Articles by FX Markets Staff
Bloomberg and Cognotec partner on streaming rates
LONDON – Bloomberg is bringing streaming FX rates to users of its Bloomberg Professional terminals, courtesy of a joint venture with FX vendor Cognotec, the two firms will announce today (August 2).
Sri Lanka rupee set to fall further
Domestic pressures and the rising oil price are likely to lead to further devaluation of the Sri Lankan rupee, say David Mann, senior international economist and Gill James, chief economist for the Middle East and South Asia at Standard Chartered in…
HK$ intervention set to continue
HONG KONG – The Hong Kong Monetary Authority (HKMA) looks set to continue its intervention to support the Hong Kong dollar over coming weeks, analysts say.
Currency transfers for multiple entities
Straight-through processing FX for intra-company transfers used to be impossible. Royal Bank of Scotland’s Stamos Fokianos explains how this can now be done via RBS FiX
Bank of China opens in Bahrain
MANAMA – The Bank of China opened a representative office in Bahrain earlier this month, after it gained a banking licence from the Bahrain Monetary Agency (BMA) in April. The move marks the first entry to the Middle East and Northern Africa region by a…
Making amends for seasonal trends
Lower volatility and range-bound markets call for capital preservation with enhanced yields during the summer, says Jeffrey Lins, director of quantitative analysis at Saxo Bank in Copenhagen
IASB proposes new disclosure standards
LONDON – IASB (the International Accounting Standards Board) last week published proposals to improve disclosures about financial instruments in financial statements.
Fimat's FX platform goes live
LONDON – Fimat, the brokerage arm of investment bank SG, has gone live with FimatFX, its online foreign exchange trading platform, a senior official told FX Week .
CoesFX expands but watchdog still bites
NEW YORK – Online futures commission merchant CoesFX has expanded its team in response to rapid growth and has formed an advisory board to help project its platform to a wider audience.
Calyon expands flow trading
LONDON – Calyon, the bank formed from the merger of Credit Agricole Indosuez and Credit Lyonnais in April, has expanded its FX flow business, adding a three-strong team from National Australia Bank (NAB), a senior official told FX Week .
Billiton transfers forex to Europe
MELBOURNE – Australian banks in the UK could see added flow going through their FX dealing desks later this year, when the world's largest mining company transfers its remaining forex trading from Melbourne to Europe.
FNX takes Aspen Hedge to Japan
TOKYO – Philadelphia-based FX vendor FNX will launch Aspen Hedge, its multi-asset product for hedge funds, in Japan in October.
NAB hires Bank One trader
LONDON – National Australia Bank has hired Andrew Smith in London to trade a number of products, including FX, said a senior official.
Northern Trust maintains Q1 momentum
CHICAGO – Northern Trust was alone among the US commercial banks in Q2 to maintain the momentum for soaring FX trading revenues set in the exceptionally volatile first quarter.
AIB repays e 26m for overcharging
Customers to be repaid as regulator's report details AIB's "failures" DUBLIN – Allied Irish Banks (AIB) said it is repaying e 26 million ($32 million) it overcharged clients on three million FX deals, after a regulator slammed the bank in a report last…
CME volumes and income up by a third
CHICAGO – The Chicago Mercantile Exchange (CME) last week reported record volumes and revenues for the second quarter, with average daily forex volume up 28% to $176,000 compared with $137,000 in Q2 2003.
HKMA rules out Basel II AMA approach
HONG KONG – Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory's banks to use the advanced measurement approach (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
US equity markets to lead dollar path
US equity market performance will become critical for the dollar, say Neil Mellor and Simon Derrick, currency strategists at Bank of New York in London
US banks still seeing record earnings
NEW YORK – Record earnings from foreign exchange continued into the first half, according to US banks’ financial results published last week. Citigroup, State Street and Bank of America all reported new highs in their FX or trading results, as currency…
SG names treasury, fixed income and derivatives head
Paris – SG, the corporate and investment banking arm of French bank Société Générale, has promoted Grégoire Varenne to head of fixed income and derivatives, commodities and treasury for Europe and Asia.
Profit-taking to get harder
NEW YORK – Making money from trading foreign exchange is going to get harder for banks and investment managers as the industry changes from a hedging to a risk-taking culture.