Articles by FX Markets Staff
New platforms: ready, steady, go
And it's all systems go, literally. FXMarketSpace is very close to testing in a live environment, with final details being put in place. Meanwhile others, such as FXall's new anonymous trading platform, should have begun piloting by now.
Strategists warn of carry trade risk
LONDON – FX markets could face disruption as the carry trade and a declining yen reached critical levels last week, warned analysts.
Sterling to run out of steam
LONDON – Despite excitement in the markets as sterling approaches the iconic value of $2, market analysts surveyed by FX Week are unconvinced the currency will breach that level.
Smith resurfaces at BarCap
LONDON – Barclays Capital has hired Glenn Smith to head short-dated vanilla options trading in London.
ODL to upgrade platform using Dresdner technology
LONDON – FX broker ODL Securities plans to upgrade its FX trading platform by incorporating technology acquired from Dresdner Kleinwort's retail services arm last week.
CFTC to adapt rules governing futures traders
WASHINGTON DC – The Commodity Futures Trading Commission (CFTC) last week said futures traders will be required to become registered members of a self-regulatory trade association from February.
State Street acquisition of Currenex sends shock waves
BOSTON – US bank State Street's decision to acquire FX trading platform Currenex for $564 million has sent shock waves through the industry.
Fimat MD takes top US forex post at SGCIB
NEW YORK – Vincent Bonamy, Fimat's managing director of financial products and services for the Americas, is to become head of FX for Société Générale Corporate and Investment Bank (SG CIB) for the region.
Capitalia extends SwapsWire connection
ROME – Capitalia SpA is extending its relationship with electronic dealer network, SwapsWire.
RBS breaks into Russian market
LONDON & MOSCOW – RBS Global Banking and Markets has signed an exclusive agreement with Russian investment bank Renaissance Capital to sell derivatives solutions in the country.
BarCap index fund gains traction
LONDON – The Barclays Intelligent Carry Index (ICI) fund has received "substantial interest" two weeks after launch, according to officials at the bank in London.
Mifid explained – an introduction
Chris Pickles, chair of the Mifid Joint Working Group in London, discusses the implications of the directive on foreign exchange
The importance of best execution
The biggest piece of news to come out of last week is the sale of Currenex to State Street for $564 million.
SG CIB names forex line-up
LONDON & PARIS – Société Générale Corporate and Investment Banking (SG CIB) has named three managers to head its global FX business, in its fixed income, currencies and commodities (FICC) division.
Forex gap widens between London and New York
LONDON & NEW YORK – Forex volumes in London have outstripped those of rival trading centres, as the boom in mergers and acquisitions (M&A) and proximity to emerging markets provides a boost to the UK capital.
Margin FX offer for Japanese traders
TOKYO – Online securities house Monex is going live this week with Monex FX Pro, an internet-delivered trading system.
The forint faces an imminent setback
Meg Browne, senior currency strategist at Brown Brothers Harriman in New York, warns of the perils facing the Hungarian currency
EBS pushes out netting service
LONDON – EBS has begun rolling out its new netting service to prime broking banks, after completing a pilot with ABN Amro.
Deutsche and RBC appoint senior currency strategists
TOKYO & TORONTO – Currency strategists are en vogue this month, with banks building up FX research teams in Tokyo and Toronto.
FXMarketSpace to spur consolidation
WESTBOROUGH, MASSACHUSETTS – FXMarketSpace will facilitate consolidation in e-FX, according to Robert Iati, partner at research and advisory company TABB Group.
HKEx to launch renminbi futures by middle of year
HONG KONG – Hong Kong Exchanges and Clearing (HKEx) plans to introduce renminbi futures by the middle of this year, according to Lawrence Fok, head of the exchange's business development division.
Banks gear up for emerging markets push
The competition for emerging market business is hotting up, with US banks preparing for a push.