China Invests in Aussie Banks

A subsidiary of China’s State Administration of Foreign Exchange (SAFE), the body responsible for managing China’s massive foreign reserves, is starting to diversify its holdings and has bought stakes in three of Australia’s largest banks, reports say. A Hong Kong-based subsidiary of SAFE has reportedly bought minority stakes of less than 1% in ANZ Bank, […]
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Citi Turns to Markets Man as CEO

Citi has appointed Vikram Pandit as its new chief executive officer and member of the Board of Directors, effective immediately. Pandit was most recently chairman and chief executive officer of the Institutional Clients Group, which comprises Citi Markets & Banking and Citi Alternative Investments. Previously, he was a founding member and chairman of Old Lane, […]
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Dresdner Axes 60 in Credit while Goldman Shares Record Bonus Pool

Dresdner Kleinwort last week made 60 staff redundant in its largely London-based credit business following recent market turmoil and the credit crunch. The cuts have been made as the investment bank goes through its year-end reviews. A spokesperson at the German bank confirms that cuts in “credit related areas” were made last week, although fears expressed […]
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CBA Dealing Room Split Results in Departures and Court Case

Separation of the Commonwealth Bank of Australia’s (CBA) global markets and treasury division into two business units in August 2007 has since resulted in 20 staff departures and a pending court case.  CBA dismissed its executive general manager of global markets and treasury, Marten Touw, and general manager of products and trading, Vincent Hua, in […]
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RZB Signs up as Latest EBS Prime Bank

Austria’s Raiffeisen Zentralbank Oesterreich (RZB), the central institution of the Raiffeisen banking group, has joined the EBS foreign exchange platform as a Prime bank. EBS Prime is a service that enables customer banks to view and trade on the best prices available to the world's largest FX banks on the EBS platform. Icap, the interdealer […]
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NabCapital Forms Global Discretionary Trading Group

NabCapital, the institutional markets division of National Australia Bank, has created a global discretionary trading group to focus on foreign exchange algorithmic trading. “Recognising that the needs and aspirations of our discretionary trading activities are distinct from client franchise trading, we have created the foreign exchange global capital management group,” says David Jones, managing director […]
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CBA Joins Yieldbroker Australia

Commonwealth Bank of Australia (CBA) has agreed in principle to participate as a price maker in Yieldbroker's dealer-to-client and inter-dealer markets.   The news follows similar announcements this year from ANZ Bank, RBC Capital Markets and Toronto Dominion. Together with Yieldbroker's shareholder banks – ABN Amro, Citi, Deutsche Bank and Macquarie Bank – clients, comprised of […]
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Banks Launch Platform for Private Clients to Trade FX

Citi and Saxo Bank, a Copenhagen-headquartered online bank, have joined up to launch CitiFX Pro, an online foreign exchange trading platform for private clients and smaller institutional traders. CitiFX Pro will offer more than 150 currency crosses and, subject to regulatory approval, is scheduled to begin operating soon in the US market. It will be […]
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Goldman Takes Stake in CMC Markets

Goldman Sachs has agreed to buy 10% of  CMC Markets, a UK-headquartered securities dealing and spread-betting firm, for an undisclosed sum. With offices in 22 countries, 18-year old CMC specialises in trading retail contracts for difference (CFDs). It executed $1.1 trillion worth of CFD trades between November 2006 and October 2007. CMC says having Goldman […]
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Shinhan Bank to Join CLS

Korea's Shinhan Bank has become a shareholder of CLS Group, bringing the total number of banking and financial institutions as shareholders to 70. Shinhan says in due course it will apply to become a settlement member of CLS Bank International, provider of the foreign exchange settlement mechanism. Rob Close, CEO of CLS Group and president and CEO of […]
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