Trading
Merrill Lynch's trend focus pays off
Merrill Lynch topped this week's three-month forecast rankings by predicting a mild dollar recovery against G-10 currencies, on the back of a trend in improved external imbalances in the US.
The JB Currency Hedge Fund thrives on risk aversion
LONDON - Augustus Asset Manager's currency fund delivered an 18.87% net-of-fees return in its first 11 months by avoiding risk in emerging markets and G-3 currencies.
CME posts surge in Q2 forex volumes
CHICAGO - The Chicago Mercantile Exchange (CME) reported a strong increase in contract volumes in second-quarter results released last Tuesday (July 1).
Last FX man standing quits at Credit Suisse
LONDON & GREENWICH - The last member of Credit Suisse's defunct foreign exchange team for southern Europe is leaving the bank, market sources tell FX Week .
The end of an era
Teis Knuthsen, head of foreign exchange research at Danske Bank in Copenhagen, says rising inflation could force a shift in the underlying FX regime of the past decade
More currency ETFs hit US
NEW YORK - Two more currency-linked exchange-traded funds (ETFs) were listed on the New York Stock Exchange's NYSE Arca on June 25.
Overcoming the post-trade dilemma
Heiko Sundermann is head of FXMM client technology at UBS, and is programme manager of a front-to-back business process re-engineering initiative for FX-cash products that aims to increase operations capacity
BNP Paribas shines as greenback rallies
BNP Paribas' expectations of a rebounding greenback placed the bank at the top of the one-month currency forecast rankings, as the US monetary authority signalled a hawkish stance.
Automated FX trading models provide diversified alpha
David Popplewell, director of currency structuring at RBS in London, says to look beyond carry baskets and actively managed foreign exchange allocation to generate alpha from FX
Onix offers real-time market data solution
LONDON - London-based software vendor Onix Solutions has released a FIX engine and ITCH real-time market data solution set integrated with Hotspot FXi.
Rival banks scoop Merrill Lynch defectors
LONDON - Morgan Stanley and Barclays Capital have made two hires from Merrill Lynch, market sources tell FX Week .
Time to tighten the belt
Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York, considers how the fight against rising inflation will affect markets around the globe
Investors keen on double-short euro ETNs
NEW YORK - Morgan Stanley's Market Vectors double-long leveraged euro exchange-traded notes (ETNs) have outperformed their double-short counterparts by almost 30 times in trading volumes.
More departures from JP Morgan
LONDON - Mass redundancies are continuing to affect the foreign exchange desks of JP Morgan in London, with two former Bank One staff reputed to have left the US dealer this month.
Small US banks free to use standardised approach
WASHINGTON, DC - The Federal Reserve has announced it will permit smaller US financial institutions to implement the standardised approach for Basel II compliance, acknowledging misgivings raised by banks over previous proposals.
NAB strengthens UK forex team
LONDON - National Australia Bank (NAB) has expanded its London foreign exchange team, with three hires covering Europe-domiciled business.
New generation CEP for forex liquidity
A white paper being released today (June 30) is set to evangalise the benefits of using adaptive complex-event processing (CEP) technologies for liquidity management in foreign exchange.
Nordea signs up to 360T
COPENHAGEN - Nordea has joined the 360 Treasury Systems (360T) TEX multi-dealer cross-product trading system, in response to a spike in interest among mid-cap clients for the platform, the bank said.
HSBC emerges in Georgia
TBILISI - HSBC is capitalising on rising demand for forex services in the former Soviet Union by opening its first commercial banking branch and head office in Georgia.
CFTC moves to close 'London loophole'
LONDON - The Commodity Futures Trading Commission (CFTC) has moved to impose US position limits and hedge exemption requirements on US customers trading West Texas Intermediate (WTI) crude oil on London-based ICE Futures Europe.
Quant demand in full force
GLOBAL - The high demand for quantitative foreign exchange specialists continues, fuelled by concerns over risk controls and growth in local currency derivatives and hybrid derivatives trading, industry sources have told FX Week .
BMO opens branch in Shanghai
SHANGHAI - BMO Financial Group opened its Shanghai branch on May 13th. Initially a representative office, the branch has been upgraded in a bid to increase the bank's coverage of the Yangtze River Delta region.