Day: 9 March 2009

Brown Exits HSBC on a High

Andrew Brown has left HSBC in London where he was global head of foreign exchange, a spokesperson at the bank confirms. Sources within the bank tell Squawkbox that the change of leadership was planned and set “some time ago” for the day after HSBC unveiled a 76% increase in 2008 FX revenues to just over […]

Merrill Embroiled in FX Rogue Trader Probe

Bank of America is investigating a reported $120 million in losses related to trading “irregularities” within Merrill Lynch’s FX business. Some weeks ago, Bank of America says its risk managers began investigating year-end losses, which uncovered the “irregularities” in the trading account of one currency options trader, named as Alexis Stenfors. Reports say that Stenfors […]

BNY Mellon Appoints in South Asia

The Bank of New York Mellon has added to its South Asia resources with the appointment of John Hills as head of treasury services for South Asia to manage teams in Singapore, Vietnam, the Philippines, Indonesia, Malaysia, Thailand and Australia.  Hills joined The Bank of New York Mellon in 2008 as head of sales for […]

Sucden Financial Hires Head of FX Sales

Sucden Financial, a commodity and financial futures and options broker, has hired Simon Williams as head of foreign exchange sales. The move is the second senior foreign exchange appointment and follows the hire of Paul Groves as senior trader. Williams has spent over 20 years in the foreign exchange markets and previously worked at UBS, […]

EBS Volumes Increase in February…

Interdealer broker Icap has reported that average daily electronic spot foreign exchange volume on the EBS platform increased by 4% to $201.9 billion in the 12 month period ended 28 February 2009. Average daily volume for the month of February was $153.7 billion compared with $149.1 billion in January 2009. However, total average daily electronic […]

…But Platform Suffers Glitch

Icap’s EBS FX platform suffered a glitch last week, resulting in the system being out of action for more than two hours. The outage, which occurred Thursday afternoon in Europe, was the result of what the company terms “a major network service outage from one of EBS’ global telecommunications providers in Europe, causing subsequent trading […]

CME FX Volumes Rise in February

CME Group reported that foreign exchange volume in February averaged 512,000 contracts per day, trending up from recent months though down 10% from February 2008. Average daily volume during February increased 11% from average daily volume of 460,000 contracts during January 2009. Volumes for all products averaged 10.8 million contracts per day, down 28% from […]

More Departures from Hotspot

Sources say three more senior members of Hotspot FXi in London, which is owned by Knight Capital, recently left the firm. According to sources, Knight trimmed 65 from its overall headcount, with more than a dozen of these across Hotspot. Hotspot’s press spokesperson said simply that Knight has a “no comment” policy on personnel matters. […]

FSA Faces Multi-Million Pound Lawsuit

The UK’s Financial Services Authority is facing a multi-million pound compensation claim from a group of investors who say that it failed to stop the activities of a suspected rogue FX trader. A group of 270 investors – former clients of GFX Capital Markets – is preparing a legal challenge against the financial watchdog over […]

ICBC (Asia) Deploys SuperDerivatives

ICBC (Asia), the Hong Kong banking business of Industrial and Commercial Bank of China, is deploying SuperDerivatives’ (SD) software to support its foreign exchange and interest rates derivatives activity. The bank’s sales teams will use SD to access real-time market prices, risk management tools and analytics for currency options, from vanillas to more than 100 […]