Articles by FX Markets Staff
Merrill Lynch bucks downward Q3 trend
NEW YORK & CHARLOTTE, N CAROLINA – JP Morgan and Wachovia saw falls in earnings from divisions encompassing FX in the third quarter of this year, while Merrill Lynch bucked the trend with profits up more than a quarter.
Keep it simple, says e-FX trading panel at conference
SINGAPORE – 'Bells and whistles' are an annoying distraction on e-FX platforms according to Christopher Brandon, managing director of London-based $200 million hedge fund Rhicon Currency Management.
Big banks prepare for retail FX push
SINGAPORE – Major banks are about to enter the online retail FX trading market-place "with a vengeance", said Brian Maccaba, chairman of FX dealing platform vendor Cognotec.
FXMarketSpace ups ante
LONDON – Twenty banks have committed to becoming clearing prime brokers on the FXMarketSpace platform, a senior official at the CME/Reuters venture told FX Week .
You can judge a book by its cover
Market participants of all shapes have access to a bewildering choice of platforms on which they can transact their FX business. There is a huge financial gap between the multi-billion dollar hedge fund and the hobby investor who wants to trade with a…
The Singapore solution
The FX Week Asia conference held in Singapore last Tuesday attracted some of the industry's leading practitioners to examine the diverse challenges facing the market today. Here, we bring you some of the news from the event
Banca Aletti takes Risque approach
PARIS – Banca Aletti is going live with technology vendor Sophis' Risque front- to back-office system for its FX derivatives business.
The Singapore solution
The FX Week Asia conference held in Singapore last Tuesday attracted some of the industry's leading practitioners to examine the diverse challenges facing the market today. Here, we bring you some of the news from the event
How to play gravity-defying USD/JPY
Peter Luxton, Global Markets Adviser and Shant Movsesian, Senior Options Analyst at Informa Global Markets advise taking dollar bulls into account when trading on potential weakness
Sharia forex hedges take off
KUALA LUMPUR & DUBAI – The market for sharia-compliant forex hedges continues to grow, with Citigroup structuring the first cross-border sharia-compliant cross-currency profit rate swap worth $230 million.
WestLB expands its commodities desk
Düsseldorf – WestLB is establishing a new multi-product commodities trading desk in Düsseldorf that will cater to domestic and global clients.
Reuters attributes Q3 results to growth in algorithmic trading
LONDON – Growth in algorithmic trading and strong FX market activity has influenced Reuters' higher than expected third quarter profit reports.
China and Indonesia amend bilateral swap
BEIJING & JAKARTA – The People's Bank of China (PBoC) and Bank Indonesia (BI) have raised the value of their bilateral swap agreement (BSA) under the Chiang Mai Initiative (CMI) to $4 billion.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.
RBS veteran McHugh retires
LONDON – Cian McHugh, global head of FX services, last week retired from the Royal Bank of Scotland (RBS) in the latest in a series of senior departures.
Singapore hosts second FX Week Asia conference
SINGAPORE – On Tuesday (October 17), the second FX Week Asia conference will be held at the Shangri-La Hotel, Singapore. The event brings together leading speakers and buy- and sell-side market participants.
Rennies adopts CheckFree solution
SYDNEY – Rennies Bank, a South African forex specialist, is now employing CheckFree's Accurate NXG straight-through processing solution to help better manage potential operational risk for internal and external customers.
Traiana and Flextrade provide algo STP
Trading technology vendors Traiana and Flextrade have teamed up to enable straight-through-processing (STP) of algorithmic trades over their systems.
Payments industry gathers in Sydney
This year's Sibos conference held in Sydney brought together some 6,500 participants to discuss the latest developments in payment and settlement systems. Here, FX Week brings you some of the news from the eventSwift launches pilot for corporate program
Human touch will always be needed
Markets have been on the move again this week. Comments from retired Fed chairman Alan Greenspan about the US housing market and noise surrounding China's reserve policy ensured that the greenback at last broke through the 1.26–1.28 range that it had…
Dresdner exodus to Merrill Lynch continues with three departures
LONDON – The defections from Dresdner Kleinwort to Merrill Lynch continued last week with three more heading to the options desk at the US investment bank, FX Week has learned.
Payments industry gathers in Sydney
SYDNEY – Denmark's Sydbank has added an FX order management system from technology vendor Cognotec, as part of an upgrade to its electronic trading platform.
Wall Street rebrands to expand forex business
SYDNEY – Wall Street Systems has rebranded to reflect the growing importance of foreign exchange to its business.