Trading
Deutsche woos private clients
LONDON - Deutsche Bank has established a private clients foreign exchange team in London and Zurich, to target the expanding high-net-worth client base.
Rand Merchant Bank to roll out e-trading
JOHANNESBURG - Rand Merchant Bank (RMB), a division of FirstRand Bank, plans to go live with a multi-asset class electronic trading platform by Q3.
CME e-trading upgrades save time and money
CHICAGO - CME Group has announced several product and technology enhancements aimed at reducing response time and cost.
FX market goes back to fundamentals
LONDON - A correction in overvalued currencies and risk aversion will promote strategies based on economic factors and real value this year, say analysts.
Dah Sing Bank deploys Fenics FX
HONG KONG - Dah Sing Bank has begun using foreign exchange options pricing and risk management system Fenics FX, developed by interdealer broker GFI, at its Hong Kong-based treasury department.
Barclays promotes four FX managing directors
LONDON & FRANKFURT - Barclays Capital's foreign exchange division has started the new year with four new managing directors.
Swedbank goes live with e-FX price stream
STOCKHOLM - Swedbank plans to offer streaming foreign exchange rates over its proprietary platform and multi-bank platform, FXall, by the end of this month.
Nordea builds algorithms
COPENHAGEN - Nordea plans to begin using algorithms for trading and risk management within the first half of this year, a senior official has told FX Week .
UBS launches Greenhouse Index
LONDON - UBS is set to launch UBS Greenhouse Index (UBS-GHI), a tradable investment benchmark tracking a combination of weather futures and greenhouse gas emissions credits, on January 23.
Algorithmic trading comes of age
Last summer's resurgence in market volatility highlighted the role of algorithmic trading in maintaining the active flow of electronic liquidity.
Currenex platform revamp boosts corporate coverage
NEW YORK - Currenex has released a redesigned platform in an effort to boost activity from the corporate market, FX Week has learned.
EUR/USD correction puts BNP on top
BNP Paribas topped this week's three-month forecast rankings by predicting a correction in EUR/USD, led by US dollar weakness.
NFA shuts down four FX dealers
CHICAGO - Four foreign exchange brokers were forced to close operations last month after failing to meet the National Futures Association's (NFA) $5 million minimum net capital requirements.
Coming on strong
Lydia Kranner, analyst at RZB in Vienna, evaluates the prospect of Chinese yuan appreciation in 2008
The final frontier
Win Thin, senior currency strategist at Brown Brothers Harriman & Co in New York, evaluates the investment prospects for the frontier markets
There's nothing as certain as change
Happy New Year! As we enter 2008, one thing is for certain - the evolution of the foreign exchange industry continues at an unprecedented rate.
FXall posts record volumes for 2007
LONDON - Multibank portal FXall reported record annual trading volumes of over $13.4 trillion - single count - in 2007, a 37% rise over 2006 figures.
The power of pessimistic thinking
SEB tops this week's 12-month forecast rankings as a weaker-than-consensus view on the US dollar materialised over the course of the past year.
Yen carry traders dealt New Year blow
LONDON & TOKYO - Several dealers were caught out when rolling over short yen positions in GBP/JPY carry trades over the New Year period as the yen surged against the pound, traders told FX Week .
Trading levels show growth of forex as asset class
LONDON & CHICAGO - Interdealer broker Icap and the Chicago Mercantile Exchange (CME) reported record foreign exchange trading volumes in 2007, demonstrating the continued adoption of forex as an asset class.
SWFs look beyond the US dollar
NEW YORK & HONG KONG - The greenback is likely to be the main loser as sovereign wealth funds (SWFs) diversify into yen and other non-euro currencies, say analysts.
Forex results strong in Q4
NEW YORK - Goldman Sachs and Morgan Stanley reported strong results for foreign exchange in the fourth quarter of 2007, despite challenging market conditions.