Foreign exchange
New investors spur 2004 forex growth
GREENWICH, CONNECTICUT – An increase in FX trade by almost a quarter last year was largely driven by a new class of professional FX investors.
CLS set to expand remit
LONDON – CLS could substantially increase its remit with the introduction of a matching and netting facility for non-eligible currencies and settlement of options, non-deliverable forwards, futures and credit derivatives.
Ruble and NOK benefit from high oil price
OSLO – The strong oil price has led to strength in currencies such as the Norwegian krone and the Russian ruble, as exporting nations benefit from strong revenue flows.
Options traders top pay bracket
LONDON – UK forex options dealers raked in the largest pay packets this year, with total packages averaging more than £500,000, according to a survey by City-based executive search firm, Napier Scott.
Departures hit Deutsche Bank
LONDON & FRANKFURT – Deutsche Bank has been hit by a series of departures across FX departments in recent weeks.
Korean banks report mixed FX results
SEOUL – Korean banks reported strong revenues from their FX business in 2004, with one bank seeing a rise of more than 40%.
Hires hitting the peak season
NEW YORK/ HONG KONG/ LONDON – The pace of foreign exchange hires is picking up, as banks hurry to recruit following the end of the bonus season and a cut-off from some institutions, according to headhunters.
CME signs SuperDerivatives deal
NEW YORK – Chicago Mercantile Exchange (CME) has linked with SuperDerivatives to provide transparency in its European-style options.
Deutsche offers sharia FX product
MANAMA, BAHRAIN – Deutsche Bank has structured what it claims to be the first FX hedge to be compliant under sharia law.
INR – everything is relative
The INR’s over-extended valuation against the Reserve Bank of India’s REER implicit policy anchor continues. This over-extension is looking anomalous against the continued backdrop of Asian FX selling. Claudio Piron, Asian FX strategist at JP Morgan in…
Commission-free CME FX futures trading from CMC
NEW YORK – CMC Group, online foreign exchange service provider, has launched trading in Chicago Mercantile Exchange’s (CME) currency futures, commission free.
Final chapter in NAB scandal begins
MELBOURNE – The former head of National Australia Bank’s foreign currency options desk is facing up to five years imprisonment for his part in the A$360 million rogue trading scandal that shook the bank last year.
EM currency volatility to continue
CENTRAL EUROPE – Volatility in emerging market FX has surged as market participants gauge the impact of improving US fundamentals, which resulted in a 25 basis point rate hike last week, according to analysts.
Emerging market opportunities
There are more options in emerging markets than you might think, says Scott Wacker (below), global head, client risk advisory and sales, ABN Amro in London
CME goes live on Reuters
CHICAGO and LONDON – The Chicago Mercantile Exchange (CME) has rolled out CME FX on the Reuters Dealing 3000 platform.
Record start for US investment banks
NEW YORK – This year looks set to be another bumper year for FX, with a second consecutive year of record-breaking first- quarter results from the US investment banks.
SG CIB rolls out cross-asset research
PARIS – Société Générale Corporate & Investment Banking (SG CIB) has introduced cross-asset research to meet demand for information resulting from the increased correlation and interaction between asset classes from investors.
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
Fade-out zero-cost collar for hedgers
Since the beginning of the year, we have witnessed a EUR/USD spot consolidation below 1.37. Also, the last move from 1.2700 took EUR-USD up to the middle of the range 1.27 / 1.37. Many USD buyers are therefore looking to zero-cost collars, one of the…
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.