Post-trade
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Soft knock-in knock-out forward
The soft knock-in knock-out forward presents a new way to look at knock-ins and knock-outs, taking away the negative impact of untimely barrier events says Enrico Ferrante, senior structurer at Calyon in Paris
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Congress clips
The continuous-linked settlement (CLS) service for settling foreign exchange trades announced the launch date for the next group of currencies to join the service.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
Banks review yuan reval forecasts
BEIJING – Some bank analysts have brought forward their expectations of regime change in the Chinese yuan, following the rate hike by the People's Bank of China late last month.
Refco chooses RBS as prime broker for FX
NEW YORK – Futures broker Refco Capital Markets (RCM) has dropped Canadian Imperial Bank of Commerce as its prime broker for foreign exchange in favour of Royal Bank of Scotland (RBS).
Russian derivatives legislation stalls
MOSCOW – Efforts to fast-track the introduction of new legislation in Russia to provide legal certainty for derivatives contracts appear to have failed since a hearing on the subject at the Russian Federation state duma on September 27.
Prime brokerage best for individual investors
Individuals who want to trade FX may find a prime broker will promote confidentiality, cut out settlement difficulties and help resolve credit issues, says Peter Wakefield, MD of research and product development at Record Currency Management in the UK
Canadians join State Street's e-commerce settlement service
BOSTON – State Street Global Markets signed up the big five Canadian banks to its settlement and confirmation matching tool for FX last week.
Shock job losses at Tullett
Tullett Liberty's forwards desk loses as merger with Prebon completes LONDON – Tullett Liberty has suffered a surprise defeat in the integration of its forex business with that of rival Prebon Yamane. Broking sources in London say Tullett's FX forwards…
SIBOS 2004
CLS rules the roost at Sibos
Special Feature - CLS settlement: the next two years
As CLS enters its third year, Joseph De Feo discusses plans for expansion Two years ago, the CLS Group launched the world's first global settlement service for foreign exchange trades. Following several other aborted efforts to tackle Herstatt, or…
BIS paints bright future for FX
BASEL – The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements’ (BIS) triennial FX survey last week, has painted a bright future ahead for forex market participants.
Making the most of upcoming volatility
For the currency overlay manager looking to take advantage of a burst of market volatility at the start of the fourth quarter, Simon Derrick, head of Bank of New York's currency strategy team, describes a simple, low-cost way for them to express their…
NAB to re-open options desk
MELBOURNE – National Australia Bank hopes to re-open its currency options desk in the "near-term", said chairman Graham Kraehe last week. However, the bank refused to be drawn on a date, saying it was up to regulator the Australian Prudential Regulation…
CSAM to add emerging markets to FX management
LONDON – Credit Suisse Asset Management (CSAM) is looking to add emerging market currencies to its suite of forex management services from early next year.
Dollar/yen break-out expected
TOKYO – Technical indicators suggest dollar/yen could be set to break out of the tight trading range it has been trapped in since June. "Resistance is declining and support is rising. We will get a decent break-out trade soon," said Karen Griffith, head…
Oil price hits Asian currencies
HONG KONG – Surging oil prices have put pressure on Asian currencies, but the impact has been magnified by other factors influencing the region, according to analysts.
Toyota reports ¥70bn FX impact
TOKYO – Japanese car manufacturer Toyota Motor Corporation last week announced a ¥70 billion ($645 million) hit from exchange rate changes affecting its first quarter operating income.