Articles by FX Markets Staff
EM to diversify in 2009
LONDON - The Indian rupee, Chinese yuan, yen and Swiss franc will outperform in the new year, benefiting from strong fundamentals in an environment driven by capital account deficits, says Bank of America.
GBP fall sparks volume rise
LONDON - The pound's fall to record levels against the euro last week sparked unseasonal trading in the foreign exchange markets, say traders.
Portlock new spot FX chief at WestLB
DUSSELDORF - WestLB appointed Mark Portlock global head of spot foreign exchange last Thursday, following the decision by Dan Jones, head of FX and commodities trading for liquid markets, to leave the bank.
Departures continue at ABN/RBS
SINGAPORE & LONDON - David Dredge, head of local markets trading at ABN Amro in Singapore, has left the bank, sources tell FX Week .
HSBC offers Islamic FX options in London
LONDON - HSBC is now dealing in sharia-compliant plain vanilla foreign exchange options from London, in response to growing global demand for the product.
Kelly ends short stint at Deutsche
LONDON - Connor Kelly has left Deutsche Bank less than six months after being poached from US rival Goldman Sachs.
Strong Q3 for FX derivatives
BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).
Credit Suisse cuts rates teams in Asia, but FX safe
HONG KONG - Credit Suisse began cutting its work force in Hong Kong last Wednesday, primarily hitting credit and equities structuring, but sources say rates teams in the city were also affected.
Counterparty risk is driving industry change
The question of counterparty risk is leading to some significant changes in the foreign exchange business, chiefly in introducing innovative ways to manage this risk.
New EUR/ISK domestic pair launches
REYKJAVIK - Thomson Reuters is set to list a new currency pair, EUR/ISK Domestic, on the Spot Matching System in January to support trading between Icelandic banks onshore.
The return of PPP
The rapid fall of currencies against the US dollar is restoring balance to the currency markets, as stability in purchasing power parity (PPP) returns, says Margaret Kempner, currency strategist at Brown Brothers Harriman
CFTC fines OTC traders $12m
WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) will secure $12 million in penalties from three traders and their six businesses for an over-the-counter forex options scam.
Forex forwards bounce back as year ends
LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.
Dresdner heads to get key roles post-merger
LONDON - Dresdner Kleinwort employees will be handed key roles in the fixed-income division in London once the bank's merger with Commerzbank is complete.
Yen rally leaves traders short
TOKYO - The value of retail trading accounts at FXOnline Japan fell by 75% between July and October, as the yen rally caused losses in short yen positions.
Currency strategy success continues
LONDON - The reversal of fortunes for currency managers continued in November, with all but those employing carry strategies generating positive returns, said the Royal Bank of Scotland (RBS).
JPM axes in London FX
LONDON - JP Morgan made cuts to its foreign exchange team in London last week, according to market sources.
Retail FX: the light at the end of the tunnel?
Retail foreign exchange continues to be a beacon of light for wholesale FX banks, as they push ahead with plans to expand initiatives into next year.
Ellis departs CIBC
TORONTO - Craig Ellis, managing director in foreign exchange and money markets at CIBC World Markets, served his last day at the firm last Friday (December 5).
Capital controls hamper króna's comeback
REYKJAVIK - Iceland re-floated its currency last week but existing capital controls continue to drive away interest in króna trading.
Parker FX Index posts record results in October
STAMFORD, CT - The Parker FX Index generated its largest monthly gain in October since 2003, returning 2.53%, in a month that saw a continuation of dollar appreciation.