Month: November 2008

FX Derivatives Robust in 1H08: BIS

Foreign exchange derivatives trading is in rude health, according to the latest semi-annual derivatives turnover statistics published by the Bank for International Settlements (BIS). Notional amounts outstanding of FX derivatives rose 12% to $63.0 trillion for the six months leading up to June 2008. However, this is slightly lower than the 16% growth recorded for […]

BofA Appoints Head of Rates and Currencies

Bank of America (BofA) has reached into Merrill Lynch’s foreign exchange team to select its head of global rates and currencies. The bank confirms to Squawkbox that David Gu will become head of global rates and currencies following completion of the takeover of Merrill by BofA – expected by the beginning of next year. Gu […]

Icap Acquires Stake in Prism, Adds FX Data

Icap is continuing on its acquisition trail with a minority stake in Prism Valuation, a provider of mark-to-market and valuations services. Financial terms of the investment were not disclosed. Icap joins market data company Interactive Data as a minority shareholder in Prism, which was founded in 2006 and maintains offices in London and Toronto. Icap […]

Growth in FX Bolsters Thomson Reuters 3Q Revenues

A growth in revenues from Thomson Reuters’ foreign exchange products and services helped to offset the impact from weakness in investment banking in the third quarter this year, the company reported last week. The news and financial information company beat analysts’ expectations with an 8% year-on-year rise in revenue in the third quarter, as its […]

GFI Appoints Head of Development

GFI Group has appointed Jerry Dobner as global head of development with overall responsibility for business analysis, quality assurance and development of GFI’s electronic trading platforms – ForexMatch, CreditMatch and EnergyMatch. He will also assist the development team of GFI Fenics, the pricing, analytics and risk management software business which is headed globally by Richard […]

US Regulators Outline CDS Clearing Plan

President George Bush’s Working Group on Financial Markets (PWG) announced on Friday a series of initiatives to strengthen oversight of the over-the-counter derivatives market. In a release, the PWG – consisting of top officials from the Treasury, the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission – says it will […]

Tullett Prebon Sets Up CDS Trading Platform

Tullett Prebon has unveiled an electronic platform for trading credit defaults swaps (CDS). The platform, TPCreditDeal, will complement Tullett Prebon’s existing voice broking service. The initial launch supports trading of investment grade credit default swaps and will be followed by financial, sovereign, index, high yield and emerging CDS. Elysian Systems, a London-based software company, provided […]

CMS Forex Launches Championship Contest

CMS Forex has unveiled the Ultimate Forex Championship, an upcoming trading contest with over $30,000 in prizes for live account holders. The championship starts on Sunday, 7 December at 17.15 EST and spans four weeks. Over the course of the contest, individuals will go head-to-head with fellow traders from around the world. Traders will compete […]

On the Move…

Lehman Brothers, Nomura, RBS and more… Lehman Brothers Duo Find New Homes Two members of Lehman Brothers’ foreign exchange team have joined Deutsche Bank and Barclays Capital, according to media reports. Himanshu Chaturvedi is to join Barclays Capital’s FX structuring team, reporting to Edoardo Dimitri, head of FX structuring for Europe, Middle East and Africa. […]

Tech Corner

A round up of the latest technology news… Unicredit Selects Caplin Trader Unicredit has selected Caplin Trader from Caplin Systems to provide the basis of its new online single-dealer portal for foreign exchange trading, scheduled to go live at the end of the year. Caplin Trader is a client connectivity platform incorporating an internet application […]