News
Strong Q2 for US FX
BOSTON & NEW YORK – Indications that the forex industry continues to boom emerged last week as two US banks posted strong FX results for Q3.
Barx adds cross-currency swaps
LONDON – Barclays Capital (BarCap) has added cross-currency basis swaps to its Barx via Bloomberg service, it has announced.
CoesFX cuts out middle man
PLAINVIEW, NEW YORK – Electronic currency network (ECN) COESfx has removed its trading desk to give users direct access to prices on the platform.
Travelex adds more in Asia
SINGAPORE – Travelex, the global FX specialist, has continued its global expansion, opening an enlarged trading floor in the Lion City, where it has doubled the number of traders.
Fraudulent FX sites uncovered
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed yet another action against a party participating in fraudulent forex activity.
Students tested on GFT FX platform
ADA, MICHIGAN – Some 160 undergraduate finance students are putting their financial knowledge to the test by using Global Forex Trading’s (GFT) DealBook FX 2 as their web-trading platform.
Shell takes over Deutsche Bank prime brokerage
NEW YORK – Deutsche bank has replaced Andrew Coyne, head of prime brokerage, with North American currency sales and trading head Jason Shell.
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
First yuan IR swap for China
BEIJING – China took another step towards currency flexibility this month, with the first ever yuan-denominated interest rate swap receiving approval.
Mexican Peso: Activity in Mexican peso set to soar
MEXICO CITY – There is likely to be a surge in Mexican peso trading in the build-up to next year’s election, according to market participants.
ABN Amro touts for professional trader business
SINGAPORE – ABN Amro has opened a professional traders centre (PTC) in Singapore to offer proprietary and institutional traders access to the global exchange-traded derivatives markets.
Singapore sees record FX volumes
SINGAPORE – Forex trading activity in Singapore reached the highest levels in seven years in 2004, according to latest statistics from the Monetary Authority of Singapore.
StanChart poaches HSBC trio
HONG KONG – Standard Chartered has hired three FX sales staff from HSBC in the Special Administrative Region.
Barclays goes live with Barx.com
LONDON – Barclays Capital has gone live with Barx.com to complement its Barx e-commerce platform.
What e-commerce needs
HONG KONG – Best price, service, solution and the ability to price in tough market conditions are the list of requisites clients should look for from an e-commerce platform.
TradeFX lands sell-side backers
NEW YORK – TradingScreen is launching a hosted FX transaction connectivity service, which has already got the support of several sell-side firms, according to the vendor.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
Reserve Bank of India calls for more disclosure
MUMBAI – Governor of the Reserve Bank of India, Yaga Venugopal Reddy, wants to see more corporates disclose their FX and derivatives disclosure.
JP Morgan signs Rabo
LONDON AND NEW YORK – Rabobank has selected JP Morgan as its global clearing services provider for US dollar cash and securities transactions, as it looks to expand its US dollar business.
Cameron Fix for market data
LONDON & NEW YORK – Cameron Systems has developed the Cameron Fix Market Data Server to carry market data on FX, equities and fixed income, among others, to clients over the Fix messaging protocol.
Barclays Capital gains and loses
LONDON – Barclays Capital has lost staff in London but gained in Asia.
China to adapt in its own time
HONG KONG – China will adapt its currency regime as it sees fit. This was the central message of the keynote speech given by Frank FX Gong, chief economist for China at JP Morgan.