He said any deal should be in place by mid October but that it would be a temporary measure, while the bank builds up its capabilities. Kellner told FX Week that Calyon is lining up a technology platform to enable it to build up its global currency capabilities.
Kellner added that the bank, fresh from the merger of Credit Agricole Indosuez and Credit Lyonnais, is seeking to become a top 10 foreign exchange provider within 18 months. "We have taken on sales staff and are seeking to drive up business from hedge funds, asset managers and prop desks where there are large transactions on a regular basis. We have the right capabilities in terms of people and when the platform is functional we should be able to attract much more business."
Calyon is the first major bank to indicate its interest in outsourcing liquidity – also known as white labelling. Banks such as Citigroup, HSBC and UBS have developed white-label platforms targeting mid-tier banks – but so far, few have said they are using them.