Infrastructure
Electronic options broking to rise
LONDON -- Electronic broking of FX options is set to rise over the next 12 months, finds new research out this week.
Market suspects yen intervention
TOKYO -- Speculation was rife in FX markets last week that the Bank of Japan was intervening to attempt to keep the yen above 120 per dollar ahead of the Japanese fiscal year-end today (March 31).
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
White-label trend takes root
LONDON -- The liquidity outsourcing industry is reaching a crucial stage in its development, according to bankers, vendors and analysts polled by FX Week .
Merrill to settle its forex trades via Citi
NEW YORK -- Citigroup has won a coveted deal to settle Merrill Lynch’s forex trades on its behalf on the new Continuous Linked Settlement (CLS) service for FX.
CLS settlement "100% on time"
NEW YORK -- Despite some disruptions, trade settlement on the new Continuous Linked Settlement (CLS) service for FX has seen 100% ‘on-time’ performance since its September 9 launch.
Dollar bloc upsurge boosts Australian forex turnover
SYDNEY -- Increasing interest in Australian dollar trading is boosting Australian banks’ forex turnover, senior market participants told FX Week .
Payments banks in CLS lead
NEW YORK -- Banks with traditionally strong payments businesses are winning the race for CLS third-party clients, according to consultancy Capco.
ECB highlights dangers of over-concentrated market
FRANKFURT -- Market consolidation and a reliance on electronic trading could lead to an over-concentration of risk and liquidity among too few market participants, the European Central Bank has warned.
Forex downturn hits US wages
NEW YORK -- Market stagnation has resulted in near flat foreign exchange wages for dealers in the US, with senior managers receiving increases less than the yearly inflation rate, according to a report made public earlier this month.
Real-life problems, innovative solutions
Options for euro-sceptics
Verdict due on Beirut meeting
BEIRUT -- The fate of the global forex industry’s biennial meeting, due to take place in Beirut in just two months, will be decided on March 17.
Vol surge expected from east Europe
WARSAW -- Political events in countries slated to join the European Union and the euro are set to trigger a wave of FX volatility in emerging European countries, market participants told FX Week .
RBS FiXes benchmarks with EBS
LONDON -- The Royal Bank of Scotland (RBS) has gone live with a new benchmark engine for spot and forwards FX rates, called RBSFiX.
Emerging markets boost HSBC’s profits
LONDON -- A strong performance in emerging markets FX helped HSBC to its biggest-ever yearly forex profits, an official said last week. The bank made $1.17 billion from forex in 2002, up by 4% from $1.12 billion the year before. Based on banks’ financial…
Asian forex still untapped
SINAGPORE -- Five years on from the Asian financial crisis, FX trading opportunities in the region remain largely untapped, market participants told FX Week .
Economy buoys UK banks’ forex vols
LONDON -- UK banks have managed to avoid the widespread year-on-year downturns in foreign exchange revenues suffered by their US counterparts, financial reports revealed last week.
CLS settles a trillion a day
NEW YORK -- Continuous Linked Settlement, the new settlement service for foreign exchange, settled a record $1 trillion in FX payments on February 18.
Traders reap rewards in LatAm markets
MEXICO CITY -- As clients and banks scour the globe for volatile FX markets, Latin America has become a key battleground for new FX business, senior market participants told FX Week .
BIS expands derivatives data
BASEL -- The Bank for International Settlements said last week that it is expanding its statistics on banks’ country risk exposures to include data on derivatives exposures to individual countries.
Rusnak lessons still unheeded
NEW YORK -- Global banks are yet to implement key recommendations to limit rogue trading losses, one year on from John Rusnak’s record $700 million forex fraud.
Mid-market ripe for electronic FX trading
NEW YORK -- The corporate middle-market sector is ripe for growth in its adoption of electronic FX trading systems, analysts and vendors told FX Week .
Combined sales teams take off
LONDON -- The FX sales dealer may soon be a thing of the past if a new trend for cross-product sales teams catches on.
Zero-coupon woes for DZ
FRANKFURT -- DZ Bank, the largest central co-operative bank in Germany, has announced e140 million losses from its zero-coupon interest rate swaps positions due to a mis-keying error.