Articles by FX Markets Staff
US regulator loses retail fraud case appeal
CHICAGO – US regulator the Commodity Futures Trading Commission (CFTC) has lost an appeal to assert its jurisdiction over a retail FX trading firm it accused of fraud. Appeal court judges found in the test case of the futures regulator and AlaronFX of…
The flight from NAB continues
LONDON – The flood of departures from National Australia Bank (NAB) continued last week as three senior institutional dealers left the bank in London and New York.
BarCap opens office in Boston
Boston – Bob Diamond, London-based chief executive officer of Barclays Capital, opened the bank’s new Boston sales office earlier this month, marking the bank’s first local entry to the fund-rich north-east region of the US.
Overnight options roller-coaster
NEW YORK – A veteran of the overnight currency options market treated delegates at the FX Week USA Congress in New York last week to a guide to this risky – and exciting – business.
Selling options to resolve carry trade dilemma
Clients are putting off dollar/yen carry trades until the yen appreciates. But by selling options on cross-currency swaps, clients could earn money while waiting for the Japanese unit to reach a level more suitable for a carry trade, says Phileas Wong,…
FXC issues broker points rules
NEW YORK – The Foreign Exchange Committee, a US industry association affiliated to the Federal Reserve, last week issued new guidelines on broker ‘points’ – the issue at the heart of last year’s massive Wall Street forex fraud.
Delelis rejoins the sell side
LONDON – Alain Delelis has returned to the sell side to join Bank of America in London as head of global spot and emerging market trading, the bank confirmed last week. Delelis is the latest in a string of 13 hires made since Christiane Mandell became…
Industry altered by e-trading
NEW YORK – E-trading has changed the way banks communicate with their clients, agreed panelists in an e-FX debate at the FX Week USA Congress last week.
Barclays joins EBS Prime
LONDON – Barclays Capital has joined EBS’s recently launched FX prime brokerage service EBS Prime, the firms announced last week.
Global Link upgrades Asia OM
HONG KONG – State Street is releasing a new trade order management system for its e-commerce platform, Global Link, in Asia within six months.
Yuan convertibility moves a step closer
BEIJING – China took another step closer to yuan convertibility last week with an announcement that it is further liberalising non-trade related currency transactions. From August, more multi-national firms throughout the People’s Republic will be able…
Is sterling heading for a fall?
Falling UK corporate profitability and a new cable high spurs memories of 1992 and Black Monday, says Hans Redeker, global head of FX strategy at BNP Paribas in London
Brokertalk to bring chat back to the market
LONDON – A group of former investment bankers, asset managers and fixed-income traders has launched a news service to provide traders with a view of market activity they feel has been lost in the age of e-trading. Brokertalk launched last week (July 5)…
International Assets buys Global Currencies
FLORIDA – International Assets Holding Corporation (Intl), an emerging market-focused financial services company, last week (July 7) purchased the FX operations of UK-based Global Currencies for $2.4 million. The payment comprised $1 million cash plus…
Rupiah vol ahead as elections continue
JAKARTA – The Indonesian rupiah continued to rise last week, hitting 9,000 against the dollar following a smooth first round to the country’s first-ever presidential elections. But market participants are wary of the medium-term outlook as the country…
LavaFX on track despite Citi deal
NEW YORK – Citigroup’s planned acquisition of securities trading vendor Lava Trading will not alter the New-York based firm’s plans to launch LavaFX, a multi-bank FX trading platform, next month, a Lava spokesperson told FX Week.
Baltics, Slovenia set for early euro adoption
LONDON – Estonia, Lithuania and Slovenia are likely to be the first of the new European Union member states to adopt the euro, Fitch Ratings said last week.
Forex TV moves to Nymex trading floor
NEW YORK – Forex Television is this month moving to a trading floor in the New York Mercantile Exchange (Nymex) building. The trading floor will be operated by sister firm e-FX Trader, which was set up in March to offer trading services in conjunction…
ABN hires Italian chief
LONDON – ABN Amro has hired Alberto Matta for a newly created role as head of financial markets and public sector (Fips) distribution for Italy.
JPMC and ABN add CLS clients
NEW YORK – JP Morgan and ABN Amro have added new clients to their continuous-linked settlement (CLS) services. JP Morgan Treasury Services implemented Prudential Financial’s (PFI) global derivatives business in four weeks – its fastest implementation yet…
Front adds new matrix
NEW YORK – Front Capital Systems will release the latest version of Front Arena Treasury Trader at the FX Week USA Congress tomorrow (July 13). Version 2004.1 introduces a spread matrix to monitor customer margins.
Euro doubts remain despite EC growth forecasts
LONDON – Economic growth in the eurozone is set to exceed the European Commission’s forecast of 1.7% in 2004, it said in its quarterly report last week – but analysts remain sceptical that this will be enough to sustain the euro’s current rally.