Investment

Hedge optimisation under IAS39

All European Union listed companies must implement IAS 39 by the end of this year. Raymond Franzi, head of structuring, and Emmanuel Burot, head of structuring and accounting at Dresdner Kleinwort Wasserstein in London, outline how a European firm should…

Gulf currency by 2010, say Saudis

RIYADH -- A common currency for Persian Gulf countries could be a reality as early as 2010, according to officials from the Saudi Arabian Monetary Agency (SAMA).

Saxo Bank’s forex fund flourishes online

COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…

Step right up for Aussie risk hedging

Fears of Australian dollar volatility could be laid to rest by a step payment option, say Paul Rhodes and Gail Sheridan, financial engineers at UBS Warburg in London.

The leveraged reverse knock-in forward

With the recent strengthening of the Canadian dollar against the US dollar, a Canadian exporter with US receivables would be wise to consider a reverse knock-in forward, says Richard Stang, vice-president in FX sales at TD Securities in Toronto

Indian market opens up

MUMBAI -- Reform of India’s FX rules could create the next large emerging market, signalling a lucrative new area for banks to exploit.

Riding with the euro

A European client buying US dollars should consider a three-year swap to use the current euro strength to their advantage, says Pritpal Gill, head of structuring at Lehman Brothers in London

Aussie calls offer no worries hedge

Sara Sullivan, senior manager, FX options sales at ANZ Investment Bank in London, summarises an options solution for a corporate client concerned about a reversal of the AUD strength against the USD.

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.

Amex Bank’s FX revenues rising

BOSTON -- American Express Bank last week announced an uptick in its FX revenues for 2002. Amex reported foreign exchange income and other, undefined, trading revenues for full-year 2002 of $170 million, up 18% from $144 million in 2001.

Goldman's plan pays off

NEW YORK -- Goldman Sachs’ five year investment in foreign exchange is paying off, according to US banks’ financial results published last week.

All talk no action

The current round of yen weakening differs from previous incarnations, says Koji Fukaya, senior forex strategist at Bank of Tokyo-Mitsubishi in Tokyo. A drop to 135 is not expected this time

Rate cut turns market anti-dollar

NEW YORK -- The US dollar hit three-month lows against several major currencies last week, triggering a welcome return of volatility to the markets after months of range trading.

Yen shrugs off loans plan

TOKYO -- There was muted reaction in the FX markets last week to the Japanese authorities' plans to tackle bankss bad loans and revive the region's faltering financial system, analysts told FX Week .

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