Trading
Retail FX broker suspended in Dubai
DUBAI - The Dubai Financial Services Authority (DFSA) imposed its first-ever sanctions against a foreign exchange broker last week, sending a warning to online brokers to maintain standards when operating retail FX businesses in the city.
TFX revamps forex trading
TOKYO - The Tokyo Financial Exchange (TFX) is set to launch a new trading platform for its foreign exchange market, Click 365, on October 27, to support rising volumes as it expands its list of market-makers and products.
Saxo suspends trading head
GENEVA - Saxo Bank has suspended Charles-Henri Sabet, global head of trading for the bank in Geneva.
UBS hires new fixed-income head
LONDON - UBS has hired Carsten Kengeter from Goldman Sachs as global head of fixed income, currencies and commodities (FICC).
Algo FX: the battle for market share
Algorithmic trading in foreign exchange is tipped to experience continued growth, but the uptake is not without its obstacles. Susanna Robinson reports
BMO boasts booming Q3
TORONTO - BMO Financial Group has achieved a strong quarter for forex trading, according to the Canadian dealer's third-quarter earnings statement.
Algo trading: worth the expense?
An important issue that came up in the Aite Group report on algorithmic trading in foreign exchange released last week was the cost of using this form of trading.
BMO boosts London FX
LONDON - Bank of Montreal (BMO) Capital Markets has expanded its foreign exchange sales and trading desk in London with the hire of ex-JP Morgan staffer James Hennessy.
Yield strategy results hit 15-year low
LONDON - Currency managers using the yield strategy would have suffered their biggest blow in 15 years last month, according to research by the Royal Bank of Scotland.
NSE FX futures take off in India
MUMBAI - Foreign exchange futures trading on India's National Stock Exchange (NSE) reached 70,000 contracts on the first day of trading, as institutions seek to gain from futures amid a plummeting rupee.
Dresdner keeps tight hold on top spot
Dresdner Kleinwort has topped FX Week 's 12-month forecast rankings by predicting EUR/CHF would drop below 1.60 on a 12-month horizon.
Managing mismatches
Tolga Ediz and Ivan Tchakarov at Lehman Brothers in London illustrate the net foreign assets approach as another metric to uncover mismatches in currency valuation
Dresdner FX team could escape Commerz axe
LONDON - Dresdner Kleinwort's foreign exchange team might well escape the 9,000 job cuts arising from Dresdner Bank's €8.8 billion acquisition by Commerzbank, say market sources.
OCL netting gets CLS-compliant
LONDON - Options Computer Limited (OCL) has launched a new version of its year-old pre-settlement netting tool that aims to manage back-office capacity constraints and cut messaging costs, while remaining CLS-compliant.
BGC Partners ups the ante with Brazilian acquisition
NEW YORK - Interdealer broker BGC Partners' agreement to buy Brazilian broker Liquidez represents a desire to capture revenue growth through geographic diversification, market sources tell FX Week .
BoA in trans-Atlantic forex drive
LONDON & NEW YORK - Bank of America has bolstered its US and UK foreign exchange teams with newly created FX emerging market (EM) roles in New York and senior replacement hires in London.
FXCM offers new version of Forex Trading Signals service
NEW YORK - FXCM has released a new version of its algorithmic trading service, Forex Trading Signals, as the market continues to seek new ways to trade currencies amid uncertain market conditions.
Credit Suisse changes its spots
ZURICH - Credit Suisse has embarked on a second reorganisation of its spot foreign exchange risk management and trading teams in Zurich, in an effort to capitalise on burgeoning opportunities across electronic commerce and third-party business.
Multi-currency products ride the storm
NEW YORK - Wisdom Tree has confirmed its plans to launch its first multi-currency exchange-traded fund (ETF), as single currency exchange-traded products take the brunt of the rising dollar.
Bombay Stock Exchange trades rupee futures
MUMBAI - The Bombay Stock Exchange (BSE) has received approval to trade futures in rupees, as regulators continue on a path to open up the country's currency derivatives markets.
FXCM's forex trades reach $720 billion
NEW YORK - The notional value of trades conducted on FXCM skyrocketed to a record $720 billion for the month of July, as speculators sought to benefit from spiked volatility in the foreign exchange markets.
Travelex given green light in China
BEIJING - In what represents a landmark liberalisation of Chinese foreign exchange regulations, Chinese premier Wen Jai Bao has granted Travelex its first authorised FX licence to operate in China.