News
Indian banks demand clarity on forex tax
MUMBAI – Institutional banks in India are requesting clarification from the country’s Central Board of Direct Taxes (CBDT) over whether a new levy on foreign exchange transactions applies to wholesale and interbank trades.
NewEdge grows in Asia-Pacific
HONG KONG – Brokerage firm Newedge is expanding its presence in Hong Kong with five new hires in the special administrative region that will grow its futures and options offering
Saxo makes Trader mobile
COPENHAGEN – Saxo Bank launched SaxoWebTrader 2.0 and SaxoMobile-Trader 2.0 last week.
Japanese retail forex boom expected to continue
TOKYO – The boom in retail margin foreign exchange trading in Japan is likely to continue, according to research by Boston-based consultancy Celent.
BoA’s Gotelli joins Wells Fargo
SAN FRANCISCO – Wells Fargo has hired Bob Gotelli as head of global sales for corporate foreign exchange in San Francisco.
Reuters’ RTFX offers algo strategies
LONDON – Thomson Reuters is teaming up with Credit Suisse to introduce algorithmic trading strategies on the Reuters Trading for Foreign Exchange (RTFX) product next month.
Corporates wary of forex e-trading
NEW YORK – Corporates have been avoiding the use of electronic platforms in the execution of their foreign exchange trades, with most showing a preference for traditional voice trading.
Icap revenues soar on back of volatile forex markets
LONDON & NEW YORK – Volatile currency markets led to a 23% increase in annual foreign exchange revenue at interdealer broker Icap, according to results released last week (May 20).
Integral launches FX Power Trade
MOUNTAIN VIEW, CA – Trading technology vendor Integral Development officially launched FX Power Trader, a private-branded FX margin trading system, on May 22
Death by association
The application of credit technology to diverse underlyings led to the birth of collateralised foreign exchange obligations in 2006. But despite being built from uncorrelated underlyings, their fortunes have proven highly correlated with the wider market…
Five go to Deutsche in North America
NEW YORK – Deutsche Bank Securities has made five hires in its foreign exchange sales and trading team for North America.
WallStreet FX upgrade ups processing speed to 72 trades a second
NEW YORK – New York-based trading technology vendor Wall Street Systems has upgraded its trade-processing system Wallstreet FX to make it faster, it said last week (May 19)
CLS live with Israeli shekel and Mexican peso
LONDON & NEW YORK – CLS Bank is today (May 26) launching settlement of Israeli shekel and Mexican peso foreign exchage trades in a move that expands its footprint in the emerging market currencies.
Non-bank firms to get China look-in
BEIJING - China plans to lower barriers to entering the country's interbank FX market to enable non-bank institutions to participate, said Wang Xiaoyi, deputy head of regulatory body, the State Administration of Foreign Exchange (Safe).
GS and MS lead in OTC commodities
GREENWICH, CT - Goldman Sachs and Morgan Stanley are the biggest players in the over-the-counter commodity derivatives market, according to research released last week (May 13).
Pakistan warns against FX speculation
ISLAMABAD - Pakistan's finance minister, Muhammad Ishaq Dar, has warned of "stern action" against currency speculators.
More work needed on settlement risk
BASEL - Central banks are calling for more action to eliminate foreign exchange settlement risk, despite significant progress over recent years.
Cfets-CME partnership to aid China trade
BEIJING - The China Foreign Exchange Trade System (Cfets) and the Chicago Mercantile Exchange (CME) are in the final stages of launching FX and interest rate futures trading in the Chinese market, said a senior official.
China's FX derivatives protocols 'must be clarified', say speakers
BEIJING - China's FX derivatives market must find a way to clarify differences and overlaps between the country's two major protocols on entering into derivatives transactions, said industry observers.
Russia frees up ruble float
MOSCOW - Russia has taken a further step towards a freely floating currency, abandoning its rigid intervention banding.
Fund managers negative about the euro
NEW YORK & LONDON - Fund managers are becoming increasingly negative on the euro, as concerns about inflation overtake worries about economic growth.