Articles by FX Markets Staff
TD in Asia hub shake-up
SINGAPORE, SYDNEY & TORONTO - Toronto Dominion Securities has relocated its Asia foreign exchange and rates trading hub from Sydney to Singapore, in a move to boost its coverage of the emerging markets.
Cfets-CME partnership to aid China trade
BEIJING - The China Foreign Exchange Trade System (Cfets) and the Chicago Mercantile Exchange (CME) are in the final stages of launching FX and interest rate futures trading in the Chinese market, said a senior official.
Russia frees up ruble float
MOSCOW - Russia has taken a further step towards a freely floating currency, abandoning its rigid intervention banding.
US lets China off the hook
WASHINGTON, DC - The US Treasury has cleared China of manipulating its currency to gain unfair trade advantages against the US.
FSS suspends State St FX in South Korea
SEOUL - South Korea's financial regulator has suspended the FX business of State Street's Seoul branch for a month, following the discovery of violations to FX regulations.
Fund managers negative about the euro
NEW YORK & LONDON - Fund managers are becoming increasingly negative on the euro, as concerns about inflation overtake worries about economic growth.
Pakistan warns against FX speculation
ISLAMABAD - Pakistan's finance minister, Muhammad Ishaq Dar, has warned of "stern action" against currency speculators.
Senior changes at Citi and Credit Suisse
ZURICH & LONDON - Credit Suisse and Citi have made senior management changes in foreign exchange in Zurich and London, respectively.
GS and MS lead in OTC commodities
GREENWICH, CT - Goldman Sachs and Morgan Stanley are the biggest players in the over-the-counter commodity derivatives market, according to research released last week (May 13).
New roadmap standardises messaging
GLOBAL - A group of financial market messaging organisations released details of an investment roadmap designed to standardise messaging use across the industry earlier this month.
ASP FFastFill to add forex support
LONDON - Application service provider (ASP) FFastfill expects to give its trading platform users expanded multi-asset strategies with the introduction of foreign exchange trading support within a few weeks, say vendor officials.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Bear Stearns gets the axe
LONDON AND NEW YORK - JP Morgan has taken a hatchet to Bear Stearns' foreign exchange business in London and New York, with 62 of 73 positions set to be put on notice, according to a senior Bear Stearns official.
Euro threat remains, says UK's House of Lords
LONDON - The euro has managed to avoid an initial quick collapse predicted by many, but the threat has not yet passed, according to the UK's House of Lords.
CNY: No clear reason for NDF retreat
SINGAPORE - Mispricing seen in the Chinese renminbi non-deliverable forwards (NDF) market in recent weeks will be short-lived, say analysts.
Quick rolls out new Icap data
TOKYO - Japanese financial information vendor Quick, the country's dominant domestic provider, is adding a suite of new currency datasets and services from interdealer broker Icap to its products.
FX has record Q1 at writedown-hit UBS
ZURICH & LONDON - High volatility drove a record quarter for UBS's foreign exchange business, but could only partially offset the effects of $19 billion-worth of US mortgage- and structured credit-related losses in its fixed-income, currencies and…
SEC cracks down on Ponzi scheme
WASHINGTON, DC - The Securities and Exchange Commission is cracking down on an alleged $27.9 million Ponzi scheme involving foreign exchange trading firm Gold-Quest International (GQI).
FXCM posts $62m
FXCM posted $62.12 million in revenues and a net quarterly EBITA of $25 million in first-quarter results ending March 31.
IMF's policy advisory chair resigns
ROME - International Monetary and Financial Committee (IMFC) chairman Tommaso Padoa-Schioppa has tendered his resignation from chairmanship of the International Monetary Fund's policy advisory committee.
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading
CBA reshuffles forex
SYDNEY - The Commonwealth Bank of Australia (CBA) has made two key hires for its foreign exchange trading team in Sydney and has restructured its global sales group.
BOC acts to curb RMB speculative buying
HONG KONG - Bank of China, the only clearing bank for Chinese renminbi foreign exchange transactions in Hong Kong, raised the cost of converting the Hong Kong dollar to renminbi last Wednesday (May 7).