Foreign exchange
Profiting from the Chinese yuan
With speculation rife on the revaluation of the Chinese yuan, James Davison of the global FX derivatives marketing team at ABN Amro in London, examines potential ways for derivatives traders to benefit
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…
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.
CS steps into fifth place for forex revenues
ZURICH -- Credit Suisse Group published its FX trading results last week, taking the bank to fifth position in FX Week ’s yearly revenues ranking, based on banks’ announced results so far this year.
Banks unclear on new research rules
LONDON -- The UK’s FX Joint Standing Committee is to host a meeting with UK regulator the Financial Services Authority (FSA) to clarify the forex implications of FSA rules on research that were released last week.
Travelex to buy Fortis FX unit
TORONTO -- FX services group Travelex has reached an agreement to buy Fortis’ Dutch corporate and retail FX subsidiary GWK Bank for e17.5 million, the firm announced last week.
HSBC reaps rewards in US
NEW YORK -- HSBC has seen a threefold increase in FX client volume in North America over the past year, following its recruitment drive in the region. And gains made in the first quarter of 2004 suggest it is continuing to build that volume "at a very…
Watchdog savages NAB
MELBOURNE -- National Australia Bank’s currency options desk will remain closed until it has satisfied requirements issued by its regulator in a damning report released last week.
Calyon names regional managers
PARIS -- Calyon, the group to be formed from the merger of Crédit Agricole Indosuez (CAI) and Crédit Lyonnais (CL) on April 30, has agreed the structure of its global spot FX business and appointed regional heads, a senior official said last week.
Investment banks break records
NEW YORK -- This year looks set to be a record-breaker for banks' FX earnings, if the commercial banks follow the lead set by the US investment houses.
NAB OPTIONS SCANDAL - NAB crisis deepens with latest departure
MELBOURNE -- The staffing crisis at National Australia Bank (NAB) deepened last week as Peter Cunningham, joint global head of FX left the bank, in a move a NAB spokesperson described as a "mutual agreement".
Seven leave Dresdner in FX flight
LONDON -- Dresdner Kleinwort Wasserstein in London is facing an exodus of staff from foreign exchange, with at least seven leaving the bank in London and New York in the past month.
EBS sees fruit of 'sustained effort on sterling'
LONDON -- Spot broker EBS last week quantified the success of its initiative to build sterling volumes on its platform.
Volatility and leverage key for Euro importer
Trading volatility allows a European importer to improve its dollar buying rate and mitigate Asian strengthening says Silash Ruparell in European FX sales at Lehman Brothers in London
NAB report: managers axed
FX head and three executives leave NAB in wake of report on forex losses MELBOURNE -- National Australia Bank (NAB) sacked head of FX Gary Dillon on Friday (March 12) after he was criticised by PricewaterhouseCoopers’ independent report into the bank’s A…
FX is platform for growth at Merrill
NEW YORK -- Merrill Lynch’s investment in foreign exchange will form a platform for growth for the US investment bank, said chairman and chief executive Stanley O’Neal last week.
800 expected at ACI London event in May
LONDON -- Forex industry body ACI is expecting up to 800 FX officials to descend on London in May for its seventh European Congress, hosted by ACI UK.
Asian regulators ease restrictions
HONG KONG -- Banks in Northeast Asia are rushing to apply for licences to enable them to transact non-renminbi derivatives in China, following a relaxation of the rules from March 1.
Loewy exits on a high note
HSBC’s FX chief retires as the bank makes highest-ever forex profits LONDON -- Rob Loewy, head of FX at HSBC for the past 15 years, retired last Monday (March 1) as the bank announced its highest-ever dealing profits for foreign exchange.
Dual currency forwards to the rescue
Dual currency forwards can offer tangible benefits if used wisely, says Standard Chartered’s Charlie Brown, global head of structuring in London, and Michael Image, structurer for Northeast Asia, in Hong Kong
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…
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 .