News
Tide begins to turn for cross-border M&A
LONDON -- Cross-border mergers and acquisitions (M&A) activity involving UK companies rose in Q3, according to recent data from the UK Office of National Statistics (ONS). But despite the improvement in UK-specific data, London-based capital markets…
Yen move drives fund gains
STAMFORD, CT -- Profits from the widely predicted strengthening of the yen against the US dollar led to 83% of fund managers achieving gains on the Parker FX index for September. As a result, the index was up 1.41% for the month.
UBS reaps volatility rewards in third quarter
ZURICH -- UBS achieved year-on-year revenue growth of 22% from foreign exchange in the third quarter, as the bank achieved its most profitable quarter in forex in three years. In addition to improving revenues, UBS said the fixed income, rates and…
StanChart continues FX build-up in Africa
LUSAKA -- Standard Chartered sold its first Zambian kwacha FX options in October, as part of its continued forex build-up in Africa, senior officials told FX Week .
No rate cut to halt loony
OTTAWA -- The Bank of Canada (BoC) is not expected to cut interest rates at next month's rate meeting, despite growing concern over the Canadian dollar's rate of appreciation, analysts said last week.
Patsystems links to IFX markets
LONDON -- UK derivatives trading software provider Patsystems has formed an agreement with margin FX player IFX Markets to offer users FX trading.
eSpeed platform hits spot
NEW YORK -- Electronic broker eSpeed's recently launched spot FX platform is already seeing success, it said last week as it published its Q3 results.
Options use soars, says BIS
BASEL -- FX options business increased by 34% year-on-year in H1, according to Bank for International Settlements statistics released last week.
Central banks need to clarify FX intervention
TOKYO -- Central banks should be encouraged to disclose information on their motives for intervening in foreign exchange markets, according to Priscilla Chiu from the London office of the Hong Kong Monetary Authority (HKMA). In a Bank for International…
BNP Paribas adds four in global institutional sales
NEW YORK -- BNP Paribas has hired four foreign exchange sales dealers globally, as part of an effort to build its institutional forex business, a senior official told FX Week .
Rapid expansion takes prime brokerage into the mainstream
LONDON -- Exponential growth in prime brokerage is taking the service out of niche markets and into the mainstream, according to forex market specialists.
China moves to ease yuan pressure
BEIJING -- In an effort to relieve upward pressure on the yuan, the Chinese State Administration of Foreign Exchange (Safe) relaxed restrictions on outbound investment flows last week.
Refco and Abbey Capital to launch FX funds
NEW YORK -- Refco Alternative Investments, a division of Refco Group, has teamed up with portfolio manager Abbey Capital in Dublin to develop a series of managed FX futures funds.
Deutsche Bank profits from IMF impact
LONDON -- Volatile trading around the IMF meeting in September helped Deutsche Bank report higher FX trading revenues in the third quarter, the bank said last week. But its impact on other European giants ABN Amro and CSFB was unclear in their financial…
New era dawns for FX data
NEW YORK -- A new era in FX data is on its way, as the continuous-linked settlement service (CLS) for forex prepares to sell its market data back to users early next year.
Ringgit peg set to hold firm
KUALA LUMPUR -- Malaysia’s new prime minister, Abdullah Badawi, is set to maintain the ringgit’s peg to the US dollar for at least 12 months, according to market participants in the Asia-Pacific. Badawi assumed leadership of the Malaysian government in…
More prime brokers for FXall
LONDON -- Multi-bank FX trading portal FXall has signed a further three banks to its prime brokerage messaging platform prior to its December launch. The enhancement to its Settlement Center service automates the give-up of trade details between the…
ANZ makes two senior Asia-Pacific appointments
MELBOURNE -- ANZ made two senior appointments in Asia-Pacific in October.
Yukos storm hits rouble
MOSCOW -- The arrest of Mikhail Khodorkovsky, chairman of oil company Yukos, and the freeze on his 44% stake in the firm will lead to rouble volatility -- despite the central bank’s current efforts to smooth fluctuations in the exchange rate, analysts…
Derivatech develops structuring tool
NEW YORK -- Growing use of structured products in foreign exchange has prompted risk management vendor Derivatech to develop a module for structuring a limitless array of complex options.