Accounting

UBS reports fixed-income profit in Q3

ZURICH & PARIS - UBS's fixed-income, currencies and commodities (FICC) business returned to profit in Q3 for the first time in nine quarters, despite lower trading revenues from macro markets.

Deutsche triumphs as FX powerhouse

LONDON - Deutsche Bank has usurped Citi to win the accolade of best bank for foreign exchange in a year characterised by unprecedented levels of market risk. The award also marks the first time the German bank has been recognised as the top FX dealer in…

Sales head quits RBS

LONDON - Royal Bank of Scotland (RBS) continued to be hit by senior-level departures last week, with the global head of foreign exchange bank sales the latest to walk out the door.

Velocity Trade readies API connectivity

TORONTO - Canadian foreign exchange dealer Velocity Trade expects to take its first client live sometime this week, say officials, with an application programming interface (API) connection into the dealer's middle- and back-office systems.

CMC builds with StreamBase

LONDON - CMC Markets has deployed a complex event processing (CEP) system from StreamBase to price foreign exchange, and plans to extend the use of the system to indexes, commodities, treasuries and equities trading by year-end.

Powell departs BoA Merrill Lynch

LONDON - David Powell, a G-10 currency strategist at Bank of America Merrill Lynch, left the bank in London last week (November 10), market sources have told FX Week .

StanChart continues US build-up

NEW YORK - Standard Chartered has hired Peter Hirsch as head of rates trading, Americas, and Brian Varga as head of US Treasury trading, Americas, in New York.

Options voters choose Deutsche's steady hand

Deutsche Bank took top honours in the options category this year, having come fourth in 2008. Consistency is the key to its success, said Kevin Rodgers, the bank's London-based global head of foreign exchange options.

Deutsche jumps to top spot in Scandinavian currencies

Deutsche Bank has taken the honours in the Scandinavian currencies, ousting local rival Danske Bank. The Copenhagen-based bank has topped the category for the past two years, while the German dealer made its first appearance in 2008, ranking fourth.

London swings for Canadian dollar but not Swiss franc

The Bank of Montreal (BMo) has burst into the top spot for the Canadian dollar this year, having occupied second place since FX Week introduced the category in 2004. Royal Bank of Canada, which has won the award for the previous five years, came fourth…

India's RBI to allow OTC FX options

MUMBAI - The Reserve Bank of India (RBI) released draft proposals on November 12 that will allow importers and exporters to write over-the-counter forex options contracts, in response to calls by banks and industry bodies.

Barclays Capital poster child for e-forex

Barclays Capital has solidified its standing as the poster child for electronic foreign exchange, taking home the accolade for the best bank electronic trading platform for the second year running.

RBS sees currencies business decline

LONDON - The Royal Bank of Scotland reported a 66% fall in income from the currencies business, to £141 million in the third quarter of this year, versus the same quarter in 2008.

Adaptability key to BarCap structured products win

Barclays Capital has come top of the class for foreign exchange structured products. Having finished third last year, the bank clinched top spot by reacting quickly to changing client requirements, according to Andy Kaufmann, its London-based head of FX…

Trèny joins Credit Suisse

LONDON - Stéphane Trèny is set to join Credit Suisse later this month to head the Swiss dealer's foreign exchange corporate sales team for southern Europe, according to market sources.