 2008

…And Finally…

A few weeks ago in this column we discussed the EUR 4.9 billion losses at Societe Generale that were the result of alleged trading losses run up by Jerome Kerviel. We noted that "the oversight process had to have been broken down at several levels". Wrong. The oversight process broke down on an unprecedented scale. […]

Merrill Exodus Continues

Merrill Lynch saw two more departures from its FX business last week. Mark August, head of the bank’s UK real money business has left to join TD Securities while Michael Mariano, who was recently promoted to head of FX sales, has left to join Morgan Stanley. August is taking up the post of head of […]

Icap Enhances EBS

Interdealer broker Icap has completed a phase of enhancements to its EBS Spot FX electronic trading platform, which increase the speed of data delivery and provide greater order book transparency for customers. The first step in the upgrade of the EBS platform involved a network and hardware upgrade to Linux, which has contributed to a […]

Saxo Bank Hires Global FX Head

Saxo Bank, the online investment bank, has hired Steven Braithwaite as director, global head of foreign exchange and fixed income. He replaces Claus Nielsen, who has been promoted to a newly created position of chief operating officer for trading, in charge of geographical co-ordination. Braithwaite has a long career in FX trading and sales and […]

Singapore SembCorp Marine Settles With Banks but Battles BNP

Singapore’s SembCorp Marine (SCM), the world’s second-largest oil rig maker, will book a $258.7 million charge in its fourth-quarter earnings because of foreign exchange losses at its subsidiary unit Jurong Shipyard (JSPL). The amount was reduced from an original $303 million estimate after the JSPL unit reached agreements with nine of the 11 banks to […]

Interbank FX Unveils Multi-Bank Routing

Online retail foreign exchange broker Interbank FX has launched a multi-bank order routing system to provide access to liquidity and execute trades with five of the world's largest financial institutions. Todd Crosland, CEO of Interbank FX, says: "By obtaining competitive bids for order flow on our proprietary multi-bank feed, IBFX customers achieve optimal pricing and […]

Bear Officially Unveils New FX Head

Bear Stearns has officially unveiled Loic Meinnel as its European head of foreign exchange, global head of foreign exchange options and European co-head of emerging markets as reported in Squawkbox on January 28. Yves Leysen, head of fixed income for Bear Stearns in Europe, says, "We are delighted to welcome Loic Meinnel to Bear Stearns. He has […]

Indian Exchanges Eye FX Futures

Government plans to launch currency futures in India are resulting in at least two Indian exchanges vying for influence. The National Stock Exchange (NSE) and the Multi Commodity Exchange (MCX), the dominant equity and commodity futures exchanges respectively, have reportedly applied for permission to offer currency futures contracts. However, the Reserve Bank of India (RBI) […]

Nymex Moves into Latin America FX

The New York Mercantile Exchange, the world’s largest energy market, is launching its first derivatives contract for Latin America and for foreign exchange on the Nymex ClearPort electronic platform this month. Nymex is holding exclusive negotiations to be acquired for about $11 billion by CME Group, which dominates currency and interest rate futures trading in […]

SWFs Eye Global Investments as They Come Under Greater US Scrutiny

China’s sovereign wealth fund (SWF) and Korea’s government pension fund are gearing up for increased offshore investment at a time when they are coming under closer scrutiny in the US. Global fund managers applying for international investment mandates from the China Investment Corp (CIC), China’s SWF that manages $200 billion of the country’s $1.5 trillion […]