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Bank nears top slot after years outside top 10; BofA, StanChart beat Goldman, Stanley

Investors receptive to utility risk; Other WBS still some way off

The build-up at CIBC continues. The bank has hired Chris Dunning as its global head of FX options and Eric Ohayon as a managing director, FX and commodity structuring. Dunning, who joins from UniCredit, will be located in Toronto and reports to Tim Carrington, the bank’s global head of FX options. Ohayon, who was at Bank of America, will also be based in Toronto and reports to Bill Bamber, CIBC’s global head, structuring. CIBC has also hired in sales. Natasha Crago joins from Baring Asset Management as a director, reporting to Barnie Hartley, and Ross Hefford, who is an exile from ABN Amro/RBS joins as an executive director, reporting to his former colleague Mark Sweeting.

This is the last column I will write until September – I’m off to France for a well-earned break. But don’t despair – I have lined up four market participants who know what they’re talking about to stimulate the grey matter of those readers still chained to their desks. I may also be tempted to break my holiday if any major news comes in during August – there is plenty of stuff brewing.

The relatively high levels of volatility may be one reason why volumes have plummeted, even if a more convincing argument for option use can easily be made

FXall has announced that Kas Bank, the European specialist in wholesale securities services, has joined FXall as a new liquidity provider. “The addition of Kas Bank to the growing number of European liquidity providers on FXall is significant for our clients,” says Phil Weisberg, FXall’s chief executive. “As one of the leading banks for institutional investors in Europe, Kas Bank’s client base is a natural fit with our existing customers and we look forward to furthering our joint relationship.”

It may not have won this year’s Tour de France, but it must have been smiles all around at Saxo Bank last Sunday. It’s young superstar, Andy Schleck, finished in second place, while his older brother Fränk was not too far behind him in fifth. Only the unbelievably good Spanish rider Alberto Contador – all five feet of him – could defeat the younger Schleck.

Barclays Capital has hired Ivan Ferraroni as head of FX bank sales, Asia Pacific. He will be based in Singapore and report to Lutfey Siddiqi, head of FX distribution and corporate FX, Asia Pacific. Previously, Ferraroni was head of FX sales and trading at Royal Bank of Scotland Tokyo.

It’s clear that you can’t build a decent house without good plumbing, so the CME’s hire of Andrew Lamb as its chief executive for CME Clearing Europe looks solid. The appointment is subject to the approval of the CME’s application to the UK’s Financial Services Authority to become a recognised clearing house (RCH).

After what insiders admit has been a tough period, Citi’s plans to aggressively expand its options business now look to be back on track. The bank has carried out a thorough overhaul of its pricing and risk systems and is apparently having an extremely good year. It has also just hired Dominc Yip as a senior vanilla trader from Dresdner Kleinwort, as well as Roland Jeurissen for its correlation team.

One of Deutsche Bank’s most senior emerging markets bankers is joining Goldman Sachs

Much cash chasing financial assets may have led to disconnect between positive financial markets and a negative underlying economy. And is China’s recovery sustainable (infrastructure building versus consumer demand)?