CAI Undergoes Expansion- Bolstering Global Operation

Credit Agricle Indosuez (CAI) wants to be number one. The French bank has recently made a number of hires in London to bolstering its euro coverage, according to London-based FX manager Simon Eedle, and is also looking to strengthen its sales operations. Steve Walker joined the bank as deputy chief dealer in charge of euro/dollar […]
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RBC Duo Klingsick & Barnett Announce Joint Retirement

Having worked together for 25 years, all of it with the Royal Bank of Canada (RBC), Martin Klingsick and David Barnett announced their joint decision to retire from the markets this summer. Upon leaving, Klingsick was the regional head of treasury for Europe and Asia covering all products from London, and Barnett was the co-global […]
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NAB Hires CSFBs Cole In Overseas Sales Drive

The National Australia Bank is midway through a concerted effort to broaden its reach into the corporate and funds management sectors. Since January, the bank has relocated several senior managers in an effort to place local heads of markets in each of its major centres. NAB shuffled the deck at the beginning of the year, […]
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Perréard Partners Investment Starts Trading in Geneva

Perréard Partners Investment (PPI), the new Geneva-based asset management firm started by Yves Perréard, began trading in May with CHF10 million under management. Perréard says he hopes to raise this amount to CHF100 million by the end of the year. Perréard, chairman of PPI, was previously the senior managing director in charge of the European […]
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The Interbank Market is Dead-Is Customer Business Next?

The forex market is on the verge of a dramatic transformation-one that could mark the death of the interbank market as we know it-or so say some industry sources. The change would put customers on par with the banks, using the same electronic broking services that have nearly obliterated FX spot brokers and changed the […]
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Banks Reassess Their Commitment to Singapore

While some in Singapore say life is beginning to return to normal since the height of the Asian currencies crisis, with volumes picking up and confidence returning, others say that the recovery may not be robust enough for banks to justify keeping trading desks fully staffed. In the past, the off-shore funds business kept a […]
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UBS Bleeds Spot Traders But Hires Senior Economist

UBS has lost about a half-dozen traders from its London spot desk in recent months. Among those that have left the bank are: Steven Walker, Stuart McPhee, Paul Carlier, Giovanni Pozzi and Bjarne Olesen, a spokesperson confirms. Walker has joined Credit Agricole Indosuez as a euro/dollar trader in London; McPhee has joined Merrill Lynch in […]
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Contracts For Differences: A Coming of Age?

By Chris Dunne, Reuters Limited According to most estimates available in the market today, only about 10% of the total volume of FX trading is transacted specifically for the delivery of a currency. This leaves the vast majority of FX trading in the speculative arena, where actual delivery is not only inconvenient but also expensive […]
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Higher Order Greeks – Volatility of Volatility

By Martin Gymer, FX Derivative Consultants The quickest way to interrupt the flow of an articulate, intelligent, Exotic Option Trader is to ask them about the higher order Greeks. Most are programmed to politely or otherwise immediately change the conversation to a more agreeable topic. The higher order Greeks certainly hold the key to understanding […]
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BRAZIL: BACK FROM THE BRINK – BUT HOW FAR?

By Gene Frieda, 4Cast The speed with which Brazil has staved off a devaluation-driven inflation spiral and domestic debt default has confounded the sceptics. Before Argentina stepped in the way, debt spreads had approached pre-Russian crisis levels barely two months after the Real looked on the verge of an untimely death. However, there are some […]
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