News
Corporates behind in IAS 39-compliant systems
LONDON -- Corporates and vendors have been slow to adapt to the new technology needed to effectively manage their treasury businesses under upcoming accounting standards IAS 39, senior officials said last week.
Hotspot and Saxo add MNI FX news
NEW JERSEY -- Hotspot FX and Saxo Bank both announced the addition of free FX news and analysis from New York-based Market News International (MNI) to their trading platforms last week.
HSBC takes central bank on CLS
LONDON -- HSBC has implemented the first central bank on CLS, it said last week.
Gartmore leads new hedge fund launches
LONDON -- Gartmore Investment Management has added to the recent explosion in currency funds with the launch of a new hedge fund. The fund, available to institutional investors around the world, builds on the firm’s 16-year track record in currency…
Deutsche reshuffles ICG in Asia
TOKYO -- Deutsche Bank has made management changes to its institutional client group (ICG) in Asia and Australia.
Busy start to year sets records on EBS
LONDON -- The start of 2004 has proved to be the busiest in the past 10 years, according to spot broker EBS.
HBOS profits up 10% on corporate growth
EDINBURGH -- HBOS Treasury Services had a successful year in forex, with FX profits rising by about 10% year-on-year for 2003, a senior official told FX Week .
UK pension funds hesitant on easy returns
LONDON -- UK pension funds are increasingly considering currency as an independent asset class, but the process of educating and gaining approval from trustees is slowing adoption, officials said last week.
NAB delays report on ‘rogue trading’ losses
MELBOURNE -- National Australia Bank (NAB) last week put back the planned publication of its report into unauthorised trading losses at the bank until mid-March.
RBS expands interbank sales
LONDON -- The Royal Bank of Scotland has expanded its interbank FX sales business, adding desks in New York and Asia to complement its existing London-based team, the bank announced last week.
Forex TV links to FCMs
NEW YORK -- Forex Television, a provider of video-based FX analysis and news, has established a transaction services group to link viewers of its news and research to a selection of futures commission merchants (FCMs) and money managers.
FXI launches managed trading for institutions
FARMINGVILLE, NY -- Online currency trading firm FXI Corporation is launching an Institutional Trading Services (ITS) division in response to growing demand for managed trading accounts from hedge funds and asset managers, an official said last week.
Crunch time for dollar slide
NEW YORK -- The coming week will be crucial in determining the strength and direction of the confused euro/dollar rate, according to market participants in London and New York.
Emerging FX takes off online
LONDON -- Increasing demand from both corporate and hedge fund clients for the ability to trade emerging markets (EM) currencies online is leading banks to boost their e-trading offerings in this area, senior officials told FX Week .
Bloomberg to add Pronet analysis
LONDON -- Bloomberg is to offer real-time FX research from UK-based analysis firm Pronet Analytics, a subsidiary of The Market Age group.
SuperD launches risk system
LONDON -- SuperDerivatives has launched an FX options risk management system, the UK-based vendor will announce today (March 1).
StanChart restructures in Asia
SINGAPORE -- Standard Chartered Bank has reorganised its global markets structure in Asia and the Middle East by region, rather than by individual country.
Near-term ringgit peg change unlikely
KUALA LUMPUR -- Despite recent reported comments from Malaysia’s second finance minister, Tan Sri Nor Mohamed Yakcop, Malaysia is unlikely to change the ringgit’s current peg to the US dollar -- at least until the country’s general election is over.
DeAM breaks out forex group
LONDON -- Deutsche Asset Management (DeAM), a leading UK fund manager, has restructured its business around seven business-specific units to offer more customised boutique offerings to clients for every asset class, a spokesperson said last week. The…
FX smashes $600m hole in Anglo accounts
LONDON -- The cost of failing to hedge FX risk was brought into sharp focus last week, when mining firm Anglo American said its 2003 earnings were down nearly $600 million as a result of currency movements.
RBC unveils new FX structure
TORONTO -- Royal Bank of Canada (RBC) has confirmed a new senior management structure in foreign exchange following the departure of global FX head David Gibbins.