A major change is needed to correct new hedge accounting rules that could restrict derivatives use by Asian firms hedging their foreign currency exposures
Legislation adopted by European Parliament requires banks hold up to four times more capital to protect against trading risk; half of bankers’ bonuses to be paid in contingent capital
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.
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...
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.
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.
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.
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 .
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.
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 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.
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...
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 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.
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.
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...
HSBC retains its edge as the best bank for foreign exchange forwards as improved pricing and risk management ensured the bank was able to continue delivering liquidity during the credit crisis.
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.
DUBAI - Standard Chartered has extended its online coverage of Gulf Co-operation Council (GCC) currencies to 24 hours daily from Monday to Friday, to match client demand.
MONTREAL - Despite the economic decline, absolute spending figures in information technology are set to rebound globally, according to Jacob Jegher, author of the Celent report: IT spending in financial services: A global perspective .