Month: October 2009

California Sues State Street over FX Markups

The state of California is suing State Street Corp. for $200 million, alleging it “ripped off” two pension funds by overcharging on foreign exchange trades since 2001. Attorney General Edmund Brown Jr last Tuesday (20 October) filed suit against State Street for committing “unconscionable fraud” against California’s two largest funds, California Public Employees’ Retirement System […]

ISDA Welcomes EC Report – with Caution

The International Swaps and Derivatives Association (ISDA) has welcomed the European Commission’s recognition of the important role derivatives play in the economy, as expressed in its communication released last Tuesday (20 October), outlining future policy actions on derivatives markets. “ISDA and the industry have achieved significant progress improving and standardising various derivatives markets, including credit […]

BNY Mellon and State Street Report FX Revenue Decline

Custody banks Bank of New York Mellon and State Street Corp. have reported a decline in third quarter foreign exchange revenues compared to the same quarter a year ago. Bank of New York Mellon, the world’s biggest custody bank, says revenue from its FX and fixed income activities in the third quarter totalled $246 million, […]

Morgan Stanley Posts First Profit in 2009

Morgan Stanley has ended a three-quarter losing streak, reporting net profit of $757 million in the July-September period. The bank’s institutional securities division, which includes the trading and investment banking businesses, posted a pre-tax profit of $1.3 billion on revenue of $5 billion, compared with a pre-tax profit of $11.0 billion in the third quarter […]

Hedge Funds on Road to Recovery

Hedge funds are on track to post their best annual returns in 10 years, with 26% of all hedge funds having “fully recovered” their losses from 2008, according to the year-to-date performance of hedge funds through September in the Credit Suisse/Tremont Hedge Fund Index. Through September 30, the Index is up 15%, with 83% of […]

Report Highlights Longer Term Growth for European Financial Markets

The battle between US and European financial markets gained momentum last year with Europe leading its rival in foreign exchange turnover and international bank lending, but lagging in areas such as equity market turnover and domestic bonds. The findings were released last week by International Financial Services London (IFSL) in its Financial Market Trends Europe […]

Morgan Stanley Adds in FX

Morgan Stanley has added more staff to its FX business as part of a continuing global expansion of its interest rate, credit and currency (IRCC) operation. The bank has hired Neill Penney – previously global head of product strategy at FXall – as managing director and head of product strategy for FX and emerging markets […]

Standard Chartered Builds Global Markets Team in US

Standard Chartered has made a series of hires across its global markets business in New York to further its ambition of being the primary bank for US-based clients with trade in its core markets of Asia, Africa and the Middle East. In its foreign exchange business, Standard Chartered has hired Thomas Fennell as director, money […]

Currensee Launches Forex Social Network Site

Boston-based Currensee last week launched an online foreign exchange trading social network that connects retail traders so they can share and collaborate on trading information in real-time. The company, which has raised $6 million in funding from North Bridge Venture Partners, has launched the online network generally after nearly eight months of private beta testing. […]

Saxo Bank Unveils New FX Portfolio Model

Saxo Bank’s TradingFloor.com has released a new FX portfolio model that offers a way to reduce total portfolio volatility in the wake of the stock market rally that saw many investors turn away from forex trading. “Many investors are staying out of the forex market – either because they lost money and have given up, […]