Articles by FX Markets Staff
Time for Asia to flex FX
A week after the Boca Raton G7 communiqué, and the market is flexing its capital muscle, prompting a broad appreciation of Asian currencies, writes Claudio Piron, head of FX strategy at Standard Chartered Bank in Singapore
Ex-MMS team sets up new analysis firm
NEW YORK -- Three managers from the former MMS International, the currency analysis firm bought by publishing group Informa, have set up a new real-time technical analysis service for spot FX.
UBS and CSFB to grow prime brokerage
ZURICH -- Swiss banks UBS and Credit Suisse both nominated prime brokerage as key areas of growth for their financial markets businesses, in their annual results reports published last week.
Lava to launch FX product range
NEW YORK -- Equities technology firm Lava Trading will make a foray into the FX market in Q2 with its new LavaFX product range, targeting broker-dealers, market-makers and hedge funds.
Market to test central banks post-G7
LONDON -- The G7 communiqué released after the Boca Raton meeting on February 7 will lead to the market testing the resolve of central banks to limit FX moves, analysts agreed last week.
Icap hires ex-WestLB chief to expand futures
LONDON -- Inter-dealer broker Icap has hired former WestLB markets head Humphrey Percy to launch a global futures business, a senior official told FX Week .
Reflationary effects on dollar/yen
Strong cross-border portfolio inflows into Japan are unlikely to falter. Consider either Seagull or reverse knock-in option strategies to protect against further yen strength, say State Street Global Markets’ currency options and currency strategy teams
GNI to launch FX module
LONDON -- UK broker GNI, a division of alternative investment provider Man Group, is set to go live with a new ‘click-and-deal’ spot FX trading module on its online platform GNI Touch, following final testing with clients this week, a senior official at…
Italy seeks rule change on central bank boss’s tenure
ROME -- The Italian government is seeking to change the appointment terms of the governor of the Bank of Italy, in a move that could force the departure of Antonio Fazio.
FXCM hits back at CFTC charge
NEW YORK -- Online trading firm Forex Capital Markets (FXCM) hit back at the Commodity Futures Trading Commission (CFTC) last week, after the regulator charged it with liability for an allegedly fraudulent trading firm.
BarCap to expand Asian emerging markets
SINGAPORE -- Barclays Capital has transferred Avijit Agarwal, formerly head of treasury in Mumbai, to Singapore to manage the wider Asian emerging markets treasury business.
Korea builds utility to connect to CLS
SEOUL -- Consultancy BearingPoint has won the contract to build a utility through which Korean banks will use the continuous-linked settlement service (CLS) for FX when the Korean won goes live on the service in Q4.
More NAB departures touted
MELBOURNE -- Banking analysts are expecting more departures from National Australia Bank in the wake of its forex options scandal, as chief executive Frank Cicutto resigned last week.
JP Morgan launches FXPrime
NEW YORK -- JP Morgan has gone live with FXPrime, an automated prime brokerage system for forex, the bank announced last week.
IASB to create advisory group
LONDON -- IASB, the International Accounting Standards Board, is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable…
Saxo’s FX volume growth builds profits
COPENHAGEN -- Saxo Bank had its most active trading month ever in January, with over $93 billion worth of forex trading on its platform, officials said last week. The volumes represent an increase of over 200% since January 2003, when volumes were $28.5…
New accounting rules put focus on training
LONDON -- New accounting regulations and recent instances of suspected fraud in the forex markets should make training financial markets staff a top priority, said officials at online training firm Intuition in London.
SG sets up investor services group
PARIS -- Société Générale has set up a new global securities services division for investors, named SG GSSI, to provide services on securities and listed derivatives covered by the group globally.