News
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
Asian governments hold the key to dollar’s future
LONDON – Decisions made in Tokyo and Beijing, rather than Washington or Frankfurt, will determine the future of the dollar, according to a report published last week.
Trayport adds FX functionality
LONDON – Trayport, the London-based technology vendor, has enhanced the functionality of its flagship trading platform Global Vision 8 (GV8).
Refco hires again – in New York
NEW YORK – Refco Group has added two new faces to its FX institutional sales team in the US, following the recent launch of its revitalised platform Refco FX ProTrader ( FX Week , December 20, 2004).
CMC makes landmark inroad to China
BEIJING – UK-based FX trading firm CMC Group has become the first authorised non-bank provider of foreign exchange products in China.
Prebon suffers further blow
LONDON – Prebon Yamane has suffered further blows in London, as parent Collin Stewart Liberty (CST) has rationalised the G7 currency options arena leading to the departure of a number of former Prebon staff.
Currency funds taking off
LONDON & COPENHAGEN – Currency funds are coming to the fore, as more players in the FX market launch vehicles to meet investor demand.
Ex-NAB traders to plea in March
MELBOURNE – The four traders at the heart of the A$360 million currency options scandal that rocked National Australia Bank (NAB) last year are to enter a plea at Melbourne Magistrates Court on March 22.
Portware offers access to Hotspot
NEW YORK – Portware, the New York-based vendor has implemented access to Hotspot FXi’s live foreign exchange trading market-place via its real-time, FIX-compliant, broker-neutral system Portware Professional.
Major rejig at Merrill desk in NY
NEW YORK – Merrill Lynch has seen significant changes to its FX desk in New York, following the departures of two managing directors.
Volatility rises ahead of G7 meeting
LONDON – Currency markets volatility has increased in the run-up to the G7 meeting this week, as traders speculate over the possibility of a change to the Chinese currency regime.
New Turkish lira causes surge of activity
ISTANBUL – The new Turkish lira (TRY) is seeing strong demand across Europe only a month after its rebasing, said industry insiders.
Ringgit peg likely to end, say analysts
KUALA LUMPUR & SINGAPORE – The days of the Malaysian ringgit’s six-year peg to the dollar look to be numbered, according to analysts in the region.
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
GFT deepens Asian presence
TOKYO – Futures commission merchant Global Forex Trading (GFT) is expanding its presence in Asia by establishing offices in Tokyo, Hong Kong and Sydney.
Fixed-income reorg for BNP
LONDON/NEW YORK/TOKYO – BNP Paribas is set to reorganise its fixed-income business in a bid to breathe new life into the business.
BTM takes Cognotec’s MRM
TOKYO – Bank of Tokyo Mitsubishi (BTM) has gone live with technology vendor Cognotec’s Market Rate Manager (MRM) solution, the vendor announced last week.
Private bankers boost structured products sales
LONDON – Private bankers are buyoing the expanding market for structured products linked to currency movements, in a bid to provide more attractive yields to their clients.
Dresdner misery continues
FRANKFURT – The recent exodus from Dresdner Kleinwort Wasserstein has continued, with two more departures in the past month.
NAB rejig continues
SYDNEY – National Australia Bank (NAB) has continued its rebuilding process by hiring David Hicks as an Australian dollar forwards dealer.