News
Reserve claim made for rouble
MOSCOW – The rouble could one day be the world's major reserve currency, according to Dmitry Medvedev, Russia's first deputy prime minister. On the same day as he made the claim, the rouble officially acquired its new symbol.
Yen undervalued, survey finds
LONDON – The majority of respondents to a global fund managers' survey by Merrill Lynch believe the yen to be undervalued.
Korea to upgrade forex system
The Financial Supervisory Service (FSS) in South Korea will launch its upgraded Foreign Exchange Monitoring System on July 1.
Investment banks post record Q2 revenues
NEW YORK – US investment banks are continuing a bumper year, with second-quarter results for fixed-income businesses exceeding previous records.
Growth in derivatives trading speeds up, reports BIS
BASEL – Trading on international derivatives exchanges has continued to pick up pace, according to the latest Bank for International Settlements (BIS) Quarterly Review, which was released last week.
Big Four battle for market share
SYDNEY – The 'Big Four' Australian banks are battling to retain FX market share in the face of stiff competition from specialist FX providers, according to research released last week.
Bear Stearns builds up in New York and Hong Kong
HONG KONG & NEW YORK – Bear Stearns has made senior appointments in Hong Kong and New York to increase its capabilities in the FX derivatives and hedge fund area.
Record trading for FX Connect and CME
BOSTON & CHICAGO – State Street's multibank e-FX exchange trading system, FX Connect, and the Chicago Mercantile Exchange (CME) have both reached new milestones in FX trading volumes.
Reuters launching algo data packages
NEW YORK – Reuters has completed the technical work and finalised the pricing of its offerings for algorithmic trading operations, officials confirm.
Reuters buys risk management specialist
LONDON – Reuters has paid $41 million for Application Networks, a risk management software specialist, as it bids to make headway in the market.
Cost cutting, cutbacks and departures at West LB
LONDON - West LB is to close its trading operations in London as it transfers more of its business to Dusseldorf. There have been two senior departures following a decision to cut costs.
Polar launches currency fund
LONDON - Hedge fund firm Polar Capital has launched its first currency-based fund, a move indicating continued interest in FX as an asset class.
Reuters ties to Standard Bank
NEW YORK & JOHANNESBURG – Standard Bank of South Africa has gone live with Reuters trading technology. The deal makes Standard Bank the first South African bank to make use of Reuters e-trading technology to power its FX e-commerce trading platform for…
High-frequency trading - the last gold mine in FX?
MONTE CARLO - High-frequency trading could be the only gold mine left in foreign exchange, according to Citigroup director Jessica James, speaking at Risk 's Derivatives and Risk Management conference in Monte Carlo last week.
IFX opens down under
SYDNEY - Brokerage company IFX Group has opened a new branch office in Sydney after being granted a licence by the Australian Securities and Investments Commission to provide derivatives products. These are mainly contracts for difference and FX.
Shortlist for e-FX awards available online
The shortlist for the FX Week e-FX awards has been decided. The awards, which celebrate best practice and innovation in e-FX, have been redesigned to make them more suited to the current e-FX landscape and have been given a more rigorous judging process.
Merrill Lynch departures continue
LONDON – The departures from Merrill Lynch have continued, with a quartet of staff leaving in the wake of a restructuring at the US investment bank.
Philips Electronics trades 98% of FX electronically
MONTE CARLO – The e-FX market received a strong endorsement last week, with Philips Electronics revealing that nearly all its FX is transacted electronically.
Regulators stifle Basel II
MONTE CARLO - Banks may be unable to benefit from regulatory capital reductions under the Basel II reforms because of local rules and the requirements of rating agencies, according to Capital One's director of economic capital, Geoff Rubin.
The importance of FX policy
MONTE CARLO - It is important to have a policy for managing non-trading foreign currency exposures, Ian Tyler, senior manager and group treasurer at Royal Bank of Scotland, told delegates at Risk 's conference.
Cfets plans bond trading
China Foreign Exchange Trading System (Cfets) is to introduce an electronic system to trade US dollar-denominated bonds. The plans emerged following the publication of a report at a conference held last week in Qinghai province organised by the National…
FNX signs Penson Canada
PHILADELPHIA - Securities outsourcing firm Penson Canada has selected technology provider FNX Solutions' Sierra ASP product to support its FX trading and back-office operations in Canada and the US.
BTM-UFJ turns to Integral
Bank of Tokyo-Mitsubishi UFJ (BTMU) is extending its use of technology vendor Integral's Direct Derivatives trading platform.