Day: October 6, 2008

UBS Creates New-Look FICC

UBS has announced plans to create a new-look watered down fixed income, currencies and commodities (FICC) division that will focus on client servicing and facilitation. The bank is axeing its commodities businesses, apart from precious metals, while substantially downsizing its real estate and securitisation and proprietary trading operations. The bank will preserve its core client […]

Citi Expands European Rates Sales with Lehman Hires

Citi has bulked up its interest rates sales division in London with the hires of seven former Lehman Brothers employees. Cedric Pauwels joins as managing director while Nivethan Tharmendiran, Mark Tinworth, Martin Ball and Guy Chalkley join as directors. Daniel Aksan and Olivia Fleischmann join as a vice president and associate respectively. They will start […]

Thain to Take New Role at BofA

Bank of America (BofA) has announced that John Thain, chairman and chief executive of Merrill Lynch, will become president of global banking, securities and wealth management in the combined entity once the merger is completed. Thain’s responsibilities will include running global corporate and investment banking (GCIB) and most of what is now in global wealth […]

CME and BM&F Bovespa to Launch Order Routing

CME Group’s products will be available via Brazil’s BM&F Bovespa’s in the fourth quarter this year say officials of the two exchanges. The move follows news last week (30 September) that CME Group and BM&F Bovespa had launched order routing of BM&F derivatives products on CME’s trading platform Globex. The link allows Globex users based […]

Futures Exchanges Volumes Grow Amid Market Turmoil

Futures exchanges reported surging volumes in September, as market volatility helped reverse lower trading activity seen in recent months. Massive volatility prompted by the bankruptcy filing of Lehman Brothers, the closure of Washington Mutual, government rescues of American International Group and Benelux group Fortis and other events in the US and across Europe helped futures […]

Icap Releases Cautious Second Half Outlook

Interdealer broker Icap said a spike in trading due to the unprecedented events of the past few weeks boosted first-half earnings, but it warned that performance in the second half of the financial year is less clear to forecast as uncertainty abounds in the financial markets. Its shares fell by as much as 91.5 pence, […]

EBS Volumes Soar

Icap said last week that average daily spot foreign exchange volumes on the EBS platform rose 43% in September 2008 to $274.2 billion compared to $191.75 billion in September 2007. Growth recorded in electronic FX volumes on the EBS platform during the 12 month period ending 30 September 2008 was up 31% year on year […]

RBS Launches Emerging Market Currency Index

The Royal Bank of Scotland has launched a foreign exchange index linked to emerging market currencies aimed at investors looking to diversity their portfolios. The product, called FX Radar index, can act as the underlying for a range of structured investment products relevant for private banking, institutional, corporate and retail investors, RBS says. It is […]

The Clearing Corp. to Launch OTC Clearing by Year-End

The Clearing Corp. (TCC), a mainly investment bank-backed derivatives clearing house, has finalised the date for the launch of its clearing platform for over-the-counter credit default swaps (CDS), saying it will be ready by the end of the year. Initially the joint venture with the Depositary Trust & Clearing Corp. (DTCC) will provide centralised clearing […]

Peretie Takes the Reins At SocGen

Societe Generale has appointed Michel Peretie as the head of its corporate and investment banking division, replacing Jean-Pierre Mustier. Peretie began on 1 October and is based in London, although he divides his time between Paris and London. Global head of fixed income, commodities and currencies (FICC) Olivier Khayat reports directly to Peretie. Mustier has […]