Infrastructure
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
Fade-out zero-cost collar for hedgers
Since the beginning of the year, we have witnessed a EUR/USD spot consolidation below 1.37. Also, the last move from 1.2700 took EUR-USD up to the middle of the range 1.27 / 1.37. Many USD buyers are therefore looking to zero-cost collars, one of the…
Asia shies away from dollar bloc
Basel – Asian currencies are not trading as a dollar bloc, said the Bank for International Settlements (BIS) in its quarterly review last week.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
Buy-side access to hit banks
NEW YORK & LONDON – The race to arm buy-side players with direct trading access to sell-side foreign exchange platforms will hit bank FX desks, said market players.
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Room for all providers
Contrary to much opinion in the market, Mark Warms, global sales and marketing director at FXall, says there is space in the market for all liquidity providers. He argues that hedge funds present an opportunity for the FX community
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.
Cutting the cost of dollar calls
With the USD having hit its lowest levels since the first half of January, Steven Englander, chief FX strategist for the Americas at Barclays Capital, suggests a cost-effective way to position for a dollar rebound
Legal standards for FX prime brokers
NEW YORK -- Legal standards for documentation between foreign exchange prime brokers and their dealers will be introduced next month.
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…
Multibank platforms ‘to consolidate’
LONDON -- The multibank platform space is set for further rationalisation following the demise of Centradia, according to market participants.
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
Deutsche Bank restructuring continues
FRANKFURT -- Deutsche Bank is in the process of restructuring its FX business, with its emerging markets desk being relocated and changes being made in Asia.
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.
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
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.
The unitised managed assets solution
Packaging FX into a fund that retail investors can get easy access to is not straightforward, say Jan Vandendriessche, director, managed assets development, and Stephan Martinussen, senior manager, sales trading at Saxo Bank. They advocate setting up a…
Kissing with confidence is key to FX
Keep it structurally simple (Kiss), says Evan Steed, director FX options trading and sales TD Bank Financial Group. This truism is especially appropriate as the greenback faces an uncertain future and regulatory change comes to Canada