Month: August 2008

FX Veteran Grabs Top Level Role at State Street

  State Street has appointed industry veteran David Puth to a newly created position as head of investment research, securities finance and trading activities globally.   Puth, who is based in Boston, will start on 26 August and will report to Jay Hooley, president and chief operating officer at the bank. He will also join […]

Bank of America Strengthens FX Business

Bank of America last week revealed its most recent senior level additions to its New York and London foreign exchange teams.     In New York, the bank has hired Glenn Edelson as managing director and head of emerging markets sales, a newly created position. Edelson started on 4 August and reports to Cameron Davidson, […]

SEB Launches Multi-Manager Currency Fund

SEB Asset Management last week (August 20) went live with its first ever multi-manager currency fund.    The fund, first announced last year (see Squawkbox, 11 September, 2007), started with internally raised seed money of $45 million. Seppo Leskinen, head of the fund says that the firm will raise external investments within weeks once it […]

China Grants First Non-Bank FX Licence to Travelex

In a move that signifies a liberalisation of China’s foreign exchange regulations, Travelex has been awarded an ‘Authorised Foreign Exchange’ licence by the Chinese government, the first to be awarded to a non-bank institution.   The licence, which was approved by Chinese premier Wen Jia Bao last week, will give Travelex greater freedom in the […]

Fed Man in Shift to Fund?

Market sources report that a member of the trading team at the Federal Reserve Bank of New York is to leave the central bank.    The sources say that Ilan Solot is to leave his post after three years on the foreign exchange desk at the New York Fed for a job at Medley Global […]

JSE to Introduce Currency Options

The Johannesburg Stock Exchange (JSE) is to launch currency options trading at the exchange, according to sources within the JSE. A local media report quoted a separate source saying that currency options would go live by the end of September. It will initially be based on the ZAR/USD contract, with others being introduced over time, […]

CME Wins Shareholder Backing for Nymex Takeover

CME received the backing of the minimum 75% of Nymex members and minimum 50% of shareholders last week (18 August) in its takeover bid, clearing the way for the exchanges to officially merge. The companies closed the transaction last Friday (22 August).   About 650 of 816 Nymex members voted to approve the deal, cementing […]

Smith Likely to Head Merged Tullett/GFI Group: Reports

Tullett Prebon’s CEO Terry Smith and chairman Keith Hamill are likely to retain their positions in a combined Tullett/GFI Group entity if the merger goes ahead, according to media reports last week. London-based Smith, who holds about a 4% stake in interdealer broker Tullett will take the lead role despite GFI chief executive Mickey Gooch’s […]

India FX Futures to Launch 29 August

The National Stock Exchange of India (NSE) is launching currency futures contracts on 29 August, following receipt of final regulatory approvals this month (see Squawkbox 18 August).   More than 300 members have already participated in mock trading. The NSE’s announcement was welcomed by market players because the contact will make it easier for bankers, […]

Citi Reorganises Asia Businesses Including Markets Unit

Citi is reorganising its Asia Pacific businesses, resulting in its Markets unit, which includes foreign exchange, becoming one of seven product groups.   Led by Ajay Banga, CEO of Citi Asia Pacific, the new structure divides Citi’s businesses into four geographic clusters – Japan, North Asia, South Asia and South East Asia Pacific, including Australia […]