Articles by FX Markets Staff
Rotation in reflation trades
Inflation is driving the UK to raise interest rates while other nations are set to cut rates to drive growth. These rate differentials provide opportunities for return says Monica Fan, head of European FX strategy at RBC Capital Markets in London
HBOS profits up 10% on corporate growth
EDINBURGH -- HBOS Treasury Services had a successful year in forex, with FX profits rising by about 10% year-on-year for 2003, a senior official told FX Week .
Saxo targets institutional clients with CLS service
COPENHAGEN -- Saxo Bank plans to add more institutional clients after launching its third-party link-up to the continuous-linked settlement service via UBS earlier this month, Saxo’s co-chief executive officer Lars Christensen told FX Week .
RBS leading UK FX race
LONDON -- Royal Bank of Scotland (RBS) reported a 24% increase in foreign exchange revenues for 2003, the largest year-on-year rise among UK banks reporting their results last week.
NAB report to reveal ‘control breakdowns’
MELBOURNE -- Pricewaterhouse- Coopers’ (PWC) report on the forex options trading scandal that has shaken National Australia Bank (NAB) in recent weeks is expected to expose a number of risk control problems at the bank, Graham Kraehe, NAB’s new chairman,…
Politics overshadows economics for zloty
WARSAW -- The resignation of the Polish prime minister from the leadership of the ruling Democratic Left Alliance (SLD) Party will lead to continued volatility in the zloty, which is already close to record lows, analysts said last week.
Benchmarking against competitive exchange rates
The dollar decline has led to competitive divergences between those currencies that tag the dollar and those that have suffered. This is likely to bring increased FX volatility, says Peter Luxton, economic adviser at Informa Global Markets in London
Icap keeps Moneyline platform
LONDON -- New York-based market data vendor Moneyline Telerate has extended a deal to supply its TRS (Trading Room System) data distribution platform to Icap when the London-based inter-dealer broker moves to a new trading floor in May, shrugging off…
CLS processes first custodian trade
LONDON -- CLS Bank International, the repository bank for the continuous-linked settlement (CLS) service for FX, settled its first custodian trade on February 13.
CSFB plans expansion to back office in Singapore
SINGAPORE -- Credit Suisse First Boston (CSFB) is planning to expand its back-office staff in Singapore, as part of a drive to use the centre to support the bank’s operations both regionally and globally.
IASB set to launch Euro advisory group
LONDON -- IASB, the International Standards Board, has invited senior officials to form a European consultative group to advise on issues related to the application of accounting standards.
Dalman stays at Commerz as results fall
FRANKFURT -- Commerzbank has denied German newspaper reports that Mehmet Dalman, head of investment banking, would leave the bank following the announcement of its 2003 financial results last week.
Reuters to launch FX swaps
LONDON -- Reuters is to expand its foreign exchange product range by launching FX swaps on its Reuters Dealing 3000 matching platform next month, a senior official said last week.
RBC unveils new FX structure
TORONTO -- Royal Bank of Canada (RBC) has confirmed a new senior management structure in foreign exchange following the departure of global FX head David Gibbins.
Hedging dollar dividends back to euro
A European company seeking to protect dividends received from a US subsidiary can benefit from the current inverted volatility term structure in the FX options market. UBS’s FX Solutions group explains how
Changes afoot at Merrill Lynch
NEW YORK -- A major restructuring of Merrill Lynch’s FX management is underway, according to sources close to the bank in New York.
CME slashes fees
CHICAGO -- The Chicago Mercantile Exchange will slash Asian and North American trading fees from March for new members, as it seeks to widen its client base after the launch of Eurex US.
Fimat adds for hedge funds
LONDON -- Fimat, the brokerage arm of French investment bank SG, has consolidated its alternative investment offerings under the single brand Alternative Investment Solutions (AIS) to boost services to the hedge fund industry.
Tradition takes 10% stake in IFX Group
LAUSANNE -- Swiss broker Compagnie Financière Tradition has taken a 10% stake in UK online trading firm IFX Group, the firm announced last week.