Foreign exchange market round-up
Movers and shakers
A Royal Bank of Scotland continues to expand its emerging-market business with the appointments of Kenneth Kan and Chris Dunning in Asia and North America. Kan will be head of Asian emerging markets based in Hong Kong. He joins RBS from Standard Chartered Singapore where he was global head of NDF trading. Dunning will be head of emerging-market FX and EM options. He joins RBS from Standard Chartered New York where he was responsible for Latin American FX business
Andrew Simon has joined JPMorgan as head of global clients in its global currency and commodities group. Simon who was previously at Lehman Brothers now looks after the sale of currency and commodity products to clients operating in multiple time zones.
Copenhagen-based Saxo Bank has responded to increasing market demand for the new Turkish lira by offering spot FX trading for US dollar/Turkish lira with both institutional and retail spreads. The revalued Turkish currency is one of the most attractive high-yield currencies in the market at the moment and is now available on a request-for-quote basis on Saxo Trader.
Reuters posted a healthy set of interim results reporting its first quarter of positive underlying recurring revenue growth since 2001. Accesses to its flagship desktop Reuters 3000 Xtra grew by nearly 17 000 year on year as a result of migrations and new wins leading to an 18%25 underlying increase in revenue.