Articles by FX Markets Staff
Dealing with yen downside risk
A collapse in the dollar/yen could offer significant trading benefits. How should an FX trader deal with the downside risk? By John Taylor, chairman of FX Concepts in New York
CFTC continues FX fraud crusade
WASHINGTON – The US Commodity Futures Trading Commission (CFTC) has continued its crusade against fraudulent retail FX firms in the US, with three enforcement actions so far in July.
Saxo Bank hires global trading and sales heads
COPENHAGEN – Danish FX specialist Saxo Bank has created global trading and sales positions at its headquarters in Copenhagen as part of its global growth strategy, said senior bank officials.
ING to merge central European back offices
BUDAPEST – ING plans to set up a central European processing centre in Budapest by the second half of 2003, the bank announced last week. The move is part of a global strategy to reduce costs and increase efficiency by consolidating back-office functions…
Yuan’s US dollar peg to stay despite speculation
Beijing – Speculation that China may relax the yuan’s US dollar peg refuses to go away. Following media reports in June of US Treasury Secretary Jon Snow saying the Chinese government is considering widening the yuan’s trading band, the rumour mill is…
Rupee options launch today
MUMBAI – Banks in India can start trading rupee/foreign currency options today, following the lifting of restrictions from the Reserve Bank of India (RBI).
RBS hires in NY and Boston
NEW YORK – Kenneth Wiseman has joined the Royal Bank of Scotland in New York as an FX sales dealer, a senior official at the bank told FX Week.
EasyScreen adds FX trading with SEB streaming prices
LONDON – London-based trading software vendor EasyScreen will add FX trading to its Data Centre trading platform over the coming months, using streaming prices from the London-based merchant banking division of Swedish bank SEB.
Treasury management systems’ lack of STP may stall uptake
NEW YORK – Lack of straight-through processing (STP) ability may have slowed the uptake of FX and treasury management systems (TMSs), according to a report made public last week.
eSpeed files patent suit
NEW YORK – eSpeed attempted to deal arch rival Icap a crushing blow last week by filing a suit in a US court accusing Icap’s newly acquired BrokerTec inter-dealer bond platform of infringing upon its ‘automated auction protocol processor’ patent.
EBS makes spot sterling drive
LONDON – Spot broker EBS last week made a bid for market-share in the sterling market – the acknowledged gap in its coverage of major currencies.
DrKW adds TraderMade to Piranha
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has added UK vendor TraderMade’s real-time charting to its online FX trading platform Piranha.
King replaces George at BoE
LONDON – Mervyn King took over as governor of the Bank of England last Tuesday (July 1), following the retirement of former governor Edward George.
Protecting against euro resurgence
A Hong Kong-based firm could use a series of resetting bonus forwards to hedge against a potential euro rebound, say Charlie Brown, head of structuring at Standard Chartered Bank in London, and Mike Image, structurer for North-east Asia global FX options
Dollar and US stocks decouple
The positive correlation between US stocks and the dollar has seen a turnaround, and this is unlikely to reappear in the near future, says Niels Christensen, senior currency strategist at SG in Paris
HK’s FX clearing needs improvement – IMF
HONG KONG – Foreign exchange clearing supervision in Hong Kong needs to be improved, according to the International Monetary Fund (IMF). In a report published in late June, the IMF said although payments systems in the Special Administrative Region (SAR)…
Danske rebuilds FX in London
LONDON – Danske Bank will complete the rebuilding of its FX sales business in London next week with three new additions, a senior official at the bank told FX Week.
Euro rise helps fund managers perform
STAMFORD, CT – The continued strength of the euro helped most currency managers on the Parker Global Strategies FX Index record positive returns in May, Parker announced last week.
Dollar still top currency for central banks
LONDON – Market speculation that central banks began rebalancing their reserves away from the dollar last year was misled, according to the Bank for International Settlements’ (BIS) annual report released last week.