News
Asian currencies resilient
HONG KONG – Asia’s currencies have proved resilient after the devastation caused by the earthquake and tsunami disaster that struck the region last week, said analysts.
IFX goes gaming
LONDON – IFX Markets, the financial trading and spread-betting firm, in December acquired a majority stake in FX Player, a virtual reality forex gaming business.
Banks' 'indifference' to IAS 39 hints at software panic-buying
LONDON -- Software vendors are preparing to take advantage of any bank glitches once the IAS 39 accounting standard is implemented on January 1.
Asia continues to rally against dollar
HONG KONG -- Asian currencies are undervalued and will continue to strengthen next year against a weak dollar, according to market participants.
RBS boosts Asia presence
HONG KONG -- The Royal Bank of Scotland (RBS) has boosted its presence in Asia over the year in its bid to become a seamless global operation.
UBS's Stadelmann set to relocate
SINGAPORE -- Reto Stadelmann, UBS's global head of risk for FX and cash and collateral trading (FXCCT), is to split his time between Zurich and Singapore. The move is designed to improve management's effectiveness in Asia, according to Seth Cohen, global…
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
Soc Gen makes global changes
LONDON -- SG Corporate and Investment Banking (SG CIB) is making changes to its sales desks around the world.
Cautious corporate approach to IAS 39
LONDON -- Corporates will look to use less complicated products because of the IAS 39 hedge accounting rules, as some believe it could signal significant changes in risk management strategies, according to Georgette Bailey, director, strategic solutions…
Refco relaunches e-platform
NEW YORK -- Refco Group, the New York-based brokerage, has updated its e-FX trading platform.
Icap deploys Kalahari for Mexican IR and forex trade
NEW YORK – Inter-dealer broker Icap is deploying a customised version of a Mexican interbank forex pricing application from software provider Kalahari.
Dresdner joins cutting queue
FRANKFURT/NEW YORK – The future for FX staff at Dresdner Kleinwort Wasserstein (DrKW) looks bleak as the bank makes major job cuts on a global scale.
CLS below half of FX activity
LONDON – CLS lacks traction outside the major banks and still accounts for far less than half of all FX transactions, according to a report by the Bank of England published this week.
Private bank closure to hit Citibank's forex in Japan
TOKYO – The closure of Citibank Japan's private banking operation will lead to a haemorrhaging of staff from the forex team in the country, according to market sources.
Danske staff in relocation dilemma
NEW YORK – The future of FX staff at Danske Bank in New York remains unclear as the bank begins relocation negotiations with a number of its staff.
EBS signs up more prime banks
LONDON – EBS has signed agreements with nine more institutions enabling them to become prime banks, bringing the total to 16. The new banks on EBS Prime are: ABN Amro, AIG, Bank of America, Bear Stearns, Citigroup, Credit Suisse, UBS, Lehman Brothers and…
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.