Articles by FX Markets Staff
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).
CMC starts trading in the US
NEW YORK – UK online forex trading firm CMC Group started trading in the US last week.
HSBC Asia team set to grow
HONG KONG – HSBC Asia is looking to increase its FX derivatives and sales headcount over the next two years, a senior bank official told FX Week, but FX trading teams are likely to remain static.
MMS International denies bid for MCM
LONDON – Mickey Arora, the president and chief executive of market analysis and commentary provider MMS International, has denied reports that the company is in discussions to buy rival commentary provider MCM.
Fenics FX helps GFI in Asia
SINGAPORE -- Options pricing tool Fenics FX continues to support the expansion of its parent company, interdealer broker GFI in Asia, according to a senior official at the firm.
HSBC upgrades turrets in HK
HONG KONG -- HSBC has gone live with a £1 million upgrade of its Syntegra turrets for about 250 foreign exchange, money markets and derivative traders at the bank’s main Hong Kong site.
Philip Green leaves Reuters
LONDON -- Philip Green, chief operating officer of Reuters, has left the firm, and his position has been eliminated.
Brazilian real rally set to come to an end
SAO PAULO -- The Brazilian real strengthened after the US Federal Reserve’s decision to cut interest rates on Wednesday (June 25), but was back on the defensive over Brazil’s debt and is likely to remain on the back foot.
US investment banks’ revenues soar on back of investor demand
NEW YORK -- Strong investor demand is driving US investment banks’ fixed-income and forex revenues sky-high, according to first-half results released last week.
FleetBoston selects HSBC for CLS
BOSTON -- HSBC last week started processing continuous linked settlement (CLS) trades for FleetBoston Financial, following the Boston-based bank’s selection of HSBC as its CLS settlement member.
Banks make headway on IAS 39 macro hedging
LONDON -- The International Accounting Standards Board (IASB) has proposed a new solution to macro hedging for European banks that will adopt the new IAS 39 accounting standards in January 2005.
Saxo secures Deutsche funding
COPENHAGEN -- Deutsche Bank has placed e10 million in subordinated loan capital with Danish FX dealer Saxo Bank. The investment doubles Saxo Bank’s combined share capital and subordinated capitals, bringing it to about Dkr145 million ($22 million).
UBS looks to the East
BEIJING -- UBS is looking to mainland China as a potential source for new FX customers, and may hire staff in the region to service that sector. The international bank expects to be granted a full banking licence for its representative office in Beijing…
Hedging solution for Canadian exporters
A series of Canadian dollar calls could be the solution to Canadian exporters’ concerns about the direction of US dollar/Canadian dollar, says Shaun Osborne chief currency strategist at Scotia Capital in Toronto
Cause and FX
Corporate hedging practices have become a focal point for equity investors, as companies look beyond traditional risks. Alex Patelis, senior G-10 FX strategist at Merrill Lynch in London, highlights the risks to balance sheets from capital losses on…
AIGforex under merger threat
GREENWICH, CT -- AIG Trading’s FX group faces an uncertain future as parent company Connecticut-based American Insurance Group (AIG) prepares to merge its AIG Trading and AIG Financial Products subsidiaries, sources close to the firm told FX Week .
US investment banks’ revenues soar on back of investor demand
NEW YORK -- Strong investor demand is driving US investment banks’ fixed-income and forex revenues sky-high, according to first-half results released last week.
Bloomberg to launch new instant messaging service
NEW YORK -- US information and trading technology firm Bloomberg is launching an instant messaging service in July, in a bid to retain customers. The service, called Instant Bloomberg, is in addition to the widely used Bloomberg Messaging service but has…
Fed cut boosts dollar, but doubts remain
WASHINGTON, DC -- The Federal Reserve’s 25 basis point interest rate cut last week did little to excite the FX markets, and analysts said the US currency could be entering a period of consolidation.
Technology staff on the move
LONDON -- The market for technology specialists in the forex sector is looking vibrant, with a number of people on the move last week.