Articles by FX Markets Staff
GFT gains Japan approval
ADA, MICHIGAN – Global Forex Trading (GFT) has become the first foreign-based non-Japanese firm specialising in FX trading services to receive licensing from the Financial Services Agency (FSA) of Japan, it claims.
Using basket options for Asian appreciation
Ian Stannard , senior currency strategist at BNP Paribas in London, suggests a basket option to participate in Asian currency outperformance
Barcap survey shows options e-commerce still lags behind
LONDON – A survey by Barclays Capital of its corporate customers has found that options are lagging behind in the move to e-commerce from voice brokerage.
Time to foster a culture of admission
Another trading scandal has hit the market, and it appears that this latest one fits the pattern of previous incidents, begging the question of what, if anything, can be done to stop further occurrences.
FXall signs TD
NEW YORK & TORONTO – Multibank platform FXall has added Toronto Dominion to its list of liquidity providers, taking its current number of banks to over 60.
NAB 'rogue trader' pleads guilty
MELBOURNE – Ex-National Australia Bank (NAB) FX options trader, Gianni Gray, last week pleaded guilty to three charges for his part in the A$360 million rogue trading scandal discovered in 2004.
The bonuses of networking
Ronald Balzano , president of COESfx, says businesses relying too heavily on trading desks will lose out to firms that offer customers quick and easy access via ECNs
JP Morgan FX salesman arrested
NEW YORK – A JP Morgan FX salesman was arrested last week, making the US bank the latest to be embroiled in a trading scandal.
China allows RMB IR swaps
BEIJING – The People's Bank of China (PBOC) has issued new regulations allowing banks to conduct renminbi-denominated interest rate swap transactions on a trial basis.
Dresdner sales head departs
FRANKFURT – Juergen Barthel, global head of FX sales at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt, has left the bank. Although DrKW declined to comment, it is understood Barthel's departure is part of an ongoing restructuring by Harry Culham,…
Thai baht added to Reuters Dealing 3000
BANGKOK – Reuters has introduced trading of the Thai baht against the US dollar through its electronic matching service, Reuters Dealing 3000 Spot Matching.
Weaker currency economies outperform
LONDON – Currency strength is not an indicator for long-term equity returns, according to a joint study by ABN Amro and London Business School.
Greenback 'to keep falling'
LONDON – The US dollar is to continue its decline against many commodity and 'new broader world' currencies, despite a rise against the euro and yen, according to Jim O'Neill, chief economist at Goldman Sachs in London.
Bank of Communications selects Misys' Summit FT
LONDON & HONG KONG – Bank of Communications has implemented vendor Misys Banking Systems' Summit FT for its NET treasury and capital markets business.
Further changes at Merrill Lynch
NEW YORK – Stephen Kemp, global head of FX at Merrill Lynch, has left his role at the US investment bank.
CME posts strong results
CHICAGO – CME last week posted strong growth for revenues in the fourth quarter and a sharp increase in the number of contracts in January 2006 compared with the same period last year.
Citigroup hires Merrill's Browning
LONDON – Citigroup has poached Marcus Browning from Merrill Lynch, in a newly created position as global head of FX trading in London.
BarCap takes eFX options trading to the next level
LONDON – Barclays Capital last week became the first bank to launch live two-way streaming tradable prices for FX options.
A new maturity for FX?
Justyn Trenner , chief executive and principal of consultancy firm ClientKnowledge, says a more discriminating approach to how liquidity is channelled is essential to the continued growth of the market
Man completes Refco Canada acquisition
TORONTO – Man Financial has completed its takeover of Refco's Toronto-based Refco Canada subsidiary.
FX trading down for ABN Amro
AMSTERDAM – ABN Amro posted a large drop in income from foreign exchange dealing for 2005, despite a large increase in overall trading.
Tullett Prebon Information to revamp distribution platform
NEW YORK – Tullett Prebon Information plans to expand its set of FX products and services, as it builds up its presence in FX.
Dresdner builds in sales
LONDON – Dresdner Kleinwort Wasserstein (DrKW) is building its sales capabilities globally, has introduced a new e-trading platform, and is developing its FX prime brokerage capabilities.