Month: October 2008

CIMB Launches Islamic FX Options

Malaysia’s CIMB Islamic Bank has launched FXOP-i, an Islamic foreign exchange product with Shariah-compliant option features. FXOP-i enables customers to lock in an FX rate in advance by engaging in a Shariah-compliant financial transaction. The net proceeds from the transaction, which is similar to the premium paid for option instruments in conventional finance, grants customers […]

On the Move…

Calyon, Standard Chartered, HSBC and MFA… Calyon Hires Choi in Korea Calyon has hired Duke Choi as head of fixed income markets (FIM) for South Korea. He is based in Seoul and reports to Gin Lee, senior country officer for Korea and regionally to Arnold Kan, regional head of sales and deputy head of FIM […]

Tech Corner

A round-up of the latest technology news… Icap/KMB Alliance Wins KEB as First Client Korea Exchange Bank has become the first customer of the Icap/Korea Money Brokerage (KMB) strategic alliance, which offers Korea’s foreign exchange trading community access to Icap’s EBS platform via KMB’s network. Byung-il Kim, CEO of KMB, the largest voice and electronic […]

Around the World…

The UK’s subversive role in undermining liquidity, why Aussie dollar traders are hanging onto their hats, and one of the easier one way bets in the market… Is the UK single-handedly holding financial market liquidity back? In a letter to the Bank of England last week, the Managed Funds Association (MFA) urged the Old Lady […]

And Finally…

Unusual market conditions are a learning curve for everyone – people even find different ways to be dodgy. Two weeks ago in this column I wrote about the need for trust, at that time relating to stop loss orders. The column provoked several responses, most agreeing, a couple stating that such practice had been going […]

Big Freeze Continues to Blow Cold Over FX

Tight credit conditions continued to cause a chase round the globe for pockets of liquidity last week. The spot FX market served as a key source for dollar funding, according to New York sources, as many people with dollar needs were forced to buy spot and roll each day as the forward, and swap FX […]

CME, Thomson Reuters Announce Closure of FXMarketSpace

CME Group and Thomson Reuters have confirmed rumours that have circulated for the past several months that they will be taking steps to close FXMarketSpace, the 50/50 joint venture company they introduced in May 2006. All trading on the platform will be suspended at the close of business on 17 October. CME Group and Thomson […]

Nomura Brings in Lehman FX Team

Nomura has offered contracts to 40 members of Lehman Brothers’ foreign exchange team in London, market sources tell Squawkbox. The bank said last Monday that it is hiring around 150 fixed income staff from Lehman in Europe to add to its existing credit, interest rates and foreign exchange businesses – just days after refusing to […]

BarCap Absorbs Lehman US FX Business

Barclays Capital says that it has fully integrated the US foreign exchange and commodities businesses of failed firm Lehman Brothers under the Barclays Capital name. The British bank bought Lehman’s North American investment banking and capital markets business for $1.75 billion after it filed for bankruptcy protection last month, the only US investment bank allowed […]

SocGen Shuffles Top of the Deck

Socit Gnrale’s global head of fixed income, currencies and commodities (FICC), Olivier Khayat, and head of the corporate and investment bank for Asia Pacific, De Doan Tran, have taken on joint responsibility for the Asia ex-Japan FICC business on a temporary basis. The move follows the bank’s transfer of the former FICC chief for Asia […]