Best Trade Finance Providers

The euro plunged after Fitch warned of a "cataclysmic" euro collapse if the ECB does not ramp up its buying of distressed eurozone sovereign debt.

Lloyds Bank has hired the former European CEO of MF Global as head of trading for its wholesale banking and markets division, according to an internal memo seen by EuromoneyFXNews.

Icap, the world’s largest inter-dealer broker, has tested its systems for the break-up of the single currency.

Currencies and commodities are projected to be the most sought-after asset classes for Middle Eastern investors this year, according to a survey commissioned by the Abu Dhabi-based broker ADS Securities (ADSS).

Best Trade Finance Providers

The shadow of economic gloom has fallen over output, while Basle III is playing havoc with the rulebook for funding. Success relies on access to US dollars, and losses will drive up prices – unless the rules can be changed or new players join the market

Best Trade Finance Providers

Best Trade Finance Providers

Best Trade Finance Providers

Lloyds Bank has hired the former European CEO of MF Global as head of trading for its wholesale banking and markets division, according to an internal memo seen by EuromoneyFXNews.

David Hitchins and Stephane Coquillaud will next month launch their algorithmic FX trading hedge fund with between $50 million-to-$100 million under management, EuromoneyFXNews can reveal.

JPMorgan has hired former ANZ NDF trader Paul Haines to join the bank’s strategic currency services group.

The US dollar index (DXY) is the most widely used indicator when measuring the performance of the world’s global reserve currency, but the outmoded weightings applied to it paint a misleading picture on the strength of the dollar, according to Redward Associates, an independent research firm.

Client clearing of foreign exchange trades gathered pace on Monday after Traiana, the post-trade services group for more than 500 hedge funds, said it had become the first firm to gain certification from the CME to clear over-the-counter FX derivatives.

The New Zealand dollar led commodity-linked currencies higher as Chinese trade data raised speculation over further monetary stimulus from Beijing, while EURCHF tested its lows after the departure of Philipp Hildebrand as SNB chairman.

The Cambridge Mercantile Corporation, the Canadian FX and global payments merchant, has expanded its agreement with GFI Group, the derivatives interdealer broker, for the licensing of its FX options trading and risk management tool, FENICS Professional.

Average daily FX spot volumes were in excess of $114 billion in December across Thomson Reuters’ main FX spot trading services, representing 3.6% year-on-year growth and bringing total annual volumes in 2011 8% higher than 2010.

FXecosystem, the network solutions company that builds global electronic connectivity in the FX markets, is expanding its sales team in Europe, the company said in a statement on Monday.

The Swiss franc rose to its highest level in four months against the euro after Philipp Hildebrand resigned as chairman of the Swiss National Bank, throwing the country’s currency policy into turmoil.

Speculators on the Chicago Mercantile Exchange pushed their bets on further losses in the euro up to record levels as fears over the eurozone debt crisis and the health of the region’s banking system heightened.

UniCredit has hired Nick Gentle, a former options trader at Royal Bank of Scotland, as a consultant in its corporate and investment banking division, a bank spokesperson has confirmed.

EURUSD recovered from a 16-month low as traders cut record bets against the single currency before a meeting between German chancellor Angela Merkel and her French counterpart.

The Canadian Imperial Bank of Commerce has hired Pauric Fallon, a former FX options trader at Royal Bank of Scotland, Fallon has confirmed with EuromoneyFXNews.

Average daily spot FX volumes on the EBS platform in 2011 rose 5 % to $159.1 billion compared to a previous year, ICAP said in a statement today.

The dollar surged to a fresh 16-month high against the euro on Friday after US non-farm payrolls came in better than expected in December, confirming a regime shift in the relationship between FX moves and risk.

The furore over the FX dealing of Kashya Hildebrand has produced much comment but little reaction in the currency market. That could change and could cost the Swiss National Bank billions, says Axel Merk, president of Merk Investments.

The euro dropped to fresh lows, with positioning in the options markets suggesting plenty of room for further losses, while furious back-pedalling from the Hungarian prime minister pulled the forint away from a record trough.

The euro looks to be at a turning point, with its performance decoupling from those of risky assets.