Articles by FX Markets Staff
Korea’s ‘first online FX platform’ set to grow
SEOUL -- Internet Buy and Sell System (IBS), a real-time online FX trading platform in Seoul, should have around 95,000 new customers by the end of the year, according to the bank’s chief executive Choi Se Woong.
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Cognotec reduces pricing risk
DUBLIN -- Irish forex trading technology vendor Cognotec has launched a pricing tool to improve banks’ speed in providing electronic forex quotes.
Welsh rings HSBC changes
NEW YORK -- Two spot traders left HSBC in New York in July. However, the bank is fully staffed in spot FX, having added two senior traders before their departure, said Ben Welsh, head of FX sales and trading in New York.
MMS globalises forex analysis coverage
LONDON -- FX and fixed-income research firm MMS International has enhanced its forex analysis by globalising its coverage, said senior officials.
Asset sales support baht and rupiah
A wave of asset sales and privatisation in Indonesia and Thailand looks set to strengthen the Indonesian rupiah and Thai baht, says Irene Cheung (right), Asian sovereign and FX strategist at ABN Amro in Singapore
Hotspot FXi takes Traiana
NEW JERSEY -- Online institutional FX trading platform Hotspot FXi has taken Californian vendor Traiana’s automated FX prime brokerage software to automate the give-up of trades between prime brokers and institutional clients using its platform.
Analysts cautious on US reflation
NEW YORK -- Federal Reserve chairman Alan Greenspan’s increased optimism in his testimony last Tuesday (July 15) prompted expectations that the US economy may finally begin the reflation process, but analysts advised caution last week.
Investment banks drive for diversity
LONDON -- Investment banks are not known for being the most receptive working environments for women or ethnic minorities. The entertainment media perpetuates perceptions about the hard-drinking hard-working aggressive lifestyle of bankers on Wall Street…
State Street and BoNY buck earnings downtrend
NEW YORK -- State Street and Bank of New York bucked a downward trend in US banks’ forex revenues for the first six months of 2003, according to first-half results released last week.
German hedge fund reform raises FX hopes
MUNICH -- New proposals for the laws governing hedge funds and funds of funds in Germany could open up the market to a wider audience and heighten FX opportunities.
Fed reserved
For all its talk of deflation, the Fed fails to walk the walk, says Alan Ruskin, research director at 4Cast in New York
FXall reaches profitability
New York – Multi-bank portal FXall now earns more than it outlays on a monthly basis, it said last week, over two years after its May 2001 launch.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
BBH sees forex growth in emerging markets
LONDON – US custodian Brown Brothers Harriman (BBH) saw increased FX trading volumes in the first half of this year, with particular growth in emerging markets.
BoE cut may hint at lower sterling
LONDON – The Bank of England’s (BoE) shock 25 basis point cut in the UK repo rate last week – to 3.5% – has brought expectations of a lower sterling, analysts said last week.
ABN Amro hires four in strategy
LONDON – ABN Amro has hired four forex strategists, increasing headcount in its global team from five to nine.
Indian options market bursts into life
MUMBAI – The rupee options market exploded into life last week, with more than $250 million of deals transacted on the launch date (July 7), said local market participants.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Klein takes CLS Group chair
NEW YORK – Fritz Klein is the new chairman of the board of directors of CLS Group and CLS Bank International.