News
Desperately seeking analysts
LONDON -- Royal Bank of Canada, Westpac, ANZ and JP Morgan Fleming are all seeking to recruit senior currency analysts in London, as a flurry of activity has left several banks stretched to provide European FX market coverage.
Icap enters electronic futures fray
LONDON -- UK-based inter-dealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter.
Trio signs first arb tool client
LONDON -- Trio Internet Systems, the IT arm of money broker Martin Brokers UK, is about to sign up its first customer for Vantage, a pricing and distribution application that highlights arbitrage opportunities between currencies and other instruments.
Greenwich reports e-FX divide
NEW YORK -- A sharp divide exists between active e-FX clients and those that do not trade FX online, according to new research out this week.
Mid-tier clients pile into rupee options
MUMBAI -- FX options use in India is extending to more mid-market customers, nine months on from the liberalisation of rupee options, local market participants told FX Week .
Polish brokers struggle with new regulations
WARSAW -- Foreign exchange brokers in Poland are set to be in breach of forex law as a result of changes required before Poland accedes to the European Union next month. From May 1, all firms offering any foreign exchange trading services, across spot,…
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
FX hedge funds lure UK govt pensions
MOLD, FLINTSHIRE -- Flintshire County Council in the UK, which leads the £550 million ($1 billion) Clwyd Pension Fund, has become the first local government authority to convert to currency hedge funds.
Idea commits to Singapore
SINGAPORE -- Financial research company Ideaglobal last week said it was committed to G7 and Asian market analysis from Singapore, following local press reports of retrenchment in the centre
Richmond launches currency fund for Asia
HONG KONG -- Richmond Asset Management is set to launch a new fund in Hong Kong this month, to capitalise on increased opportunities to profit from currency strengthening, officials said last week. The Bermuda-based Currency Optimiser fund will be…
Reuters names treasury head
LONDON -- Treasury is a main priority for Reuters this year, a spokesperson said last week, as the firm made Mark Robson global head of treasury and fixed income.
NAB "collusive broker" speculation grows
MELBOURNE -- Cantor Fitzgerald last week refused to comment on growing speculation that it is the broker referred to in two reports into National Australia Bank’s A$360 million (US$280 million) forex options losses.
Traders active on MoF retreat
TOKYO -- Traders are set for heavy action in the coming weeks after the Ministry of Finance’s (MoF) withdrawal from yen intervention last week, ending its massive $360 billion spending spree of the past 12 months.
IAS39 amended for macro hedging
LONDON -- The International Accounting Standards Board (IASB) last week announced an amendment to IAS39 to aid the use of macro hedging.
JPMC expands in electronic FX
LONDON -- JP Morgan Chase has hired three staff for its FX e-commerce business in London over recent weeks, a spokesperson told FX Week .
IFX hires futures desk head
LONDON -- London-based financial trading and spread-betting firm IFX is expanding its FX futures business, with the hire of a new head of desk.
No ringgit peg change
KUALA LUMPUR -- New FX regulations introduced in Malaysia on April 1 may herald further economic liberalisation, but that does not mean the ringgit’s peg to the US dollar will be relaxed soon, analysts in Asia told FX Week .
ScotPower’s £400m dollar hedging boon
Glasgow -- International energy firm ScottishPower has made £400 million ($728 million) from hedging its US dollar revenues, it said last week.
BarCap loses three in institutional sales
LONDON -- Barclays Capital lost three institutional FX sales dealers in London last week, a source close to the bank confirmed.
Rand to join CLS in Q4
NEW YORK -- South African rand trades will be eligible for settlement on the continuous-linked settlement service (CLS) for foreign exchange by the end of the year.
ACI issues reminder on funds
PARIS -- Industry body ACI last week issued a reminder of its recommendations on overpaid funds.