News
Taiwan banks accuracy warning
TAIPEI - The Taiwanese monetary authority issued a circular to banks last week warning dealers to ensure the necessary paper work is accurately reviewed when executing currency forwards and non-deliverable forwards trades.
Logicscope and NCI release notification tool
LONDON - Post-trade technology vendors Logicscope and NCI have entered an agreement to integrate elements of both companies' software to release a trade notification solution to end-user clients of banks, brokers and trading platforms.
Thai currency restrictions here to stay
BANGKOK - The Thai central government stopped short of lifting controversial foreign currency restrictions last week, despite embarking on a push to relax capital controls last month.
EBS opened to third-party vendors
LONDON - Icap is expanding access to electronic spot foreign exchange broking platform EBS by allowing selected third-party independent software vendors (ISVs) to write directly to the platform.
Saxo adds FX options in the US
NEW YORK - Saxo Bank is extending trading in foreign exchange options by private investors in the United States this week.
Doubts over CLS 'warehouse' system
LONDON & ZURICH - The competitive nature of back-office capacity could curtail adoption of a proposed solution by settlement system CLS to manage strains placed on these systems by surging ticket volumes, say industry experts.
August leaves Merrill for TD Securities
LONDON - Mark August, former head of UK real-money business, Europe, Middle East and Africa (EMEA), at Merrill Lynch in London, has been hired by TD Securities as managing director and head of institutional foreign exchange distribution for Europe.
Credit Suisse signs up more algo clients
LONDON - Nine new clients signed up to use Credit Suisse's algorithmic trading models for foreign exchange in January, according to a senior official at the bank in London.
Fenics Enterprise extends GFI's options data reach
LONDON - GFI Group plans to further embed itself in the trading process with a bespoke version of its Fenics FX options pricing, risk management and trading tool, Fenics Enterprise.
Schiff quits Newedge
CHICAGO & NEW YORK - Ryan Schiff, recently appointed Chicago-based global head of liquidity at the newly merged Fimat and Calyon Financial entity, Newedge, has quit the company to join rival institutional broker MF Global.
Goldman Sachs launches new Redi FX platform
LONDON - Goldman Sachs has launched Redi FX, a stand-alone, single-bank foreign exchange trading platform.
CLS calls for operations change
LONDON - Four banks are in discussions to use a warehouse solution by settlement system CLS, in a push to reduce capacity constraints at their back offices brought on by surging ticket volumes.
FX-linked investments rise as US dollar weakens
NEW YORK - Forex-linked investments enjoyed rapid growth in the US last year, as the dollar experienced further decline.
US recession prompts call for recoupling
LONDON - A US recession this year would prompt a "recoupling" of non-US growth on an absolute if not relative basis, according to speakers at Goldman Sachs' annual foreign exchange conference in London last Wednesday (February 6).
Parker FX down in December
STAMFORD, CT - The Parker FX index produced a 0.39% loss in December, as managers were hit by increased volatility in the currency markets.
US dollar expected to bottom out in second half
LONDON - The US dollar will bottom out against the euro, pound and other European currencies in the first half of this year, according to an audience poll at Goldman Sachs' annual foreign exchange conference in London last Wednesday (February 6).
Speculation mounts over exotic FX hedge ban in India
MUMBAI - Mounting concerns over the mis-selling of exotic foreign exchange derivatives to small and medium-sized enterprises (SMEs) in India has sparked speculation of a ban on sales of the products by the Reserve Bank of India (RBI).
Pimco reaps "great" currency returns
LONDON & MUNICH - Fixed-income specialist fund manager Pacific Investment Management Company (Pimco) is confident to reap "great" returns from its first currency fund, according to Thomas Kressin, a Munich-based senior portfolio manager at the firm.
Three EU states face legal action over Mifid
The European Commission (EC) is referring member states the Czech Republic, Poland and Spain to the European Court of Justice over non-implementation of the Markets in Financial Instruments Directive (Mifid).
Saxo appoints operations chief
COPENHAGEN - Saxo Bank appointed Tobias Straessle, former chief information officer, to a newly created position as chief operating officer in Copenhagen last Wednesday (February 6).
Bonuses disappoint
LONDON & NEW YORK - Banks are looking out for up-and-coming foreign exchange sales and trading stars in this year's bonus round, according to a survey of leading recruitment specialists in the FX industry.