Infrastructure
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.
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.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
The American double-accrual forward
With expected further euro appreciation, EUR/USD forwards are trading at a premium. Here, Anna Leung, head of corporate treasury marketing at HSBC, shows a way to get access to future hedging at a lower cost
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
CLS below half of FX activity
LONDON – CLS lacks traction outside the major banks and still accounts for far less than half of all FX transactions, according to a report by the Bank of England published this week.
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Soft knock-in knock-out forward
The soft knock-in knock-out forward presents a new way to look at knock-ins and knock-outs, taking away the negative impact of untimely barrier events says Enrico Ferrante, senior structurer at Calyon in Paris
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Congress clips
The continuous-linked settlement (CLS) service for settling foreign exchange trades announced the launch date for the next group of currencies to join the service.
Dynamic hedging strategies in Turkish lira
Emerging markets options offer the benefit of extreme differences in implied volatility and interest rate differentials. Here, James Davison, FX derivatives marketer at ABN Amro in London, outlines how corporate clients can see the benefits investors…
Forex appeal set to continue
Foreign exchange is likely to continue to appeal to investors as an asset class, as a result of its liquid and transparent markets and the trading opportunities it offers, said Daniel Szor, managing director of currency firm FX Concepts in Paris.