Month: February 2011

BGC Loses UK Appeal of Tullett Broker-Poaching Ruling

London’s Court of Appeal has rejected an appeal by interdealer broker BGC that it had not acted unlawfully when it conspired to poach senior staff from rival Tullett Prebon. The judgment, handed down by Lord Justice Maurice Kay last Tuesday, found the ruling delivered by Mr Justice Jack in the High Court in March 2010 […]

JP Morgan Asset Management Launches EM Currency Fund

JP Morgan Asset Management has launched the JPM Emerging Markets Currency Alpha Fund, which aims to deliver an annual return of 8% above cash in euro terms by exploiting opportunities in emerging market currencies. The Ucits III absolute return fund is managed by Amit Tanna and Harry Bazzaz. “There is a structural case for investing in emerging […]

Cross Point Capital Hires FX Head

Broker dealer Cross Point Capital (CPC) has launched a foreign exchange business and appointed John Moran as managing director and head of FX and Matthew Clark as vice president of FX operations. Moran is tasked with expanding CPC’s middle market FX liquidity and best execution services and joins from Advanced Markets, a futures commission merchant […]

More States Investigate FX Trades

The intensity of the focus upon State Street and potentially Bank of New York Mellon over foreign exchange execution on behalf of state pension funds is increasing. Reuters reports that the attorney generals of Massachusetts and Illinois have been investigating trades executed by State Street on behalf of its funds. The report states that neither […]

Signal Trader Launches Automated Mirror Trading

Signal Trader, a provider of live trading rooms, has launched an auto-execution mirror trading system for foreign exchange, commodities and indices with brokerage firms FXCM, Forex.com and Ava FX. The mirror system allows clients to automate their trading by ‘mirroring’ the trades of proprietary traders whose accounts are displayed in Signal Trader’s live trading rooms. […]

Currency Funds Dip in January: Parker

Global currency funds posted losses in January amid volatile markets, according to the latest Parker FX Index report. Funds in the index reported an aggregate loss of 1.01% for January with 42 out of the 62 funds incurring losses. The performance for the month ranged from a high of 4.19% to a low of -9.17%, […]

Darling to Join CIBC

Stephen Darling is joining CIBC on 1 March as managing director of the currencies team in London. He will report to Duncan Rule, managing director and head of FX trading, and Karl Wildi, managing director and head of capital markets in London. Darling has 19 years of foreign exchange trading experience with the Royal Bank of […]

RBC Dexia Hires Two

RBC Dexia Investor Services has appointed Stuart Stevenson and Matt Strang to join its FX trading desk in London. Focusing primarily on the spot and forward markets, they will be responsible for RBC Dexia’s market execution strategy, aiming to maximise flows and improve trading efficiency. They will report to Julian Smith, principal FX trader.   […]

Swaps Trading Platform Javelin Hires Two Senior Execs

Javelin Capital Markets, an electronic trading venue for interest rate swaps and credit derivatives, has appointed Chris Koppenheffer and Mike Hisler as its IRS and CDS heads respectively. Koppenheffer most recently worked at Mizuho Capital Markets where he was responsible for all US dollar interest rate derivatives sales and trading. Prior to Mizuho, he was […]

On the Move

Merk Investments, Horizon, NFA… Merk Appoints Director of Distribution for Currency Funds Mutual fund company Merk Investments has appointed Peter Moeller to the newly created role of director of distribution for its Merk Funds, which focus exclusively on currencies. “The Merk Hard Currency Fund, the Merk Asian Currency Fund and the Merk Absolute Return Currency […]