Month: January 2009

UK FX Turnover Hit by Swaps Decline

The Bank of England’s Joint Standing Committee has released the results of its semi-annual survey of FX turnover, which indicate that the credit crunch, as expected, hit overall turnover. The survey shows an 8% drop on the previous survey in April 2008, almost entirely due to a decline in FX swaps and currency swap turnover […]

UK FX Turnover Hit by Swaps Decline

The Bank of England’s Joint Standing Committee has released the results of its semi-annual survey of FX turnover, which indicate that the credit crunch, as expected, hit overall turnover. The survey shows an 8% drop on the previous survey in April 2008, almost entirely due to a decline in FX swaps and currency swap turnover […]

Breaking News: FXC Reports Robust 2008 FX Volume

The New York Foreign Exchange Committee (FXC) today released the results of its ninth Survey of North American Foreign Exchange Volume. For the October 2008 reporting period, average daily volume in total over-the-counter foreign exchange instruments (including spot transactions, outright forwards, foreign exchange swaps, and options) was $762 billion, an increase of 8.7% compared with […]

UBS Makes Sweeping Changes to FICC

Swiss bank UBS has made some sweeping changes to its Fixed Income, Currencies and Commodities business in order to take it forward and return to profitability. The changes include the consolidation of foreign exchange, rates and credit into one group and the shutting down of the exotic structured products, real estate, and securitisation businesses. As […]

New CEO for 360T Americas

Trading technology provider 360T has appointed Philip Harris as the new CEO of its North America operation, 360 Trading Networks, based in New York. Harris was previously at FXMarketSpace where, as senior vice president he helped to build the company’s structure and sales teams. Previously he was with CME Group as director, FX products. Harris […]

Barclays Completes Integration of Lehman Assets

Barclays said last week that its investment banking unit had completed integrating Lehman Brothers’s North American capital-markets business, just three months after buying them out of bankruptcy. In a statement on Friday, Bob Diamond, president of Barclays, said: “Our clients now have the benefit of a fully integrated investment bank able to offer the full […]

KeyCorp Sued by Ex-Forex Employee

US bank KeyCorp is facing a court case after being sued by its former head of FX trading over his dismissal last year. Kevin Sollitt claims that he was dismissed by the bank for questioning unethical practices, including the taking of points from customer business, a claim the bank denies. Sollitt claims in the lawsuit, […]

StanChart Rolls Out Apama

Standard Chartered Bank has completed a rollout of the Progress Apama FX Market Aggregation Accelerator across its foreign exchange desks in three continents. The bank is using Apama to aggregate liquidity from five ECN trading venues via a combination of FIX and venue-specific direct connectivity adaptors provided by Apama. “The key benefit of the Apama […]

Penson Appoints in FX

Clearing and execution services provider Penson Worldwide has appointed a senior vice president and global head of foreign exchange. David Faller has joined the firm and will be responsible for its retail and institutional FX offerings. He reports to Simon Raphael, senior vice president and head of strategic development. “[Faller] is well respected in the […]

TD Exits Australia, Japan

Toronto Dominion Securities is closing its Sydney and Tokyo trading rooms and centralising its Asian operations in Singapore. The Canadian bank did not have significant foreign exchange operations in either centre but it was a major player in the local money and bond markets where it was part of the rate setting board. The bank […]