Foreign exchange
Real outpaces euro in exchange trading
BASEL - The Brazilian real outpaced the euro as the second most actively traded currency contract on exchanges, due to an under-developed over-the-counter market, according to the Bank for International Settlements.
Trading Places, June 21, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
In Brief, June 21, 2010
Read this week's In Brief to stock up on the latest technology news around the FX world.
UBS: EUR/USD could fall below parity in a year
UBS topped the 12-month currency forecast rankings this week with a positive outlook for the US dollar. Geoffrey Kendrick, director in foreign exchange strategy at UBS in London, said he based his outlook on two factors: Federal Reserve rates and the…
Coup for Morgan Stanley
NEW YORK - Eric Hirschhorn, formerly global head of technology at Citi in New York, has quit the bank to join US rival Morgan Stanley, sources tell FX Week.
Korea moves to restrict FX derivatives leverage
Bank of Korea and Ministry of Strategy and Finance cut back leverage caps and limit corporate hedging of currency risks to 100% from 125% of exposure
Regulators step up currency surveillance
SEOUL - Regulators in emerging markets are stepping up efforts to curb extreme volatility in local currencies in response to the euro crisis, with South Korea reported to be introducing trading restrictions.
SGX signs 14 banks for derivatives clearing
SINGAPORE - The Singapore Exchange (SGX-DC) has signed up 14 banks and three financial institutions for its Asian forex forwards and interest rates swaps clearing initiative, due for launch in the fourth quarter.
StanChart kick-starts Brazil push
SAO PAOLO - Standard Chartered (StanChart) has established a rates and FX trading desk in Sao Paolo, after receiving regulatory approval to launch trading operations in Brazil in April.
Standard Chartered: EM currencies will come out top in 2011
Standard Chartered topped the one-month currency forecast rankings on expectations for further euro hardship.
Trading Places, June 14, 2010
Read this week's Trading Places to catch up on people moves across the FX world.
Commerzbank in e-FX build
Commerzbank is deepening its footprint in the electronic foreign exchange market with key appointments in London.
Neal jumps ship to Nomura
LONDON – Michelle Neal, global head of electronic commerce, rates and capital markets at Royal Bank of Scotland (RBS), has left the bank, confirmed an internal source.
Euro decline continues
LONDON - The euro hit a four-year low against the dollar last Friday (June 4), sparking a rise in options prices as the unit edges further towards the 1.2000 barrier.
Rabobank finds new global FX strategy head
LONDON – Rabobank has hired Jane Foley to replace Jeremy Stretch as global head of FX strategy in London, according to market sources.
JP Morgan, Merrill Lynch fined for segregation and supervision failures
LONDON & HONG KONG – The UK Financial Services Authority (FSA) and the Hong Kong Securities and Futures Commission (SFC) have fined JP Morgan and Merrill Lynch, respectively, for accounting failures.
TwoFour expands global sales team
LONDON & NEW YORK – Two Four, an FX and treasury cash management technology vendor, has hired two sales managers to expand its business globally, it was announced on June 3.
FX industry creates lobby group
BRUSSELS - The Association for Financial Markets in Europe (AFME) is establishing a representative group for foreign exchange participants, amid the threat of increased forex regulation.
Crisis a boon to spot brokers, volumes up 60%
LONDON - Electronic spot-broking systems EBS Spot and Thomson Reuters saw a 60-65% surge in average daily volumes in May, reflecting a return to traditional liquidity sources during times of crisis.
Trading Places, June 7, 2010
Read this week's Trading Places to catch up on people hires and departures across the FX world.
The euro's new clothes
Nick Beecroft, senior markets consultant at Saxo Bank in London presents a gloomy prediction of the next phase in the 2007-2010 debt crisis
Trend followers power through in May
LONDON - Currency managers using the trend strategy were the best performers in May, with an overall net movement into the US dollar, indicates research by Royal Bank of Scotland.
JP Morgan: Commodity currencies will rally
JP Morgan topped the one-month currency forecast rankings this week with a focus on differing policies.
Canadian banks post lukewarm Q2 forex results
TORONTO - Canadian dealers reported a mixed bag of second-quarter results ending April 30.