Articles by FX Markets Staff
Loewy exits on a high note
HSBC’s FX chief retires as the bank makes highest-ever forex profits LONDON -- Rob Loewy, head of FX at HSBC for the past 15 years, retired last Monday (March 1) as the bank announced its highest-ever dealing profits for foreign exchange.
Falling rates spell kroner/krona opportunities
The Norwegian kroner is being supported by oil prices and carry-trade liquidation, but these factors will force the Norges Bank to slash rates. This provides the opportunity for short-term tactical trades against the Swedish krona, says Hans-Guenter…
Citi names new global head
LONDON -- Jeff Feig took over as global head of FX at Citigroup in London on February 27, a senior official told FX Week .
Asian regulators ease restrictions
HONG KONG -- Banks in Northeast Asia are rushing to apply for licences to enable them to transact non-renminbi derivatives in China, following a relaxation of the rules from March 1.
Post-bonus job swaps begin
LONDON -- Last week saw a flurry of movement among senior FX staff as the bonus season draws to a close.
FX smashes $600m hole in Anglo accounts
LONDON -- The cost of failing to hedge FX risk was brought into sharp focus last week, when mining firm Anglo American said its 2003 earnings were down nearly $600 million as a result of currency movements.
DeAM breaks out forex group
LONDON -- Deutsche Asset Management (DeAM), a leading UK fund manager, has restructured its business around seven business-specific units to offer more customised boutique offerings to clients for every asset class, a spokesperson said last week. The…
Near-term ringgit peg change unlikely
KUALA LUMPUR -- Despite recent reported comments from Malaysia’s second finance minister, Tan Sri Nor Mohamed Yakcop, Malaysia is unlikely to change the ringgit’s current peg to the US dollar -- at least until the country’s general election is over.
StanChart restructures in Asia
SINGAPORE -- Standard Chartered Bank has reorganised its global markets structure in Asia and the Middle East by region, rather than by individual country.
SuperD launches risk system
LONDON -- SuperDerivatives has launched an FX options risk management system, the UK-based vendor will announce today (March 1).
Bloomberg to add Pronet analysis
LONDON -- Bloomberg is to offer real-time FX research from UK-based analysis firm Pronet Analytics, a subsidiary of The Market Age group.
Emerging FX takes off online
LONDON -- Increasing demand from both corporate and hedge fund clients for the ability to trade emerging markets (EM) currencies online is leading banks to boost their e-trading offerings in this area, senior officials told FX Week .
Crunch time for dollar slide
NEW YORK -- The coming week will be crucial in determining the strength and direction of the confused euro/dollar rate, according to market participants in London and New York.
FXI launches managed trading for institutions
FARMINGVILLE, NY -- Online currency trading firm FXI Corporation is launching an Institutional Trading Services (ITS) division in response to growing demand for managed trading accounts from hedge funds and asset managers, an official said last week.
Forex TV links to FCMs
NEW YORK -- Forex Television, a provider of video-based FX analysis and news, has established a transaction services group to link viewers of its news and research to a selection of futures commission merchants (FCMs) and money managers.
Correlation for hedging and speculation
One of the most surprising FX developments in the past year has been the re-emergence of the use of correlation products. Ade Odunsi, a director in Merrill Lynch’s FX risk advisory group in New York, suggests two such solutions for a hedging and a…
RBS expands interbank sales
LONDON -- The Royal Bank of Scotland has expanded its interbank FX sales business, adding desks in New York and Asia to complement its existing London-based team, the bank announced last week.
NAB delays report on ‘rogue trading’ losses
MELBOURNE -- National Australia Bank (NAB) last week put back the planned publication of its report into unauthorised trading losses at the bank until mid-March.
UK pension funds hesitant on easy returns
LONDON -- UK pension funds are increasingly considering currency as an independent asset class, but the process of educating and gaining approval from trustees is slowing adoption, officials said last week.