Articles by FX Markets Staff
Will intervention work?
European Central Bank intervention could spark a battle with the foreign exchange market, says Mitul Kotecha, head of global foreign exchange research at Calyon in London
EBS nabs Saudi business
LONDON & RIYADH - Spot broker EBS has signed its first Middle Eastern banking customer onto EBS Prime, its professional foreign exchange prime-brokerage solution.
GFT adds new currency pairs
ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.
Swift grows front office
Halfway through its five-year strategy, industry co-operative Swift has made improving front-office services a priority
Carry strategies are thriving in Asia
SINGAPORE - Carry models have proliferated in Asia as alpha-generating strategies over the past four years, according to Thomas Harr, senior FX strategist at Standard Chartered in Singapore.
Malaysia relaxes FX regulations
KUALA LUMPUR - Malaysia's central bank, Bank Negara Malaysia, abolished a series of registration requirements for residents on October 1, paving the way for more trading and hedging products in the Malaysian FX market (see box).
CME FX volumes rising
The Chicago Mercantile Exchange (CME) recorded an average daily volume of 634,820 contracts for foreign exchange in September. This is a 22% rise from 520,000 contracts a day in September 2006, and represents a notional value of $79 billion.
Forex settlement risk: banks look beyond CLS
Rick Schumacher, director of products at Wall Street Systems in New York, evaluates the foreign exchange market's alternatives to CLS
Talk of revaluation
The independent monetary stance recently taken by many Middle East states is likely to add to speculation about a revaluation, according to Chris Turner, head of FX strategy research at ING wholesale banking in London
Is the dollar dross?
Pete Luxton, global markets adviser, and Shant Movsesian, FX options manager, at Informa Global Markets in London, seek ways to benefit from the flagging US dollar
Merrill and UBS shake up FX teams
LONDON & NEW YORK - Senior management changes have swept through Merrill Lynch and UBS ahead of looming third-quarter losses.
The true cost of pre-settlement netting
As the industry comes to terms with the fact that banks have begun pre-settlement netting, conversation is moving to the implications this has for the smaller of the 57 CLS member banks.
Investsberbank begins ruble trading on LavaFX Interbank
Investsberbank has begun quoting USD/RUB and EUR/RUB on electronic communications network LavaFX Interbank. The first USD/RUB trade was carried out on October 2 between the Russian bank and an undisclosed counterparty. The notional value of the trade was…
Investec targets SME FX
LONDON - Investec Capital Markets, a division of Investec Bank, has launched a new corporate foreign exchange desk in London targeting small to medium-sized enterprises (SMEs) in the UK.
Losses abound on Parker FX
STAMFORD, CT - The Parker FX index was down 1.54% in August, with markets characterised by skyrocketing volatility spurred by unwinding yen-based carry trades.
FXMS and EBS trading back to normal
CHICAGO & LONDON - FXMarketSpace and electronic spot broker EBS recorded a decline in average daily volumes in September, demonstrating a return to normal levels of trading after a highly volatile August.
US futures regulator regains $1.8 billion
WASHINGTON, DC - US futures regulatory body, the Commodity Futures Trading Commission (CFTC), has retrieved $1.8 billion from convictions in the five years ending September 30.
Eley gathers MMI clients
NEW YORK - John Eley, former president and chief executive at electronic communications network Hotspot FX, has signed seven banks for his new data analytics company, Managed Models Inc (MMI) in New York.
Deutsche signs record sharia collar trade
DUBAI - Deutsche Bank has closed the largest Islamic profit-rate collar to date, for Dubai Islamic Bank (DIB).
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
BIS TRIENNIAL FX SURVEY: Asia takes a bigger slice of the FX pie
BASEL - The Bank for International Settlements' (BIS) triennial foreign exchange survey has highlighted the increasing prevalence of the Asian centres in global FX, with the market share of regional rivals Hong Kong and Singapore increasing since the…