Articles by FX Markets Staff
Review of 2004 - November: Forex liquidity crisis looms
LONDON – UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress.
Review of 2004 - August: Return of the voice broker
NEW YORK – Cantor Fitzgerald reversed a trend of consolidation in the broking market in mid-August by spinning off a new firm to focus exclusively on voice broking.
Review of 2004 - April: Banks draw EU25 battle plans
LONDON & FRANKFURT – Euro convergence may still be years away for the 10 new member states joining the European Union (EU), but far-sighted banks and brokers were already drawing up their FX battle plans for the new Europe in April. Deutsche Bank, HSBC,…
IFX goes gaming
LONDON – IFX Markets, the financial trading and spread-betting firm, in December acquired a majority stake in FX Player, a virtual reality forex gaming business.
Refco relaunches e-platform
NEW YORK -- Refco Group, the New York-based brokerage, has updated its e-FX trading platform.
Cautious corporate approach to IAS 39
LONDON -- Corporates will look to use less complicated products because of the IAS 39 hedge accounting rules, as some believe it could signal significant changes in risk management strategies, according to Georgette Bailey, director, strategic solutions…
Soc Gen makes global changes
LONDON -- SG Corporate and Investment Banking (SG CIB) is making changes to its sales desks around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
The American double-accrual forward
With expected further euro appreciation, EUR/USD forwards are trading at a premium. Here, Anna Leung, head of corporate treasury marketing at HSBC, shows a way to get access to future hedging at a lower cost
UBS's Stadelmann set to relocate
SINGAPORE -- Reto Stadelmann, UBS's global head of risk for FX and cash and collateral trading (FXCCT), is to split his time between Zurich and Singapore. The move is designed to improve management's effectiveness in Asia, according to Seth Cohen, global…
RBS boosts Asia presence
HONG KONG -- The Royal Bank of Scotland (RBS) has boosted its presence in Asia over the year in its bid to become a seamless global operation.
Asia continues to rally against dollar
HONG KONG -- Asian currencies are undervalued and will continue to strengthen next year against a weak dollar, according to market participants.
Banks' 'indifference' to IAS 39 hints at software panic-buying
LONDON -- Software vendors are preparing to take advantage of any bank glitches once the IAS 39 accounting standard is implemented on January 1.
Dollar weakening, but for how long?
Dollar weakness will continue into the first quarter of 2005 under current US policies, says Marios Maratheftis, economist at Standard Chartered Bank in London. But market volatility may change the Fed's stance
Bloomberg offers free EBS
NEW YORK – EBS Trader is to be offered through Bloomberg terminals free of charge as the information and market data vendor tries again to make serious inroads into the forex market.
NAB reshuffles Asian markets
MELBOURNE – National Australia Bank (NAB) has reorganised its markets division in Asia. Hong Kong-based co-head of markets for Asia Doug Goldsmith will relocate to Sydney to take up a new role as head of interest rate markets.
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.
EBS signs up more prime banks
LONDON – EBS has signed agreements with nine more institutions enabling them to become prime banks, bringing the total to 16. The new banks on EBS Prime are: ABN Amro, AIG, Bank of America, Bear Stearns, Citigroup, Credit Suisse, UBS, Lehman Brothers and…
Conservative approach to further dollar weakness
A one-year 'leveraged ratchet forward' may help hedgers looking for a conservative strategy who are expecting a lower EUR/USD next year, say Eric Ohayon, European head of FX structuring, and Chris Weiss, FX structurer, at Bank of America in London