Infrastructure
Dollar weakness capped in short term
NEW YORK -- A short-term bounce in the US dollar was boosted by stronger US data last week, including better than expected Q3 corporate results, combined with more intervention from Asian central banks.
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
SuperDerivatives spices up Xerox Mexicana
MEXICO CITY -- US printing technology company Xerox Corporation has signed a deal with SuperDerivatives to use the UK-based forex technology firm’s FX option benchmark pricing system in Xerox Mexicana, its Mexican subsidiary.
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
Pressure on funds’ currency management set to intensify
LONDON -- An inquiry into the failure of a prominent insurer's staff to hedge risks will bring increased pressure on pension funds to address their currency strategy.
New CLS currencies are adding 2,000 trades a day
SINGAPORE -- Continuous-linked settlement (CLS), the settlement service for foreign exchange, is now settling between 1,500 and 2,000 transactions a day in the four new currencies that went live at the beginning of September.
Russia considers switch to euro for oil exports
MOSCOW -- If Russian officials decide to switch from the dollar to the euro in pricing their oil exports there would be a major shift in the balance of currencies behind the world’s most traded commodity. But the effects on the euro would not be seen in…
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
Deutsche Bank launches tradeable FX Indices
NEW YORK -- Deutsche Bank has launched a range of trade-weighted currency index-based (TWI) products this month to give traders the opportunity to speculate on the overall strength of currencies, officials at the bank said last week.
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Nissan Motor takes Reuters risk system
Volkswagen is not the only car manufacturer in the process of increasing its currency risk management. Last week, Reuters announced it has sold its Kondor trade-processing risk and trade management product, Kondor+, to Japanese car manufacturer Nissan…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.
UBS triumphs in currency derivatives
ZURICH -- UBS triumphed again in this year’s currency derivatives categories in FX Week ’s sister publication Risk magazine’s global derivatives rankings.
PHLX set to launch cash-settled futures contracts
PHILADELPHIA -- The Philadelphia Stock Exchange (PHLX) will launch cash-settled FX futures contracts next month, subject to CFTC approval, a senior PHLX official told FX Week .
Fourth quarter boom for FX
LONDON -- Continued market volatility looks set to boost FX in Q4, senior bank officials told FX Week .
ACI Beirut Congress: exhibition preview
BEIRUT -- Between the challenging seminar programme and the exhaustive social schedule planned by hosts of the 43rd ACI World Congress this week, the 600+ delegates will get a chance to sample product demonstrations and promotions at the exhibition.
Four new currencies on CLS
NEW YORK -- The continuous-linked settlement (CLS) service goes live with four new currencies today (September 8), a senior official at the firm told FX Week .
All eyes on the Middle East
Growing interest in Islamic banking, new technological developments and a wave of freshly repatriated money have put forex trading in the Middle East on the cusp of an exciting new era, reports Nikki Marmery