Month: October 2008

Profit & Loss to Host Sydney Conference This Week

The next Profit & Loss foreign exchange conference and exhibition – The E-volution of Forex – will take place at the NSW State Library in Sydney this Thursday 30 October. The event, in association with ACI Australia and co-sponsored by Barclays Capital, CME Group, Global Link, Icap, Progress Apama and Traiana, will play host to […]

Disharmony at Commerzbank

Eddie Listorti and Stefan Gtter have decided against joining the merged Commerzbank-Dresdner Kleinwort business next year in which they have been assigned level one management positions to run fixed income and sales respectively. Last month Commerzbank named its most senior managers for the merged operation including Listorti, currently head of fixed income, currencies and commodities […]

Citic Reveals $2 Billion FX Loss

Foreign exchange volatility claimed a high profile victim when Citic Pacific, a Hong Kong-based conglomerate, revealed that it had lost $1.9 billion due to “unauthorised” foreign exchange trading. The firm is the Hong Kong arm of China’s government investment agency, which means the losses are an embarrassment to the local authorities. Investigations are underway into […]

Currency Losses Hit Two More in China

Citic Pacific was not alone in revealing massive losses last week. China Railway Group (CRG) and China Railway Construction Corporation (CRCC) revealed foreign exchange hedging losses of CNY1.94 billion ($284 million) and CNY320 million ($46.8 million) respectively just days after Citic said it could lose as much as $1.9 billion from its own currency agreements. […]

MF Global Upgrades Retail FX Platform

Futures and options broker MF Global is upgrading its retail foreign exchange trading platform from application services provider FFastfill. MF Global is in a test phase before going live with the new FFastfill FX platform – an upgrade from the existing FFastfill Crossfire system presently in place at the company. The new platform offers 21 […]

Lehmans Head Still Free Agent?

One of Lehman Brothers’ top managers in the foreign exchange business has kept his options open while several of his colleagues have signed contracts with Nomura, according to market sources. Speculation last week suggested that Mike Burton, former head of FX sales, Europe and Asia at Lehman Brothers, had joined Societe Generale but sources tell […]

CME Group Expands EM Currency Products

CME Group is adding to its portfolio of emerging markets currency products with the introduction of Turkish lira futures contracts.  The contracts are scheduled to begin trading in the first quarter of 2009 on the Globex electronic platform. The contracts will be denominated in both US dollar (TRY/USD) and euro (TRY/EUR). “This is very much […]

DTCC and LCH to Merge

The New York-based Depository Trust & Clearing Corp. (DTCC) has agreed to buy the UK’s LCH.Clearnet to form the world’s largest clearing house for trades in shares, bonds and derivatives. The combined company would be owned largely by users and would operate a user-governed model, with LCH.Clearnet moving to an at-cost based structure comparable to […]

JP Morgan Added to IBFX Dealer List

Interbank FX (IBFX) has added JP Morgan Securities as its newest dealer participant in its multi-bank liquidity feed. This brings the total number of contributing major money centre banks to seven, including Bank of America, Citi and Goldman Sachs. The proprietary order routing system provides IBFX customers with access to liquidity and automatically executes trades […]

Standard Chartered Loses Senior Man?

One of Standard Chartered’s trading heads has left the bank according to market sources. Neal Thomson, who was head of options trading in New York reporting globally to Richard Leighton, global head of FX, reportedly left on 17 October. One market source says that Thomson’s departure resulted from the internal movements within the bank including […]