News
Asian corporates hungry for new FX products
SINGAPORE - Asian corporates typically have a bigger appetite for new and innovative structured FX products than their European counterparts, according to Selene Chong, head of FX structuring at HSBC in Hong Kong, speaking at the FX Week Asia congress in…
Central banks under pressure
SINGAPORE - The US subprime mortgage crisis poses the most immediate risk to central banks, according to Diwa Guinigundo, deputy governor of Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Market innovation threatens platforms
SINGAPORE - Growth in the Asian FX market is leading to big operational changes in the way buy- and sell-side institutions do business, according to Justyn Trenner, chief executive at market research company ClientKnowledge.
ANZ expands London FX
LONDON - ANZ has made four additions to its spot foreign exchange and currency options trading desk in London, as it looks to stengthen its trading presence in the city.
EBS nabs Saudi business
LONDON & RIYADH - Spot broker EBS has signed its first Middle Eastern banking customer onto EBS Prime, its professional foreign exchange prime-brokerage solution.
StanChart hires ex-Deutsche head
SINGAPORE - Standard Chartered is continuing its assault on foreign exchange and interest rates with a key hire in Singapore.
Deutsche signs record sharia collar trade
DUBAI - Deutsche Bank has closed the largest Islamic profit-rate collar to date, for Dubai Islamic Bank (DIB).
Malaysia relaxes FX regulations
KUALA LUMPUR - Malaysia's central bank, Bank Negara Malaysia, abolished a series of registration requirements for residents on October 1, paving the way for more trading and hedging products in the Malaysian FX market (see box).
Merrill and UBS shake up FX teams
LONDON & NEW YORK - Senior management changes have swept through Merrill Lynch and UBS ahead of looming third-quarter losses.
US futures regulator regains $1.8 billion
WASHINGTON, DC - US futures regulatory body, the Commodity Futures Trading Commission (CFTC), has retrieved $1.8 billion from convictions in the five years ending September 30.
Investsberbank begins ruble trading on LavaFX Interbank
Investsberbank has begun quoting USD/RUB and EUR/RUB on electronic communications network LavaFX Interbank. The first USD/RUB trade was carried out on October 2 between the Russian bank and an undisclosed counterparty. The notional value of the trade was…
Eley gathers MMI clients
NEW YORK - John Eley, former president and chief executive at electronic communications network Hotspot FX, has signed seven banks for his new data analytics company, Managed Models Inc (MMI) in New York.
CME FX volumes rising
The Chicago Mercantile Exchange (CME) recorded an average daily volume of 634,820 contracts for foreign exchange in September. This is a 22% rise from 520,000 contracts a day in September 2006, and represents a notional value of $79 billion.
FXMS and EBS trading back to normal
CHICAGO & LONDON - FXMarketSpace and electronic spot broker EBS recorded a decline in average daily volumes in September, demonstrating a return to normal levels of trading after a highly volatile August.
Investec targets SME FX
LONDON - Investec Capital Markets, a division of Investec Bank, has launched a new corporate foreign exchange desk in London targeting small to medium-sized enterprises (SMEs) in the UK.
Losses abound on Parker FX
STAMFORD, CT - The Parker FX index was down 1.54% in August, with markets characterised by skyrocketing volatility spurred by unwinding yen-based carry trades.
Merrill loses global FX head
LONDON - Tim Carrington, global head of foreign exchange trading at Merrill Lynch, has left the US dealer nine months after joining.
WestLB expands e-trading
DÜSSELDORF - WestLB has hired Christopher Johnson, former e-trading distribution specialist for VIP clients at UBS, in a newly created role as head of e-trading in its liquid markets business.
BMO Capital debuts London FX
LONDON - The Bank of Montreal Capital Markets is launching an FX sales and trading desk in London this week, to give FX clients better access to information and increased liquidity during the European session. Lorne Gavsie is leading the effort as…
Global FX trading up 71%
BASEL - The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements' (BIS) triennial foreign exchange survey last week, continues to solidify FX as an asset class.
Deutsche upgrades db MarketPlace
LONDON - Deutsche Bank is rolling out an upgraded version of its interactive order book, db Marketplace, next week.
Regulators slam ODL Securities
CHICAGO - Institutional broker ODL Securities and the Chicago-based president of its US subsidiary, Brian King, have been jointly fined $165,000 after being found guilty of a series of violations to the National Futures Association (NFA) member rules.
BIS TRIENNIAL FX SURVEY: Asia takes a bigger slice of the FX pie
BASEL - The Bank for International Settlements' (BIS) triennial foreign exchange survey has highlighted the increasing prevalence of the Asian centres in global FX, with the market share of regional rivals Hong Kong and Singapore increasing since the…