Articles by FX Markets Staff
CAI completes forex rejig
LONDON -- Credit Agricole Indosuez (CAI) completed the reorganisation of its forex business following former global head of FX Simon Eedle’s relocation to New York in April.
Bear Stearns launches emerging markets book
LONDON -- Bear Stearns has hired Emrah Aksaray to run a new emerging markets book for the bank in London. Aksaray will focus on the European timezone, including Turkey and South Africa, as well as emerging eastern European markets.
Japan steps up yen intervention battle
TOKYO -- Japanese authorities intervened in the forex markets again last week as the yen came under more pressure from the weakening dollar.
Crackdown on risk budgets
Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…
FX Connect hits $20bn in daily trading volume
BOSTON -- State Street Corporation traded more than $20 billion on its multi-bank FX dealing platform FX Connect last Tuesday (May 13). With some $1.2 trillion traded daily in the foreign exchange market, according to the latest figures from the Bank for…
GNI plans OTC spot launch
LONDON -- UK broker GNI, a division of alternative investment provider Man Group, plans to launch a new ‘click-and-deal’ spot FX trading platform on its suite of online products later this summer. GNI Touch FX will add to the broker’s services for…
Isda adds 4pm fixing time for HK$
HONG KONG -- The International Swaps and Derivatives Association (Isda) has added a 4pm fixing time to its Hong Kong dollar IsdaFix swap rate service. That adds to the daily 11am fixing in the Hong Kong dollar. Both the 11am and 4pm Hong Kong dollar…
Saxo Bank’s forex fund flourishes online
COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…
Appreciating the euro
With economic conditions in the eurozone worsening, the authorities are unlikely to allow the euro’s strengthening to continue, says Mitul Kotecha, global head of FX research at Credit Agricole Indosuez in London
Ericsson triples online trading ratio
STOCKHOLM -- Swedish telecoms giant Ericsson tripled the proportion of forex trades it executes electronically over the past year, a senior official told FX Week .
Cognotec targets white-label market
DUBLIN -- FX trading technology vendor Cognotec is re-marketing its liquidity-outsourcing tool, Liquidity Linq, in response to growing demand for ‘white-label’ FX trading platforms.
Forex dealers clear on US dollar policy
NEW YORK -- Despite conflicting comments last week, analysts said the market is clear on the US government’s strategy regarding the greenback.
RBC puts fresh focus on proprietary FX trading
TORONTO -- Royal Bank of Canada (RBC) set up a new proprietary trading group last week in an attempt to steal a march on its competitors.
The George Jnr-George Snr divergence trade
George Bush Snr and Jnr’s presidential terms have been separated by nearly a decade. But, says Alan Ruskin, research director at 4Cast in New York, the economics on the surface look startlingly similar
Rand recovery spells good news for South African FX
JOHANNESBURG -- The dramatic recovery of the rand and surging international interest in South Africa have proved a money-maker for local banks, market participants told FX Week .
CLS glitch repeat unlikely
NEW YORK – A repeat of the March 25 technical glitch which left over 20,000 Australian dollar and yen trades unsettled on the Continuous-Linked Settlement (CLS) service is unlikely, a CLS spokesperson told FX Week .
Step right up for Aussie risk hedging
Fears of Australian dollar volatility could be laid to rest by a step payment option, say Paul Rhodes and Gail Sheridan, financial engineers at UBS Warburg in London.
BarCap hiring continues
LONDON – Barclays Capital has hired another seven forex staff globally, cementing its position as the biggest recruiter in forex so far this year. The bank has now added at least 19 new staff to its global FX business this year, across institutional and…
Market eyes new euro/dollar high
LONDON – A lifetime high for the euro against the dollar became a distinct possibility last week as the greenback continued to crumble across the board.
European banks under euro threat
FRANKFURT – Major European banks’ half-year FX earnings could be under threat from the rise of the euro, senior market participants told FX Week .
FXall adds to messaging
NEW YORK – Multi-bank platform FXall is collaborating with New York messaging firm Communicator to offer an additional real-time messaging service to its clients from today (May 12).