News

Deutsche dbFX now in Arabic

MANAMA - Deutsche Bank has launched an Arabic version of its margin trading platform dbFX, to capture the burgeoning retail foreign exchange market in the Middle East.

GFT adds new currency pairs

ADA, MICHIGAN - Online currency trading firm Global Forex Trading (GFT) has added 59 new currency pairs to its list of tradable FX pairs.

London forex faces 130 job cuts

LONDON - Foreign exchange workers in London should brace themselves for 130 job cuts in 2008 as the interbank market crisis forces banks to reduce staff levels, according to estimates by London's Centre for Economics and Business Research (CEBR).

Icap breaks into post-trade forex

LONDON & NEW YORK - Icap's agreed acquisition of post-trade technology vendor Traiana signals a push by the industry to tackle post-trade processing strains brought on by surging ticket volumes.

Carry strategies are thriving in Asia

SINGAPORE - Carry models have proliferated in Asia as alpha-generating strategies over the past four years, according to Thomas Harr, senior FX strategist at Standard Chartered in Singapore.

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.

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).

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.

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