News
CME reports November uptick
CHICAGO -- The Chicago Mercantile Exchange (CME) last week reported increased year-on-year foreign exchange volumes for November, citing further growth on its electronic trading platform Globex as a key driver.
FSA warns over complex products
LONDON -- Financial Services Authority (FSA) chairman Callum McCarthy has warned of the dangers of banks selling complicated financial products to customers who do not fully understand them.
NFA lifts emergency action against COESfx
NEW YORK -- Regulatory body National Futures Association (NFA) lifted an emergency enforcement action against New York-based electronic currency network COESfx on December 3.
Sars ‘rebound’ boosts HK dollar
HONG KONG -- The recent strengthening of the Hong Kong dollar is due to government policies encouraging economic co-operation between Hong Kong and mainland China and the ‘rebound’ from the Sars outbreak, claims a Hong Kong Monetary Authority (HKMA)…
BoA/Fleet management decisions due in January
BOSTON -- Bank of America (BoA) and FleetBoston Financial will decide on the management of their merged forex operation in January, according to a senior official. Angelo Evangelista, head of FX sales and advisory at Fleet in Boston said that while there…
BNP Paribas adds in Paris
PARIS -- BNP Paribas has added two dealers to its institutional foreign exchange sales team in Paris in an effort to increase market penetration in the area, a spokesperson for the bank told FX Week.
Hotspot live on Bloomberg
NEW JERSEY -- Hotspot FXi, the New Jersey-based online institutional FX trading platform, goes live today with streaming spot prices on Bloomberg terminals.
New corporate sales models emerge
LONDON -- The need for banks to offer one sales contact for services across asset classes has been widely recognised this year. But some have gone one step further by adding a sector-specific focus.
Market eyes fresh dollar falls
LONDON -- Forex market analysts and traders are predicting fresh falls for the dollar in the coming months after euro/dollar hit successive record highs last week.
FXall breaks volume record
NEW YORK -- Growing institutional use of FXall helped the multi-bank portal set a new volume record in November, it announced last week.
Goldie-Morrison files claim against BoA
NEW YORK -- Duncan Goldie-Morrison, former head of Bank of America’s debt financing and foreign exchange client business, and a pioneer of the derivatives business from the late 1970s, has filed a $7.3 million claim against his former employer with the…
Lack of IT raises cost of processing options
LONDON -- The transactional processing cost of spot FX is falling, but a lack of systems investment means the cost of processing currency options remains flat this year, according to the third annual survey of banks by London-based risk management…
Hedge funds attract record inflows
NEW YORK -- Hedge funds attracted net new investment of $24.6 billion during Q3, up from $13.8 billion in Q2, according to Tass Research, a unit of Tremont Capital Management.
Icap hires external lawyers over NY fraud allegations
LONDON -- Inter-dealer broker Icap has instructed external lawyers to carry out an investigation into the alleged FX fraud in New York involving three of its Swiss franc brokers.
Ex-BoA head joins Icap
NEW YORK -- Duncan Goldie-Morrison joined inter-dealer broker Icap on November 20 as a non-executive director and member of the audit, remuneration and nominations committees.
Buy side debates FX as an asset class
The acceptance of FX as an asset class is growing, but some debate still remains, according to a panel of speakers at the FX Week congress in London.
Caterpillar takes SuperDerivatives
PEORIA, IL -- US construction and mining equipment manufacturer Caterpillar is the latest corporate to implement SuperDerivatives’ options pricing system, the vendor will announce today (December 1).
AIG cuts ahead of integration
GREENWICH, CT -- Recruitment consultants in the US report that up to 70 staff have already left the American Insurance Group as it prepares to integrate subsidiaries AIG Trading and AIG Financial Products.
Dollar trend drives fund profits
STAMFORD -- The success of models in capturing early trend moves in the dollar drove 57% of currency fund managers in the Parker FX Index to achieve gains in October. But gains were limited, as the index was up only 0.6%.
White-labelling risks in the spotlight
Panelists at the FX Week Congress last week reviewed some of the risks inherent in white-labelling.
Market consolidation ‘not all bad’
Consolidation in the FX market has not adversely affected efficiency or liquidity, Mark Monahan, global head of sales at EBS told delegates at the FX Week congress in London last week.