News
SuperD releases SD-FX upgrade
LONDON – Options pricing systems vendor SuperDerivatives launched an upgrade of its SD-FX system last week.
HSBC’s profits up by a third
LONDON – HSBC’s FX profits so far this year are up by more than a third compared with last year, with a massive $902 million earned from FX dealing in the first half.
HK$ intervention set to continue
HONG KONG – The Hong Kong Monetary Authority (HKMA) looks set to continue its intervention to support the Hong Kong dollar over coming weeks, analysts say.
Bloomberg and Cognotec partner on streaming rates
LONDON – Bloomberg is bringing streaming FX rates to users of its Bloomberg Professional terminals, courtesy of a joint venture with FX vendor Cognotec, the two firms will announce today (August 2).
IG Markets to add FX futures
LONDON – Spread-betting firm IG Markets will add streaming FX spot prices and futures execution to its online trading platform in Q4 to attract more institutional business, a senior official told FX Week .
Overcharging costs eclipse AIB’s H1 dealing profits
DUBLIN – Allied Irish Banks (AIB) last week announced first half dealing profits of e41 million ($50 million) – less than the amount the bank has set aside to cover costs linked to overcharging for FX deals.
ABN Amro launches IR Mini-Swaps for the risk averse
LONDON – ABN Amro has launched an interest rate hedging tool for clients who do not want to use derivatives to gain exposure to this market.
Bank of Communications gets derivatives go-ahead
HONG KONG – The China Banking Regulatory Commission (CBRC) has authorised Bank of Communications (BoC) to launch a financial derivatives business, including FX forwards, interest rate and currency swaps and options, and bond futures.
ABN Amro adds 10 traders
AMSTERDAM – ABN Amro has added 10 FX traders in Amsterdam, London and Chicago, in response to "escalating cash and derivatives FX trading volumes", according to the bank.
Swapstream raises quote sizes
LONDON – The four banks making markets on Swapstream – ABN Amro, Commerzbank, Dresdner Kleinwort Wasserstein and HVB Group – have raised quote sizes on the electronic interest rate swaps trading platform from around e100 million to e200 million apiece.
China and India to halt repatriate flow to US
HONG KONG – Massive investment opportunities in China and India may help Asia withstand a flood of currency repatriation back to the US in the wake of new tax bill the Homeland Investment Act.
UFJ’s FX in peril post-merger
TOKYO – It has only been a matter of weeks since UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) announced the start of discussions over management integration. But analysts are already speculating over the potential impact the merger of the two…
Dollar vol could be back
LONDON – The global currency markets could be in for a bout of unseasonal volatility and trading activity if the US dollar breaks through its recent range against the euro, traders said last week.
SocGen using JRisk for forex options
LONDON – Société Générale is now using JRisk, a trading and risk management platform from Application Networks, to support its FX options business. The French bank began implementing the technology last July. Users are spread across the bank’s Paris, New…
Calyon adds four in options
LONDON – Calyon has made four hires to its global FX options trading team in New York and London, said Derek Sammann, global head of FX options at Calyon in London.
HKMA rules out Basel II AMA approach
HONG KONG – Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory's banks to use the advanced measurement approach (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
CME volumes and income up by a third
CHICAGO – The Chicago Mercantile Exchange (CME) last week reported record volumes and revenues for the second quarter, with average daily forex volume up 28% to $176,000 compared with $137,000 in Q2 2003.
AIB repays e 26m for overcharging
Customers to be repaid as regulator's report details AIB's "failures" DUBLIN – Allied Irish Banks (AIB) said it is repaying e 26 million ($32 million) it overcharged clients on three million FX deals, after a regulator slammed the bank in a report last…
Northern Trust maintains Q1 momentum
CHICAGO – Northern Trust was alone among the US commercial banks in Q2 to maintain the momentum for soaring FX trading revenues set in the exceptionally volatile first quarter.
NAB hires Bank One trader
LONDON – National Australia Bank has hired Andrew Smith in London to trade a number of products, including FX, said a senior official.