Articles by FX Markets Staff
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.
Westpac/St George biggest bank in Oz
The proposed merger of St George and Westpac will create Australia's largest bank by market capitalisation, at approximately AUD$66 billion on a pro-forma basis.
Pakistan warns against FX speculation
ISLAMABAD - Pakistan's finance minister, Muhammad Ishaq Dar, has warned of "stern action" against currency speculators.
BBA considers changes to calculation of Libor
LONDON - Uncertainty over future methods of calculating Libor is causing volatility in dollar money 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.
Banks at odds over FX flows outlook
LONDON & PARIS - Major banks are at odds as to whether high foreign exchange volumes seen during the first quarter will continue into the rest of 2008.
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).
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.
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.
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.
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.
Czech forex volumes double in six months
PRAGUE - The credit crisis led to a sharp rise in Czech koruna forwards and foreign exchange swaps volumes in April, according to statistics released last week.
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.
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.
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…
Efficient correlation
Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York, shows how a study of correlations can reveal valuable information about the shifting relationship between global currencies
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).
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.
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.
BoA names global sales head
SINGAPORE & NEW YORK - Bank of America (BoA) has appointed a new global head of currency sales, over a month after the announced departure of former foreign exchange sales chief Bob Gotelli.
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading