Articles by FX Markets Staff
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
‘Extendible forward plus strategy’ for corporates with sterling exposures
Barclays Capital’s senior FX structurer, Ben McMillan, suggests an ‘extendible forward plus’ strategy to enable a corporate with a stream of sterling receipts to lock in an enhanced minimum cable rate but participate in any further moves to the upside
NFA suspends California FX firm
CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.
ABN Amro’s new strategy products
SINGAPORE -- ABN Amro launched a new global FX research publication in Singapore last week.
Russia considers switch to euro for oil exports
MOSCOW -- If Russian officials decide to switch from the dollar to the euro in pricing their oil exports there would be a major shift in the balance of currencies behind the world’s most traded commodity. But the effects on the euro would not be seen in…
FSA warns of treasury management flaws
LONDON -- The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
New CLS currencies are adding 2,000 trades a day
SINGAPORE -- Continuous-linked settlement (CLS), the settlement service for foreign exchange, is now settling between 1,500 and 2,000 transactions a day in the four new currencies that went live at the beginning of September.
Etrade adds CME FX futures
LONDON -- Retail trading firm Etrade has added FX futures to its equities trading platform through a link with the Chicago Mercantile Exchange’s Globex platform, bringing the total number of futures contracts available to eight.
Pressure on funds’ currency management set to intensify
LONDON -- An inquiry into the failure of a prominent insurer's staff to hedge risks will bring increased pressure on pension funds to address their currency strategy.
Funds fall for third month
STAMFORD -- Currency managers struggled to generate returns in August for the third consecutive month, according to the Parker Global Strategies’ FX Index, which was down 0.45% for the month. Of the minority of funds that showed a profit for the month,…
Dollar weakness to continue into 2004
Dollar weakness can be expected for many months to come and could continue even longer than first anticipated, says Michael Rosenberg, global head of FX research at Deutsche Bank in New York
Senior roles left unfilled
NEW YORK -- Despite a year of frenetic hiring activity in the wider forex market, Bank of America (BoA) and Commerzbank are still looking for senior FX managers, according to market sources. And with the next bonus season just round the corner, the…
Cognotec ups connectivity
LONDON -- Irish FX trading technology vendor Cognotec will go live with its first major upgrade to its AutoDeal+ foreign exchange trading platform next month, which automates links to three external trading platforms.
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
New fund taps computational trade models
MASSACHUSETTS -- US-based online futures commission merchant FX Solutions is set to launch a managed currency fund next week based on newly developed computational trading models, senior officials told FX Week .
Won to weaken against yen in the short-term
SEOUL -- The Korean won will continue to weaken against the Japanese yen in the short-term, analysts in the Asia-Pacific told FX Week . But it is likely to regain some strength against the yen over the medium-term.
Deutsche Bank launches tradeable FX Indices
NEW YORK -- Deutsche Bank has launched a range of trade-weighted currency index-based (TWI) products this month to give traders the opportunity to speculate on the overall strength of currencies, officials at the bank said last week.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
US pressure to bring ‘freer markets’
NEW YORK -- Active engagement between the US, China and other countries is leading towards freer markets, said John Taylor, treasury undersecretary for international affairs, last week.
