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US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
Banking relationships remain key
Banking relationships will remain important despite the fact that costs are coming down and there are ever more channels from which clients can choose.
JP Morgan signs fund customer to Reuters
NEW YORK – JP Morgan became the first bank last week to go live with fund customers for Reuters' buy-side initiative Reuters Trading for Foreign Exchange (RTFX).
Portals tackle liquidity issues
NEW YORK – The rise in anonymous trading has changed the way banks distribute liquidity.
EBS joins algorithmic bandwagon
LONDON – FX trading platform EBS is to enable algorithmic trading over its platform as it enhances capabilities to expand the range of services available to the buy side.
GFT opens Aussie office
SYDNEY – Global Forex Trading (GFT), the provider of real-time currency dealing, pricing and services for retail and institutional forex traders, has begun operating a field office in Sydney, Australia.
Hedging North Asia FX risk
Michael Image, FX structurer in Hong Kong, and Callum Henderson, head of FX strategy in Singapore, at Standard Chartered Bank, look at appropriate hedging strategies such as structured forwards or daily accrual forwards for hedging North Asian currency…
Nihon Unicom joins EBS Prime
Tokyo – Prime brokerage platform EBS has increased its exposure in Japan by signing up a Japanese futures commission merchant (FCM) as an EBS Prime customer.
London bomb blasts test contingencyplans
LONDON – Last Thursday’s terrorist attacks on London put the FX market’s contingency plans to the test, as explosions ripped through the heart of the global forex capital.
Hedge fund interest in forex continues
London – High profile banks and investment houses are launching currency fund of hedge funds (FOHFs), showing the continuing interest as FX as an asset class.
Algorithmic trading: the new FX frontier
NEW YORK – Algorithmic trading is set to become the new frontier of foreign exchange trading, according to market analysts.
FX Week USA Congress, NY
NEW YORK – Following the success of last year’s inaugural USA congress, FX Week will be hosting its second annual meeting of industry players in New York this Thursday.
OCC reports decline in forex derivatives trading
WASHINGTON, DC – Foreign exchange has bucked the trend for derivatives trading with a fall in value for the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
RBC departures in sales and trading
LONDON & NEW YORK – Royal Bank of Canada (RBC) is to scale down its forex operations in New York, and is understood to be closing its prop desk in London with the departure of veteran trader Keith Dack.
Eurex optimistic over forex venture
CHICAGO – Eurex's entry into FX will be facilitated by "the lack of domination in this space", according to Satish Nandapurkar, Chicago-based chief executive officer of Eurex US. He was speaking to FX Week following the exchange's recent move into FX…
Clampdown on speculators in Asia
JAKARTA – Asian authorities have clamped down on speculative trading, with a string of new FX controls across the region.
NAB currency trader jailed
MELBOURNE – Luke Duffy, former head of the National Australia Bank’s (NAB) foreign currency options desk, has been sentenced to 29 months’ imprisonment for his part in the bank’s rogue trading scandal unearthed last year.
Trio of departures from Citigroup
NEW YORK – Citigroup has lost another two FX staff in New York and one in London, following earlier departures and the closure of desks in continental Europe.
CLS bags world’s largest pension fund
AMSTERDAM – The world’s largest pension fund – the e170 billion Stichting Pensioenfonds ABP – has gone live on CLS as a third party of ABN Amro.
Eurex joins FX futures fray
CHICAGO AND FRANKFURT – Eurex, the Frankfurt-based derivatives exchange, has entered the FX market with a September date set for the launch of its futures platform.
Patsystems supports CME on Reuters
LONDON – Software vendor Patsystems has signed a deal to provide technology supporting Chicago Mercantile Exchange (CME) FX on Reuters, as it looks to extend into new areas and develop beyond traditional markets.
CMC Markets adds new products and offices
LONDON/TORONTO – Online FX platform CMC Markets is set to expand with the launch of new currency baskets and additional offices globally.