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Saxo opens in Japan

It was off to the ACI UK’s summer party last night. It was an excellent evening. The party was well attended and most of the guests were in good spirits. However, there was a bit of muttering about what had gone on in the earlier trading session, when European Central Bank President Jean-Claude Trichet came out and showed his almost Germanic anti-inflationary credentials. Cue a sudden reversal of the euro and the unwinding of all of Fed chairman jawboning from the day before. He might as well have finished his speech by saying: “Buy euros now, wear diamonds later. How you left Ben?”

Well-placed market sources say that Steve Walker has left MF Global, where he worked as a prop trader in London, to join Société Généralé’s spot desk.

Rudy Alexis resigned this week from Bank of America, where he had recently been promoted to head of FX sales Europe. He is believed to be taking the short walk through Canary Wharf to Barclays, where he will have a role of similar seniority.

After 150 years of unbroken history in both China and India, Standard Chartered has decided to take a new step into uncharted territory by opening a branch in Paris. The bank says that around 10% of its European client revenue stems from French corporates and financial institutions and it believes the new branch will help French firms looking to capitalise on huge investment flows the banks see between its key markets in Asia, Africa and the Middle East.

Noel Singh resigned this week from FXMarketSpace (FXMS), where he was a vice president, sales, in London. Singh is a passionate character, and he was always swift to defend his company and its prospects. Sources say he is off to Integral.

Justin Low has moved from Barclays Singapore to UBS, where he will work on the spot desk.

People moves: New spot for Low

Greg Kaldor started with Dresdner Kleinwort on May 19 as a managing director on the FX and local market hedge fund sales desk in London. Until recently, Kaldor was at Bank of America, where he spent 22-years, finishing off as head of institutional FX Sales. He will report to Richard Attrill, global head of FX and local market sales.

BofA’s new take on a long-established form of capital-raising was quickly replicated by its peers.

Reaz Islam, head of Citi’s Falcon Strategies hedge funds, is leaving the bank.

Martin Egan is the new global head of debt capital markets at BNP Paribas. Egan maintains his role as head of primary markets where he oversees fixed income syndicate.