Articles by FX Markets Staff
Management changes at top banks
GLOBAL – It has been a week of senior management movement at two top banks, with Deutsche and Standard Chartered seeing changes to their line-ups.
UBS maintains results trend
ZURICH & BASEL – UBS has continued the trend of strong FX results posted by US and European banks with record results for the second quarter.
Currenex adds precious metals
NEW YORK – Currenex is expanding its footprint into precious metals with the addition of gold and silver trading.
IFX launches multi-manager fund
LONDON – IFX Capital Markets, part of IFX Group, has launched a currency multi-manager portfolio targeted at retail and institutional customers.
Further boost for Wachovia
HONG KONG – Wachovia has poached two forex sales personnel from Standard Chartered in Singapore and Hong Kong, as it continues to increase its presence in Asia.
Trader Tools to offer ASP for wider access
NEW YORK – Trader Tools is set to launch an application service provider (ASP) product targeted at mid-tier banks to enable a wider range of institutions to access the vendor’s FX technology.
Time for a kiwi revival
John Horner, FX strategist for Deutsche Bank in Sydney, points to reasons to be positive on the New Zealand dollar
CFTC fines SA resident for forex fraud
WASHINGTON, DC – A New York court has fined a South African resident over $1 million for FX fraud, in an action brought by the Commodity Futures Trading Commission (CFTC).
Saxo Bank upgrades options trading platform
COPENHAGEN – Danish firm Saxo Bank has enhanced its SaxoTrader 2 platform to offer live streaming prices on options in all major currency crosses.
First non-deliverable RMB rate swaps traded
HONG KONG – HSBC and Standard Chartered traded the first non-deliverable renminbi (RMB) interest rate swaps deals last Wednesday (August 16), marking a significant step in the development of the local currency derivatives market.
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Trading in the firing line holds back banks
The prospect of facing a firing squad for losing some of the bank’s money would certainly concentrate the minds of the more adventurous prop traders.
COESfx fined over fraud
WASHINGTON, DC – Two more cases of forex fraud were revealed last week, with US FX platform COESfx fined for misleading customers who suffered heavy trading losses.
MarketSpace gears up for launch
CHICAGO & NEW YORK – FXMarketSpace, the CME/Reuters joint venture, is set to reveal its offering with a prototype graphical user interface (GUI) to be released later this month as it makes its first hires.
Rouble hits seven-year peak against dollar
MOSCOW – The rouble hit its highest level against the US dollar for seven years last week, as the soaring price of oil boosted the Russian unit.
Pension funds should increase FX exposure – Deutsche Bank
LONDON – Pension funds should substantially increase their exposure to forex in order to increase returns and decrease volatility of returns, according to research from Deutsche Bank released last week.
Forex trader faces possible execution
HANOI – A bank employee faces possible execution in Vietnam after the bank lost some $5.4 million in allegedly unauthorised prop trading.
Automating FX – algorithmic trading in foreign exchange
Interest in algorithmic trading in FX is growing. John Bates, vice-president, Apama Products, Progress Software, discusses the advantages, and analyses the latest market innovations
Commerz hires trading trio
FRANKFURT – Commerzbank Corporates & Markets (CBCM) has boosted its Frankfurt-based forex trading desk with three new hires in over-the-counter options and warrants trading.
Building long AUD/NZD positions with less risk
Besa Deda, Sydney-based currency strategist for the Commonwealth Bank of Australia, looks at how to gain long exposure to AUD/NZD amid high volatility
Shock departure from Hotspot FX
JERSEY CITY, NJ – The surprise departure of John Eley, president and chief executive officer of electronic communications network (ECN) Hotspot FX last week has puzzled industry participants.
Travelex makes first foray into Austria
EUROPE – Travelex, the FX specialist, has acquired the overseas business of ReiseBank for e3.4 million.