Articles by FX Markets Staff
Emerging market opportunities
There are more options in emerging markets than you might think, says Scott Wacker (below), global head, client risk advisory and sales, ABN Amro in London
Deutsche Postbank loses staff post ING-BHF Bank acquisition
LONDON – Deutsche Postbank, which bought ING-BHF Bank in London on January 1, is understood to have lost several in its FX dealing room team since the acqusition.
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
Norway looks to higher prices
The Norwegian government is pursuing policies to drive prices higher while expressing a desire for a weaker currency, says Neil Mellor, currency strategist at Bank of New York in London
Buy-side access to hit banks
NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
More changes at Lehman
LONDON – Lehman Brothers’ foreign exchange team has undergone further changes with two senior departures and a number of hires.
Fade-out zero-cost collar for hedgers
Since the beginning of the year, we have witnessed a EUR/USD spot consolidation below 1.37. Also, the last move from 1.2700 took EUR-USD up to the middle of the range 1.27 / 1.37. Many USD buyers are therefore looking to zero-cost collars, one of the…
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
TD hires in London and Toronto
TORONTO & LONDON – TD Securities has beefed up its global team with two new hires in Toronto and London.
Volkswagen hit by strong euro
WOLFSBURG – Volkswagen (VW) took an e800 million exchange rate hit to operating profits in 2004, with US sales dealt a significant blow from the strong euro.
New fund for ABN Amro AM
LONDON – ABN Amro Asset Management is considering launching a second currency hedge fund in June, said officials at the asset manager in London.
Saxo upgrades trade tool
COPENHAGEN – Saxo Bank is working on an upgraded version of its SaxoTrader online trading tool. The product will soon be in alpha testing and is expected to go into production in mid June, following a period of testing with partners and customers.
SG CIB rolls out cross-asset research
PARIS – Société Générale Corporate & Investment Banking (SG CIB) has introduced cross-asset research to meet demand for information resulting from the increased correlation and interaction between asset classes from investors.
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
FX faces employee shortage
LONDON – The FX industry could face an employee shortage unless banks start recruiting younger staff, say market participants.
Look to NZ for opportunities
Geoff Kendrick, currency strategist at Westpac, is focusing on the New Zealand dollar (NZD) this week
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
JPMorgan rolls out EM carry-to-risk model
LONDON – JP Morgan has rolled out a model that analyses risk-adjusted returns on emerging market currency positions.