Articles by FX Markets Staff
Forward structure for an exotics-shy corporate
High price volatility is making EUR/AUD exposure challenging to manage. Sara Sullivan, ANZ’s senior FX options sales manager in London, proposes a solution for a European multinational that receives payments from an Australian subsidiary
Toyota reports ¥70bn FX impact
TOKYO – Japanese car manufacturer Toyota Motor Corporation last week announced a ¥70 billion ($645 million) hit from exchange rate changes affecting its first quarter operating income.
Russian peg change to drive rouble trading
MOSCOW – A touted move from a dollar peg to a dollar-euro basket will be the key driver for trading in the rouble in coming months.
Recruitment lures bank dealers
LONDON – Growing numbers of FX dealers are leaving banks to join recruitment firms, as demand for specialist FX consultants grows.
Terror alerts spur DR plans
NEW YORK – Terrorist warnings last week from the Bush administration have jolted securities firms into action and underscored the necessity for creating and testing disaster recovery (DR) and business continuity (BC) plans.
LB nabs Goldman sales chief
LONDON – Mike Burton, head of FX institutional sales at Goldman Sachs in London, has left the bank after a 10-year career there.
BIS paper warns of outsourcing risks
BASEL – Outsourcing in the financial services industry is leading to increased compliance and regulatory risk, according to a consultation paper published by the Bank for International Settlements (BIS) last week.
Calyon consolidates in Asia
TOKYO – Calyon has consolidated its Asian FX options business in Hong Kong following the merger between Credit Agricole Indosuez (CAI) and Credit Lyonnais that formed the new bank in May.
SimCorp focuses on FX in IT/2 upgrade
COPENHAGEN – Treasury management vendor SimCorp released the latest version of its treasury management software IT/2 last week, which has enhanced FX position management and has "a heavy focus on FX", an official told FX Week .
Oil price hits Asian currencies
HONG KONG – Surging oil prices have put pressure on Asian currencies, but the impact has been magnified by other factors influencing the region, according to analysts.
Euro/sterling kicks off
The summer football transfer season is providing unexpected support for euro/sterling, writes Pete Luxton, global markets adviser at Informa Global Markets in London
Calyon adds four in options
LONDON – Calyon has made four hires to its global FX options trading team in New York and London, said Derek Sammann, global head of FX options at Calyon in London.
SocGen using JRisk for forex options
LONDON – Société Générale is now using JRisk, a trading and risk management platform from Application Networks, to support its FX options business. The French bank began implementing the technology last July. Users are spread across the bank’s Paris, New…
Dollar vol could be back
LONDON – The global currency markets could be in for a bout of unseasonal volatility and trading activity if the US dollar breaks through its recent range against the euro, traders said last week.
UFJ’s FX in peril post-merger
TOKYO – It has only been a matter of weeks since UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) announced the start of discussions over management integration. But analysts are already speculating over the potential impact the merger of the two…
China and India to halt repatriate flow to US
HONG KONG – Massive investment opportunities in China and India may help Asia withstand a flood of currency repatriation back to the US in the wake of new tax bill the Homeland Investment Act.
Swapstream raises quote sizes
LONDON – The four banks making markets on Swapstream – ABN Amro, Commerzbank, Dresdner Kleinwort Wasserstein and HVB Group – have raised quote sizes on the electronic interest rate swaps trading platform from around e100 million to e200 million apiece.
ABN Amro adds 10 traders
AMSTERDAM – ABN Amro has added 10 FX traders in Amsterdam, London and Chicago, in response to "escalating cash and derivatives FX trading volumes", according to the bank.
Bank of Communications gets derivatives go-ahead
HONG KONG – The China Banking Regulatory Commission (CBRC) has authorised Bank of Communications (BoC) to launch a financial derivatives business, including FX forwards, interest rate and currency swaps and options, and bond futures.
ABN Amro launches IR Mini-Swaps for the risk averse
LONDON – ABN Amro has launched an interest rate hedging tool for clients who do not want to use derivatives to gain exposure to this market.
Overcharging costs eclipse AIB’s H1 dealing profits
DUBLIN – Allied Irish Banks (AIB) last week announced first half dealing profits of e41 million ($50 million) – less than the amount the bank has set aside to cover costs linked to overcharging for FX deals.
IG Markets to add FX futures
LONDON – Spread-betting firm IG Markets will add streaming FX spot prices and futures execution to its online trading platform in Q4 to attract more institutional business, a senior official told FX Week .