Search results for

It’s been a strange week for Saxo.

I don’t think any of the headline above is true, but if you lived in the UK you’d think it was from reading the popular press. I did ask my contact list if they could help me stand this story up. I got an amazing response, including a request to incorporate a story about an Australian bloke who spent AUD1,000 a week on beer. However, having heard what my Euromoney colleagues got up at last week’s Excellence Dinner, I reckon he’s a lightweight.

Although he was, as you’d expect, a little more subtle in his delivery than I have suggested, the testimony of Dan Roth, the president and chief executive of the US National Futures Association to Congress last week, was pretty punchy.

For some reason, Deutsche forgot to send me the new press release it issued on July 8 announcing it had launched a new physical payment product called FX4Cash.

Tudor is believed to have hired Andrew Bound from Goldman Sachs Asset Management. Sources say Bound, who left GSAM in May, will start at the hedge fund in August.

The CME has hired Richard Stevens as director, research and product development for its London office. The exchange says this is a new position to support its growth initiatives in Europe. Stevens, who will report to Julie Winkler, managing director, research and product development, was previously head of product development for interest rate products at Liffe.

It turns out that Colleen Wong, who I reported last week as having left her role in FX bank sales at Barclays Capital, has made a short walk to Credit Suisse.

Newedge, the exchange derivatives powerhouse owned by Société Générale and Calyon, has hired Alice Ngai in Hong Kong as an FX sales trader. Ngai, who started earlier this month, was previously at Bear Stearns. She reports locally to Toby Lawson, managing director of Newedge Australia, and globally to Mike Bailey, deputy global head of FX, and Max Smith, global head of FX.

Gain Capital has hired Shane Braunstein from private equity firm 3i to the new role of vice-president, corporate development. The company has also employed Ramesh Srinivas as vice-president, applications architecture, Ashok Margam as regional director, institutional alliances, US and India, and Arun Subramanian as regional director, Asia Pacific.

State Street Global Markets has asked for Securities and Exchange Commission approval to carry out creation unit trades of exchange-traded funds for affiliated institutions. Under SEC rules, broker/dealers may not perform creation unit trades--which typically involve blocks of around 100,000 shares--for affiliates. SSGM, a State Street subsidiary, is affiliated with the Standard & Poor's Depositary Receipts, or SPDR, family of exchange-traded funds. In a letter to the SEC, SSGM said allowing only third-party B/Ds to perform creation unit trades of ETFs is expensive, adding that an affiliate could not influence price by performing such trades.

2008 Awards for excellence

The SEC’s emergency regulation, announced by chairman Christopher Cox Tuesday July 15th, aims to limit some types of short selling to eliminate “unlawful manipulation through naked short selling that threatens the stability of financial institutions.” Euromoney's coverage of past regulations and questionable events is worth a look today.