Month: July 2008

15 Minutes of Fame: MarketFactory Basks in the Limelight

Julie Ros: When you first told me you’d resigned from EBS last year (in fact, on the day of our Forex Network New York conference), you said you couldn’t tell me much beyond the names of the two other co-founders. Did you at that point know what your plans were? James Sinclair: When the three […]

Bank of America Merges FX?and Rates with Credit

Bank of America has consolidated its global rates, currencies and commodities and credit products businesses into a global fixed income platform led by Mike Meyer. As a result of the consolidation, Richie Prager, the New York-based head of global rates, currencies and commodities has left the bank. Prager spent more than eight years at Bank […]

LIBOR Under Pressure as Concerns Grow

With the effects of the credit crunch and liquidity crisis in the money markets showing no signs of abating, the spotlight has turned to the role of the London Interbank Offered Rate (Libor) – the benchmark funding rate in the industry. Complaints have been made that the Libor fixings, which are managed by the British […]

Lloyds TSB Adds Four In Derivatives

Lloyds TSB Corporate Markets has added four senior members to its FX derivatives team, as it continues to expand its structuring and trading capabilities. The bank has hired for two trading and two research and structuring positions as it continues a build-up that started with the appointment of four new members to the team and […]

Greenwich Survey Highlights Increased FX?Volumes …

Greenwich Associates has released its 2008 study of global foreign exchange flows and says that among those accounts interviewed for the survey, global trading volume surged 36% from 2006 to 2007. This continues a steady run of double-digit annual growth in the survey. Unsurprisingly, the survey finds that banks and investment managers are increasing their […]

Lehman Continues to Restructure

Lehman Brothers continues to see upheaval in its global markets business as the bank struggles against market gossip, sub-prime writedowns and a falling share price. But it has not all been bad news for the bank and there are signs that a new management team put in place in early Q2 2008 is starting to […]

Crouching Tiger, Hidden Dragon?

The Asian financial crisis did more than knock investors’ confidence in the region – it also saw a dramatic decline in Asian FX markets as banks responded to lower customer volumes by reducing staff numbers. Another factor was that with almost no exceptions, electronic trading was rolled out in Europe and North America, while Asia […]

Retail FX Grows Up

The retail FX market, once seen as a dodgy arena for scammers who would take your money and run, has become a market that even the biggest foreign exchange banks are getting serious about entering. You can’t turn on the television without hearing about the US dollar weakening or strengthening against other currencies. American investors, […]

Volatility Dominates FX Markets: BIS Report

Foreign exchange market volatility picked up sharply in the latter half of 2007 and has remained at elevated levels since. This was associated with a faster rate of decline of the US dollar as well as a substantial appreciation of the euro, yen and Swiss franc, says the Bank for International Settlements (BIS) in its […]

BNPP and SembCorp to Go to Trial over FX Losses

An altercation between Singapore’s Jurong Shipyard Pte Ltd (JSPL) and BNP Paribas over $50.7 million in foreign exchange losses is set to go to full trial after Singapore’s High Court halted BNPP’s petition to wind up JSPL. Late last year, JPSL was hit by $258.7 million in unauthorised foreign exchange losses caused by its former […]