Ferraro Departs BNP NY

Martin Ferraro, head of FX institutional sales at BNP Paribas in New York, has left the bank, a spokesperson confirms. He had been with BNP for nearly a decade in a variety of roles, reporting finally to Nigel Babbage, global head of currency options and regional head of FX activities in New York. The bank […]
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Derivatives Usage Continues to Boom

The latest semi-annual report from the Bank for International Settlements (BIS) on the global OTC derivatives market shows another surge in the level of notional amounts outstanding. At end-June 2003, the overall level of outstanding contracts stood at $169,678 billion, a rise of 19.7% on the level of end-December 2002. This means that overall outstandings […]
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ESP Fuels Currenex Move into Positive Cash Flow

Multibank portal Currenex has gone cash flow positive, three-and-a-half years after launch. It follows rival portal FXall, which announced the same achievement two months ahead of schedule in July, 26 months after its launch (see Profit & Loss, September 2003). Confirming the news, Currenex CEO Clifford Lewis says that the major driver has been the […]
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CAI 10th Contributing Bank on Mark-it

Credit Agricole Indosuez (CAI) is to become the tenth contributor to Mark-it Partners, which launched in spring this year to provide an independent source of clean credit data (see Profit & Loss, March 2003). Mark-it offers a variety of tools, including daily mark-to-market valuation data for all CDS and bond positions, as well as CDS […]
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Bank One Adds Two

Bank One has made two hires for its trading operation in London. Markou Athanasios has moved from SG CIB to the bank. A senior dealer, he will cover spot yen, filling the gap left by previous incumbent Jim Thompson, who recently moved to C-View (see Profit & Loss, September 2003). Athanasios will start on November […]
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ABN Bolsters Derivatives

ABN Amro continues to boost its staff numbers, filling two new FX derivatives roles. Alex Barrett joins the bank as global head of FX derivatives marketing, a new role based in London that reports to Robert Valdes-Rodriguez, global head of FX distribution in the bank’s financial markets business. He joins from Deutsche Bank in London, […]
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Kingdom Bank Takes FSS’ Spectrum

Botswana-based Kingdom Bank Africa has implemented Financial Software Systems’ Spectrum Treasury System at its new offices in Gaborone. The system will provide straight-through processing for all FX and interest rate transactions, as well as Spectrum’s vostro model to manage customer accounts. Kingdom is a new bank, created to take advantage of Botswana’s growing economy and […]
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Scotia Rolls Out WSS

Scotia Capital is now fully operational with the Wall Street System treasury engine for its FX trading operations. The organisations worked together to migrate FX dealing rooms in Toronto, Tokyo and London, as well as its three regional sales centres in New York, Calgary and Montreal. WSS replaces four discrete systems for trading, limit monitoring, […]
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LogicScope Completes Buy-Out, Adds to Board

LogicScope, which provides technology for EBS, Cognotec, Moneyline Telerate, Reuters and others, has completed its recent management buy-out. As a result, the company has been joined by non-executive directors John Jessop, former chief executive of Telerate, and Gerald Ashley, formerly of the Bank for International Settlements and now managing director of St. Mawgan, a risk […]
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Schroders Continues Management Shake-up

Miles O’Connor has become head of sales and client servicing for UK pensions and corporates at Schroders. He joins from Barclays Global Investors, where he was a managing director, UK institutional, leading the UK pension fund business. He reports to Richard Mountford, who is returning from Schroders Japan at the end of the year to […]
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