Infrastructure
Casting a wider net
Olaf Ransome, head of product development & support transaction services & solutions, Credit Suisse in Zurich, advocates that CLS should diversify into emerging currencies sooner rather than later
CLS to cut prices for largest users
LONDON – CLS is set to introduce a new pricing structure next year to reward banks for settling more transactions through the system.
Orchard leaves CSFB
NEW YORK – Nick Orchard, director in treasury operations at Credit Suisse First Boston (CSFB) in New York, has left the bank. Orchard, who left on November 30, spent 10 years at the bank, serving in Moscow, Zurich and New York.
Swiss e-swaps from ABN Amro
LONDON AND ZURICH – Dutch bank ABN Amro last week launched electronic trading in Swiss franc-denominated interest rate swaps (IRS), moving it across from the previous voice-only service.
Tullett Prebon enters China
SHANGHAI - Interdealer broker Tullett Prebon is boosting its presence in the Chinese market by establishing a joint venture broking business with Shanghai International Trust and Investment Corporation.
Invest in a carry basket EMTN
Christine Lefort, global head of FX Structuring at Calyon in Paris, suggests a way to extract returns from FX-linked investments in a time of low rate differentials
CLS data shows rising usage
Settlement system CLS has started publishing in detail weekly volume and value figures on a monthly basis. For the month of October, the system settled an average of 215,016 instructions a day with a value of $2.2 trillion.
BoJ/MAS sign second swap agreement
TOKYO & SINGAPORE - An agreement between Singapore and Japan to trade swaps signed earlier this month is the latest sign of closer co-operation between Asian economies.
Deutsche Bank FX desk signs up to Iokio data navigation service
LONDON – Deutsche Bank's FX sales desk has signed up to a new data navigation service from Iokio.
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
Renminbi NDFs launch in Hong Kong
HONG KONG – Retail renminbi non-deliverable forwards contracts went live last week after the Treasury Markets Forum (TMF) of Hong Kong got the nod from the original seven member banks.
SG calls time in Montreal
MONTREAL AND TORONTO – Société Générale’s investment banking arm SG CIB has closed its Montreal FX dealing room, the bank confirmed.
Asian authorities relax FX controls
SHANGHAI & HANOI – Government authorities in China and Vietnam have taken further steps towards liberalising the capital account, with a series of relaxations introduced in recent weeks.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.
The benefits of petro-dollar diversification
The latest data suggests that Opec members have not been recycling oil revenues into US assets. This implies that diversification is likely to start soon, putting the dollar under significant pressure, however the timing is still uncertain, says Ian…
CLS to corner foreign exchange market
LONDON AND NEW YORK – More than 80% of member trades will be settled by CLS in two years, according to research released this week.
Reuters opens post-trade service
LONDON – Reuters this week moves into the post-trade market with the launch of Reuters Trade Notification System (RTNS).
Measuring US dollar and prospects
Thomas Lam Tai Loong, treasury economist at United Overseas Bank (UOB) in Singapore, outlines a way of predicting dollar movement through measuring growth in the US economy
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
China to adapt in its own time
HONG KONG – China will adapt its currency regime as it sees fit. This was the central message of the keynote speech given by Frank FX Gong, chief economist for China at JP Morgan.
Hong Kong to up ante on CNY services
HONG KONG – Chief executive of Hong Kong, Donald Tsang, said the city will take steps to increase the depth of yuan banking services available.