Post-trade
Russia considers switch to euro for oil exports
MOSCOW -- If Russian officials decide to switch from the dollar to the euro in pricing their oil exports there would be a major shift in the balance of currencies behind the world’s most traded commodity. But the effects on the euro would not be seen in…
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
Deutsche Bank launches tradeable FX Indices
NEW YORK -- Deutsche Bank has launched a range of trade-weighted currency index-based (TWI) products this month to give traders the opportunity to speculate on the overall strength of currencies, officials at the bank said last week.
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Nissan Motor takes Reuters risk system
Volkswagen is not the only car manufacturer in the process of increasing its currency risk management. Last week, Reuters announced it has sold its Kondor trade-processing risk and trade management product, Kondor+, to Japanese car manufacturer Nissan…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.
UBS triumphs in currency derivatives
ZURICH -- UBS triumphed again in this year’s currency derivatives categories in FX Week ’s sister publication Risk magazine’s global derivatives rankings.
PHLX set to launch cash-settled futures contracts
PHILADELPHIA -- The Philadelphia Stock Exchange (PHLX) will launch cash-settled FX futures contracts next month, subject to CFTC approval, a senior PHLX official told FX Week .
Fourth quarter boom for FX
LONDON -- Continued market volatility looks set to boost FX in Q4, senior bank officials told FX Week .
ACI Beirut Congress: exhibition preview
BEIRUT -- Between the challenging seminar programme and the exhaustive social schedule planned by hosts of the 43rd ACI World Congress this week, the 600+ delegates will get a chance to sample product demonstrations and promotions at the exhibition.
All eyes on the Middle East
Growing interest in Islamic banking, new technological developments and a wave of freshly repatriated money have put forex trading in the Middle East on the cusp of an exciting new era, reports Nikki Marmery
Baalbeck, City of the Sun awaits
As veterans of ACI congresses past are well aware, the highlight of the yearly meetings is usually the social programme -- and the entertainment planned by this year’s hosts, ACI Lebanon and the Interarab Cambist Association, will be no exception.
STP break puts banks at risk
NEW YORK -- Third-party banks using the continuous-linked settlement (CLS) service may be subject to increasing operational risk as a result of a breakdown in straight-through processing (STP), according to one STP vendor.
UBS FX down despite strong Q2
ZURICH -- UBS last week reported an 11% year-on-year drop in its FX trading income for the first half of the year, to Sfr789 million ($584 million), from Sfr885 million in H1, 2002.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
'Click and deal' key for funds
LONDON -- Providing clients with the ability to trade FX directly from live streaming prices could prove key for banks targeting a range of clients, said e-FX officials speaking last week.
Online retail forex in Asia set to grow
TOKYO -- Online retail FX business in Asia is set to grow, as dealers increasingly move into the sector, market participants in the region told FX Week .
Uncertainty eases for AIG Trading
GREENWICH, CT -- The tension surrounding the upcoming merger of AIG Trading and AIG Financial Products has eased following the release of an internal statement earlier this month, a source at the firm told FX Week .
Basel may advise banks on outsourcing
BASEL -- The Basel Committee on Banking Supervision may investigate the risks associated with outsourcing trading systems to third parties, a senior Bank for International Settlement (BIS) official told FX Week .
Third-party CLS take-up slows
LONDON -- Take-up of the continuous linked settlement (CLS) service by third-party banks is slowing as a result of time-consuming back-office changes and a waning sense of urgency, CLS project managers have told FX Week .
Analysts cautious on US reflation
NEW YORK -- Federal Reserve chairman Alan Greenspan’s increased optimism in his testimony last Tuesday (July 15) prompted expectations that the US economy may finally begin the reflation process, but analysts advised caution last week.