Articles by FX Markets Staff
Industry leaders revive the client-facing options team
LONDON – Top-tier banks are moving to set up core groups of client-facing options specialists, turning away from a previous trend to re-train all sales dealers to have derivatives expertise.
You have the right to remain bullish
Indonesia’s currency has offered arresting yields, while the Singapore dollar is supported by its powerful monetary authority. Further gains in both are likely, say Standard Chartered’s Claudio Piron and Marios Maratheftis.
EBS prime brokers unveiled
LONDON – Deutsche Bank, JP Morgan Chase (JPMC) and Royal Bank of Scotland (RBS) will be the first prime brokers on a new interbank prime brokerage service from spot broker EBS.
US judge dismisses Gain Capital law suit
WARREN, NJ – A lawsuit filed in New York against online forex dealer Gain Capital was dismissed last month.
Intesa bows out of London
LONDON – Banca Intesa, one of the last Italian banks still trading FX in London, closed its desk in April, becoming the latest of its compatriots to consolidate forex in Italy.
Bank of Japan intervention set to continue
TOKYO – Japanese authorities spent over $20 billion in the forex markets in Q1 this year, in an effort to ease the yen’s strength against the dollar and the euro.
IMF outlines reserve currencies criteria
WASHINGTON -- The currency composition of a central bank’s reserves is not an easy decision to make, according to a collection of case studies compiled by the International Monetary Fund (IMF).
Plimsoll steps into currency overlay
NEW JERSEY -- Summit, New Jersey-based fund manager Plimsoll Capital is moving into currency overlay, and expects to secure its first clients this quarter, a senior official told FX Week .
Indian market opens up
MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.
ACI UK annual ball raises over £46,000
LONDON -- Forex industry body the ACI’s UK branch last week said it had raised £46,300 at its annual ball held at the Grosvenor House hotel in London on April 25.
BoA links major and emerging FX forwards in risk strategy drive
LONDON -- Bank of America (BoA) has merged its forwards and emerging markets forwards businesses in London, and hired three forwards traders globally as part of a continued drive to move to a strategic risk management model, a senior official told FX…
Faulty switches ground Globex
CHICAGO -- Online FX trading on the Chicago Mercantile Exchange’s (CME) Globex trading platform was hit last week by a five-hour outage. It was taken off-line last Thursday morning (May 1) and re-started after the delay, caused by faulty network switches…
Misys buys Crossmar
NEW YORK -- UK systems provider Misys has bought the Crossmar Matching Service (CMS), a foreign exchange and money market confirmation matching service, from Citicorp’s subsidiary Crossmar for $13 million in cash.
B2C clients stay with Reuters post-merger
LONDON -- Reuters has not lost any clients of its off-the-shelf internet FX dealing product, Automated Dealing (AD), since it bought and merged with AVT Technologies in December.
More outsourcing ahead
LONDON -- Outsourcing in the FX and treasury markets is about to take off, according to Wall Street Systems marketing director, Mike Thrower.
Falling dollar, limited external adjustment
Issues surrounding capital flows and surpluses could lead to some countries reconsidering their currency pegs, says Steven Englander (right), chief currency strategist, Americas, at Barclays Capital in New York
Banco do Brasil uses BoNY for CLS
BRASILIA -- Banco do Brasil is settling its FX trades using Bank of New York’s third-party continuous-linked settlement (CLS) service, SafeSettle.
Centralised data is key
LONDON -- The key to effective risk management is centralised market data, according to David Sharratt, head of market data at UK bank Abbey National.
The leveraged reverse knock-in forward
With the recent strengthening of the Canadian dollar against the US dollar, a Canadian exporter with US receivables would be wise to consider a reverse knock-in forward, says Richard Stang, vice-president in FX sales at TD Securities in Toronto
Market rounds on dollar as US doubts gather
NEW YORK -- The dollar sagged to a four-year low against the euro last week, and fell across the board.
HK launches euro clearing system
HONG KONG -- Hong Kong went live with a new euro clearing system last week, in an effort to reduce FX settlement risk in the Asian timezone.