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Reuters & Bloomberg target buy side
NEW YORK -- Bloomberg and Reuters are going head to head in a bid to target the burgeoning buy-side market, with forex transactional capabilities being launched by both global information providers.
Aussies loosen FX regulations
SYDNEY -- Australian authorities have amended regulations to make it easier for foreign exchange businesses to operate in the country. The Australian Securities and Investments Commission (Asic) has extended the scope of those exempt from holding an…
Regional FX investments take off
LONDON -- Sales of investments linked to baskets of regional currencies have taken off as investors search for yields from broad macro themes in Asia and central Europe.
CFTC cracks down on forex brokers
FLORIDA -- Rogue FX operators faced heavy penalties last week following action from the Commodity Futures Trading Commission (CFTC), with two firms -- World-Wide Currency Services and Intertrade Forex -- handed large fines.
Further departures at Morgan Stanley
LONDON -- Morgan Stanley’s recent FX staff exodus continued with the departure of another two in sales following two leavers last week.
More options for hedge funds
Options give hedge fund managers a tool to manage spot currency trades outside of leaving simple orders in the market. Jeff Cooper (right), vice-president responsible for sales and structuring of FX options at Bank of Montreal in Toronto, explores this…
Asian ERM debate returns to the fore
HONG KONG -- Calls for an Asian currency regime mirroring the European exchange rate mechanism (ERM) are coming to the fore, as the region’s authorities face mounting pressure to alter their exchange rate policies.
Asian governments hold the key to dollar’s future
LONDON – Decisions made in Tokyo and Beijing, rather than Washington or Frankfurt, will determine the future of the dollar, according to a report published last week.
CMC makes landmark inroad to China
BEIJING – UK-based FX trading firm CMC Group has become the first authorised non-bank provider of foreign exchange products in China.
Currency funds taking off
LONDON & COPENHAGEN – Currency funds are coming to the fore, as more players in the FX market launch vehicles to meet investor demand.
New Turkish lira causes surge of activity
ISTANBUL – The new Turkish lira (TRY) is seeing strong demand across Europe only a month after its rebasing, said industry insiders.
Ringgit peg likely to end, say analysts
KUALA LUMPUR & SINGAPORE – The days of the Malaysian ringgit’s six-year peg to the dollar look to be numbered, according to analysts in the region.
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
Private bankers boost structured products sales
LONDON – Private bankers are buyoing the expanding market for structured products linked to currency movements, in a bid to provide more attractive yields to their clients.
HK FX traders favour service over price
HONG KONG – Service rather than price is the key determinant for FX traders, according to a survey carried out in Hong Kong.
Corporate confidence in FX on the rise
LONDON – Forex activity from corporates will continue to grow in 2005, following the introduction of accounting standard IAS 39 and the Homeland Investment Act, according to banks.
The greenback/HK dollar digital deposit
Hong Kong dollar interest rates remain suppressed. Michael Image, FX structurer for Northeast Asia at Standard Chartered shows a way for HK$ depositors to achieve higher interest rates by taking advantage of the fact that US$/HK$ forwards are trading at…
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.
Man Financial posts strong forex results Reuters to report revenue rise
LONDON – Reuters’ share price rose by 4.8% on the London Stock Exchange on January 13, from £3.8175 to £4, and hovered at that level by close, following a statement by the vendor on its Q1 performance.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
Towards risk-free emerging markets investment
Pete Eggleston, head of quantative solutions at Royal Bank of Scotland (RBS), outlines a way of benefiting from the high yields associated with emerging market investing while controlling the inherent risk