Month: May 2008

FXMarketSpace Unveils Settlement Mechanism

The events of March which led to the rescue of Bear Stearns have highlighted the importance of an efficient settlement mechanism for the market – something highlighted by Citi rolling out its FX settlement service globally. In another industry solution, FXMarketSpace, the FX market’s first centrally cleared model, has officially unveiled FXSettle – a settlement […]

OTC Derivatives Trading Soars as Processing Improves

Over-the-counter derivatives trading grew across the board in 2007 with credit derivatives still taking the lion’s share of business, according to the International Swaps and Derivatives Association’s (ISDA) year-end 2007 market survey. Credit default swaps grew by a whopping 81% in the full year 2007 to $62.2 trillion (notional amount outstanding), and by 37% in […]

Citi Buys into Tradeweb as Potential Rival Fails

Last month Citi acquired a minority stake in Tradeweb, the over-the-counter multi-asset class trading platform owned by Thomson Corp. and nine other global dealers, just two weeks after a rival consortium-backed platform shut its doors. Citi also took a seat on the Tradeweb board as it became an owner along with Credit Suisse, Deutsche Bank, […]

Further Changes at BofA

Bank of America’s FX business continues to be re-shaped and in recent weeks the attention has very much been on its eFX unit as it has seen several departures from its ranks. The latest high-profile departure is Scott Freeman, head of FX electronic trading services (ETS). Sources say Freeman left the bank as part of […]

FX Jobs Market Strong Despite Industry Doom and Gloom

Global job losses in the financial services sector were approaching the 50,000 mark in April, after fallout from the credit crisis became clear. Investment banks including Credit Suisse, UBS, Merrill Lynch and Citi have written down billions of dollars and laid off thousands of employees. Meanwhile JP Morgan is just beginning to clear out the […]

JPM Integrates some Bear Stearns Execs

JP Morgan’s investment bank co-CEOs, Steve Black and Bill Winters, have announced a new structure of the business following the bank’s rescue (with the Federal Reserve Bank’s help) of Bear Stearns. The new structure includes some of Bear Stearns’ top executives. JPM is aligning investment banking and mergers and acquisitions with debt and equity capital […]

Barclays Launches New iPath Optimized Currency Carry ETN

It is the first iPath ETN to provide investors with a way to capitalise on inefficiencies in the currency market and gain diversified currency exposure to help reduce portfolio risk. “The iPath Optimized Currency Carry ETN offers investors the opportunity to invest in a diversified basket of currencies in a transparent and cost efficient way […]

Barclays Capital Unveils FX Vol Indices

Barclays Capital has launched a family of investable FX volatility indices, which allow investors with different objectives to exploit opportunities in FX volatility. The bank says the indices can potentially underpin alpha and diversification strategies and create opportunities for out-performance in the current turbulent markets. Although volatility as an asset class has gathered traction in […]

Standard Chartered Bolsters Financial Markets Business

Standard Chartered Bank has raided Lehman Brothers for three senior managers as it seeks to build out its Financial Markets business. Remy Klammers has been appointed as global head of fixed income trading, a newly created position, with responsibility for trading in foreign exchange, rates, credit and structured products. He reports directly to Lenny Feder, […]

SocGen Reorganises FICC

Société Générale Corporate & Investment Banking is reorganising its global Fixed Income, Currencies & Commodities (FICC) division around five areas: Flow Interest Rates, FX and Credit; Structured Rates, FX and Credit; Capital Market Finance; Commodities; and Treasury. The new organisation comes just over a year since the FICC division was established (see Profit & Loss, […]