April 12, 2012, 10:21 a.m. ET
Article from The Wall Street Journal
By Alexandra Fletcher
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Here's our weekly rundown of the buzz inside the foreign-exchange industry:
PEOPLE:
- Lisa Danino-Lewis, HSBC's (HBC) head of e-commerce sales for foreign exchange, left the bank last week, said people familiar with the situation. She joined HSBC in 2005.
- Paul Houston, head of foreign-exchange prime services based in London, has left Credit Suisse AG (CS), a spokesman for the bank confirmed.
- Tim Owens has joined Nomura Holdings Inc. (NMR) as global head of foreign-exchange structuring, the bank said. Owens joins after 18 years at JP Morgan Chase & Co. (JPM). Based in London, he will report to Giancarlo Saronne, global head of structuring.
- Societe Generale SA (SCGLY) has merged its fixed-income, currencies, treasury, interest rates and foreign-exchange derivatives into one business called fixed-income and currencies. The bank says it is to "strengthen the synergies" in its fixed-income businesses. Danielle Sindzingre, who was formerly global head of treasury and repo at the bank, is now global head of the newly created business line.
- Investment manager Man Group PLC (EMG.LN) has appointed Ravi Chari as co-head of foreign exchange for its futures business AHL. Chari joins from asset manager IKOS Management where he headed the group's futures and foreign-exchange funds, Man said in a statement.
INDUSTRY:
- London is poised to take its bid to become an offshore yuan center one step further next week with the launch of a report into the city's capabilities as a hub for this business, confirmed the City of London Corporation, which commissioned the report. Some of the biggest banks in foreign exchange have been building up their renminbi business in London in anticipation of future growth. HSBC and Royal Bank of Scotland PLC (RBS) both beefed up their London-based yuan teams in February.
- And it seems the Spanish are trying to get in on the yuan action too. The Shanghai branch of Banco Santander SA (STD) has been granted a license to deal in the renminbi by the Chinese Banking Regulatory Commission.
NEW PRODUCTS/SERVICES:
- Electronic trading platform MarketAxess Holdings Inc. (MKTX) is extending its reach into emerging markets by opening a up an office in Sao Paulo. Investors will be able to electronically trade local-currency debt with the new office.
-By Alexandra Fletcher, Dow Jones Newswires; 44-20-7842-9462; alexandra.fletcher@dowjones.com; @djfxtrader
(Jessica Mead contributed to this article.)
Article from The Wall Street Journal