Month: October 2008

RBS Hires Reid

Brian Reid has joined The Royal Bank of Scotland in London as global head of financial institutions sales. He is also a member of the senior executive team of RBS Global Banking and Markets. Reid previously worked at Deutsche Bank and held a variety of positions including global head of fixed income and equities sales.

ANZ Seconds Treasury Trio to Malaysia’s AmBank

Australia’s ANZ Bank is seconding three senior executives to AmBank in Malaysia as part of its contribution to the development of an AmBank foreign exchange, interest rate, and commodity derivatives business. Steve Kelly has been appointed as head of FX and derivatives for the FICC unit. He was previously seconded to AmBank as head of […]

CMS Forex Hires IFX Markets Staff, Launches Futures Trading

CMS Forex has opened an office in Boston and has hired four sales staff who were previously at IFX Markets to run it. The company says the office will serve a variety of clients including introducing brokers, white-label partners, registered CTAs and hedge funds looking to diversify by adding forex trading to their roster of […]

BofA Keeps Top Merrill Execs

Merrill Lynch’s fixed income and commodities division – which includes the foreign exchange businesses – will avoid the worst of the job cuts resulting from the bank’s $50 billion takeover by Bank of America. According to CEO John Thain, Merrill expects to cut “thousands” of jobs from within its information technology, operations and corporate functions […]

Banner Q3 for FXCM

FX trading provider FXCM reported record third quarter results in the run-up to the global financial stock markets meltdown. Revenue for the quarter ending 30 September 2008 was $104.2 million, nearly doubling that of the previous year’s Q3 which was $55m. Earnings before interest, tax, depreciation and amortisation (EBITDA) at $56.3 million was a 136% […]

India Boosts Borrowing Ceilings

The Reserve Bank of India (RBI) has raised the annual ceiling on offshore borrowings by domestic companies to $500 million from $100 million to boost capital inflows and shore up the rupee. The development should lead to higher requirements for corporate foreign exchange risk advice given the larger borrowing capacities. Companies using the ‘external commercial […]

On the Move…

Nymex. BNY Mellon, Eurobase, ANZ… CME Cuts 150 Nymex Positions CME Group says 150 positions will be eliminated over the next 18 to 24 months at the former Nymex Holdings as the companies integrate. Nymex will continue to operate at its existing headquarters in New York, where the majority of its 400 staff are based. […]

Tech Corner

A round up of the latest technology news… Thomson Reuters and Mecklai Financial To Partner in India Thomson Reuters and Mecklai Financial Services have agreed to jointly provide a treasury and risk management diploma programme for financial professionals in India. Mecklai is a foreign exchange risk management consultancy servicing nearly 1000 companies and two dozen […]

Around the World…

Why some people are more important to listen to than others, a sigh of relief from UK hedge funds, a moral dilemma and the ongoing volatility in the Aussie… Sometimes you ought to listen. Last week, an accusation was made that “banks [were] behaving irresponsibly and unethically in marketing derivative products to companies”. The comment […]

And Finally…

This week, the news has been dominated by revelations of large forex losses at a number of (predominantly Asian) corporations, these events inevitably lead to speculation over the pros and cons of hedging. I have to say I think the solution is easy, as I will discuss, but before I do so, I think it […]