Month: November 2008

Bloomberg Relaunches Tradebook FX

Bloomberg Tradebook is re-launching its electronic foreign exchange marketplace with Bank of America as its global clearing and settlement counterparty. In addition, Bloomberg says it has added some major enhancements to the FX platform to accommodate the risk and workflow needs of its users. Plans also include opening up to hedge funds via their prime […]

Banks Cull in FX?

A further wave of redundancies hit the global financial services industry last week leaving foreign exchange teams in the dark about their collective futures. Cuts at JP Morgan, Deutsche Bank, Citi and Bank of New York Mellon added to the recent announcements from Goldman Sachs and Morgan Stanley (Squawkbox, 10 and 17 November). JP Morgan […]

BNP Paribas Launches Indices to Combat Carry Trades

BNP Paribas has launched two investable indices that protect investors from the effects of a global unwinding of carry trades. The Galaxy Alpha and Galaxy Alpha Plus indices are both designed to offer investors an alternative to traditional carry trade strategies. The carry trade – which exploits the interest rate differential between currencies – has […]

Icap Boosts Profits in Turbulent Markets

Icap said profits in the half-year to 30 September rose to a record as price swings boosted commissions on trading currencies and securities. The interdealer broker, the world’s largest, benefited from high levels of volatility during turbulent times in the financial markets when risky assets were liquidated and there was a dramatic migration to safe-haven […]

Mitkov Leaves GFI

Evgeni Mitkov, electronic trading manager at interdealer broker GFI Group in New York, has left the firm. Sources say he has left to pursue an entrepreneurial venture to explore the changing market structure of the over-the-counter derivatives market. Mitkov joined GFI’s Fenics division in 2001 as a foreign exchange specialist, where he expanded the client […]

Senior Executive Departs UBS FX Business

UBS saw another senior FX departure last week. Tim Dingemans, an executive director in emerging markets FX sales, has left UBS in London, according to sources. Dingemans’ departure adds to that of Stephane Treny, former global head of FX corporate sales in Zurich, and Rene Gerber, who used to head the FX institutional sales desk, […]

Socit Gnrale Hires in FX Corporate Sales

Socit Gnrale has added to its FX corporate sales team in London. Bojana Maljenovic has joined the bank to cover FX derivatives in the Italian corporate derivatives sales team, working alongside Silvia Badiali, director for FX derivatives. She reports to Jean-Philippe Castellani, head of interest rate and FX derivatives corporate sales for Italy. Maljenovic joins […]

SEB Multi-Manager Currency Fund Shows Strength

SEB Asset Management has reported its first set of results for its multi-manager currency fund since launching in August (Squawkbox, 25 August). The fund had real rates of return, net of fees, of 2.01% in August, 0.66% in September and 0.17% in October, accumulatively 2.84% for the three-month period. The fund has an actual return […]

FXpress Enhances Treasury Platform for Corporates

FXpress has released First F8, the latest version of its Web-based software-as-a-service (saas) treasury software for corporations, which includes support for straight-through processing of foreign exchange payments. FXpress says it has extended the STP capabilities by interfacing to financial institutions to electronically settle FX and commodity contracts using Swift messages. This allows companies to more […]

TwoFour Expands Sales Team

TwoFour has hired a former FXMarketSpace manager as a key member of its Americas sales team. Kevin McGowan joined earlier this month and is based in the company’s White Plains and New York offices. He reports to Chris Davis, sales and marketing director. In his new role, McGowan is responsible for selling the TwoFour platform, […]