FX market round up: …as does CIBC

The FX world looks as if it could be there for the taking for the Canadian banks, which either through good judgement or luck appear to have weathered the global credit crunch relatively well. CIBC World Markets also looks as if it wants to capitalize; the bank is rumoured to have lured Mark Sweeting to the new role of head of FICC sales. Sweeting had been twiddling his thumbs at UniCredit in London, which he joined from ABN Amro in June 2007 to focus on US and UK real money sales. In 2008 CIBC hired the heavyweight trio of Harry Culham, Christian Exshaw and Tim Carrington, who gained a solid reputation at Dresdner before an ill-fated stint at Merrill Lynch. Sources say Sweeting will start in April and report to Exshaw.