Articles by FX Markets Staff
Hong Kong limits speculative trading
HONG KONG – May saw speculation about the shift in the renminbi peg affect the policy of neighbouring economies.
RBC scandal begins, NAB rogues charged
TORONTO AND MELBOURNE – March saw the implications of one trading scandal continue to emerge while another came to light. The Royal Bank of Canada (RBC) suspended three staff for an unlawful trade while the National Australia Bank rogue traders faced…
Banks boost online options offerings
LONDON AND NEW YORK – Banks were busy building up their online capabilities in December with a number of players seeking to move emerging markets options online.
CLS targets buy-side build-up
NEW YORK AND ZURICH – July saw CLS looking to expand into non-deliverable forwards (NDFs) and OTC options – a move that would pave the way for far greater buy-side participation on the settlement system.
Citi shuts down Nordic offices
SCANDINAVIA – FX Week revealed Citigroup was to close FX sales operations in the Nordic region with branches in Copenhagen, Helsinki, Stockholm and Oslo to be shut.
Post trade flavour of the month
LONDON AND ZURICH – Post trade services were the flavour of the month in October with both Reuters and UBS getting in on the action.
Bloomberg and Reuters in, Centradia out
NEW YORK AND LONDON – February proved to be a month of arrivals and departures, with multi-bank portal Centradia ceasing to exist and Bloomberg and Reuters announcing their intention to target the buy side.
BarCap desk in Shanghai
SHANGHAI – Barclays Capital is launching an FX trading business in Shanghai after receiving a branch licence at the end of December.
Australia eases regulations
SYDNEY – Australia eased FX regulations to allow easier domestic foreign exchange business.
RBC Capital Markets touches base
LONDON – Royal Bank of Canada (RBC) Capital Markets has poached a three-strong metals team from Cargill Investor Services to form a base metals desk in London. The desk will be headed by Alex Heath, previously senior broker on the metals desk at Cargill…
No votes lead to euro volatility
LONDON – The ‘no’ votes on the EU constitution referendums in France and the Netherlands led to unexpected volatility in the currency markets at the start of the month, with the highest volumes ever seen on some platforms.
Disappointing Q2 for US banks
NEW YORK – Directionless markets in the second quarter offered few opportunities, with US investment banks reporting poor results year-on-year.
US banks benefit from dollar upswing
NEW YORK – April saw stateside banks benefiting from a greenback revival, with profits surging in the first quarter.
Icap and CST settle dispute
HONG KONG – Interdealer brokers Icap and Collins Stewart Tullett (CST) settled a legal dispute over the defection of some 25 staff from CST to Icap.
News in brief
LONDON – November saw HSBC knock Citigroup out of the medal position at the FX Week Best Banks Awards.
NAB rogue traders charged, senior staff dismissed
MELBOURNE – A year after the National Australia Bank rogue trading scandal was uncovered, January 2005 saw the Australian Securities and Investment Commission (ASIC) release information about charges handed down to the traders involved.
Size matters, survey finds
GREENWICH, CT – The ability to execute large currency trades is one of the key components in winning new FX business from corporates and institutional clients, according to research from Greenwich Associates.
Causeway selects Misys Treasury Plus
LONDON AND NEW YORK – Causeway Capital Management (Causeway) has chosen vendor Misys Banking Systems (Misys) for increased efficiencies in the confirmation and settlement processes for money market and other financial instrument transactions.
Bank forex heads look to alternative staffing options
LONDON – Forex desk heads are increasingly looking to poach staff from other areas within their banks in a bid to limit wage inflation.
December 19, 2005
So another year has passed and foreign exchange has again seen the pace of change continue at a rapid rate.
NYSE launches euro-linked shares
NEW YORK – The New York Stock Exchange (NYSE) last week launched shares linked to the euro, demonstrating the growing demand for exchange-traded currency products.
BBH looks to Holland and Scandinavia for staff
LONDON – Brown Brothers Harriman (BBH) is to expand its FX coverage into Holland and Scandinavia in 2006 as it builds its European capabilities.
ODL expands into Chicago
LONDON – ODL Securities is expanding its global presence with a new sales office in Chicago, according to a senior official in London.