Articles by FX Markets Staff
A broader view than the yuan
While much attention is focused on a likely shift in the value of China’s currency, Ashish Advani (right), director of risk solutions at Travelex in Toronto, points to a way of hedging against the more imminent risk of free-floating Asian currency…
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.
Room for all providers
Contrary to much opinion in the market, Mark Warms, global sales and marketing director at FXall, says there is space in the market for all liquidity providers. He argues that hedge funds present an opportunity for the FX community
HSBC posts strong year for forex
LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.
Avecia uses RBSFiX for huge deal
MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Merrill Lynch hires globally
NEW YORK – Merrill Lynch has boosted its global trading desks with appointments across three continents.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
Danske relocates sales head
NEW YORK – Sander Fynboe, global head of sales at Danske Bank in New York, is transferring to the London office, the bank has confirmed.
HSBC adds in FX options
LONDON -- HSBC has gazumped Goldman Sachs in hiring Patrick Schartner for its sales team.
CFTC shuts down forex boiler operation
WASHINGTON, DC -- US authorities have frozen the assets of six firms and arrested four of their employees after the Commodity Futures Trading Commission (CFTC) charged them with fraud last week.
Wachovia adds in UK and HK
LONDON & HONG KONG -- Wachovia Bank is continuing its expansion in Europe and Asia with two recent hires.
China prepares for currency flexibilit
HONG KONG -- Chinese authorities are making further preparations towards a more flexible currency with new rules aimed at minimising an appreciation in the renminbi, say analysts.
Asia to set up Bellagio Group
BANGKOK -- Asian nations are looking to set up a group that will bring greater regional co-operation.
Etrali connects trading rooms
PARIS -- Etrali is offering an internet protocol (IP) gateway allowing FX traders to access positions and conferencing facilities while moving between trading floors globally.
European banks get boost in Q4
ZURICH -- European banks were back in the black by the end of 2004 after tough market conditions in the third quarter brought about dire results for foreign exchange.
Lloyds TSB to open night desk
LONDON -- Lloyds TSB will be opening a forex night desk in March as part of its continued expansion into FX.
BoA continues FX hiring spree
NEW YORK & LONDON -- Bank of America (BoA) has announced more changes on both sides of the Atlantic as it continues its new year hiring spree.
Cutting the cost of dollar calls
With the USD having hit its lowest levels since the first half of January, Steven Englander, chief FX strategist for the Americas at Barclays Capital, suggests a cost-effective way to position for a dollar rebound
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.