Articles by FX Markets Staff
Dollar weakness set to continue
Jim McCormick, global head of FX research at Lehman Brothers in London, sees short-term technical gains, but continued longer-term dollar weakness
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
Reshuffle at SG CIB
LONDON – SG Corporate and Investment Banking has confirmed changes to its team globally, with senior management moves around the globe.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
UBS bolsters its forex team
LONDON – UBS has started a ‘mini-restructure’ by adding to its London foreign exchange team.
BMO launches new FX trading system
MONTREAL – Bank of Montreal (BMO) Nesbitt Burns has launched eFXpedite, a new online trading system that enables the real-time electronic transaction of FX for a wide range of its corporate and institutional clients.
Man Financial posts strong forex results Reuters to report revenue rise
LONDON – Reuters’ share price rose by 4.8% on the London Stock Exchange on January 13, from £3.8175 to £4, and hovered at that level by close, following a statement by the vendor on its Q1 performance.
Speculative $/¥ selling discouraged
Ian Stannard, senior currency strategist at BNP Paribas in London, favours selling USD/JPY gains amid mounting political pressure
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.
The greenback/HK dollar digital deposit
Hong Kong dollar interest rates remain suppressed. Michael Image, FX structurer for Northeast Asia at Standard Chartered shows a way for HK$ depositors to achieve higher interest rates by taking advantage of the fact that US$/HK$ forwards are trading at…
BP prepared for IAS 39
LONDON – British Petroleum (BP) became the first European-based corporate client to go live with Wall Street Systems’ (WSS) Hedge Compliance Module to aid it in its compliance process following the introduction of the IAS 39 accounting standard.
LloydsTSB adds to FX team
LONDON – Lloyds TSB Financial Markets has added to its London FX sales team in an effort to further penetrate the UK and European markets, said Jeremy Hodges, head of FX sales at LloydsTSB in London.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
Refco hires in London
LONDON – Refco Group, the US FX prime brokerage firm, has made three new hires to its FX sales team to join in the coming weeks, and one internal hire in a bid to build platforms such as FXProTrader.
Turkish delight in strength of lira
ISTANBUL – The run-up to the introduction of the new Turkish lira (NTL) has coincided with a strong growth in the unit.
German turnover continues
FRANKFURT – The swift movement of German bank forex staff has continued into 2005, with Commerzbank's high-profile hire of Klaus Hoffmann, chief trader from rival Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt.
Lehman gets FX derivatives licence in S Korea
SEOUL – Lehman Brothers is expecting to get a boost to its FX business now that it has become the only foreign bank in Korea to offer a full suite of over-the-counter derivatives products onshore.