Articles by FX Markets Staff
Baht appreciation to slow on central bank reforms
BANGKOK -- The decision by the Bank of Thailand (BOT) in late July to loosen FX restrictions should slow the Thai baht’s appreciation, say local market participants. But strong economic fundamentals in Thailand mean that appreciation is unlikely to…
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…
Deutsche says FX strong in H1
FRANKFURT -- Deutsche Bank last week said it had "very strong" FX trading results for the first six months of the year, reflecting the bank’s overall interim results. Jim Turley, global head of foreign exchange at Deutsche Bank in London said: "Client…
Hotspot’s Ogg on the move
NEW YORK -- Hotspot founder and former chief executive David Ogg has left the New Jersey-based online foreign exchange trading company to join equities technology firm Lava Trading in New York.
Lehman Brothers continues forex hiring drive in London
LONDON -- Lehman Brothers has hired nine forex staff in London in the past three months as part of its continued FX build-up. Two more -- including global head of FX Grant Whiteside -- have transferred to the City from New York, as the bank pursues a …
Currency funds fall in June
STAMFORD, CT -- Fewer than half of currency managers achieved positive returns for June, according to Parker Global Strategies’ FX Index, which was down 0.92% for the month.
Resetting forward solution for Korean exporters
Gail Sheridan, financial engineer at UBS in Singapore, offers a hedging solution for Korean companies looking to guard their US dollar revenues against the possibility of a strengthening won
ABN Amro names FX strategists
LONDON -- ABN Amro last week named the two remaining hires to the expanded forex strategy team it announced two weeks ago ( FX Week , July 14).
Banks win a partial reprieve from IAS 39
BRUSSELS -- The International Accounting Standards Board (IASB) has approved an amendment to rules for macro hedging under the upcoming IAS 39 accounting standard for European banks.
PaR signals return of FX risk specialists
LONDON -- Growing interest from hedge funds in banks’ FX services have been a marked feature of the markets in the past 18 months. But that relationship can work both ways, reports one new currency fund, which has seen a wave of interest from banks…
Amex Bank results jump
American Express Bank last week reported year-on-year growth of 30% in revenues from FX trading for the first half of 2003.
CLS to include Korean won
NEW YORK -- CLS Bank, which operates the continuous-linked settlement service for FX, will today announce its plans to include the Korean won as a CLS-eligible currency.
RBS closes trading desk in Edinburgh
EDINBURGH -- Royal Bank of Scotland (RBS)has closed its FX and money markets trading desk in Edinburgh and rerouted trading to London, a spokesperson for the bank told FX Week .
Saxo adds futures trading with Refco
COPENHAGEN -- Danish investment bank Saxo Bank has added futures coverage to its online trading platform SaxoTrader as part of a partnership with Refco Overseas, the European arm of New York-based Refco Group.
Merrill rebuilds local markets trading team
LONDON -- Merrill Lynch has rebuilt a six-strong local markets trading team in London during the past month, after natural attrition whittled the original team’s headcount to one.
BarCap launches first single-dealer electronic platform for euro swaps
LONDON -- Barclays Capital and Bloomberg last week launched the first single-dealer online platform for trading interest rate swaps. The platform enables BarCap’s clients to trade vanilla euro-denominated interest rate swaps across various maturities via…
Integral hires another ex-EBS staffer
MOUNTAIN VIEW, CA -- Trading technology firm Integral continued its hiring spree of ex-EBS staff, with the recent addition of Ian Doull, developer of the spot broker’s dealing system. As vice-president of product marketing in New York, Doull will lead…
Prebon sells Swedish ops
STOCKHOLM -- UK-based inter-dealer broker Prebon Yamane has sold its operations in Stockholm to the existing Swedish management for an undisclosed amount.
Third-party CLS take-up slows
LONDON -- Take-up of the continuous linked settlement (CLS) service by third-party banks is slowing as a result of time-consuming back-office changes and a waning sense of urgency, CLS project managers have told FX Week .