Trading
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Calyon sees dollar weakness continuing
Market sentiment about the US dollar in April and early May deteriorated markedly, according to Mitul Kotecha, global head of foreign exchange research at Calyon in London.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Loonie in tune with the market
The outlook for the Canadian dollar looks set to be tied to commodity prices and the global economy, says David Watt, senior economist at BMO Capital Markets in Toronto
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.
China approves cross-currency master agreements
BEIJING & HONG KONG – A master agreement for renminbi cross-currency forwards and swaps drawn up by China's foreign exchange regulator was approved by the State Administration of Foreign Exchange earlier this month.
Watch out for those retail risks
This week sees yet another tale of greed and unscrupulous behaviour, with two Miami residents being fined millions of dollars by the CFTC for foreign exchange fraud.
First FX derivatives deal in Bangladesh
DHAKA – Standard Chartered has closed the first foreign exchange derivatives deal in Bangladesh, it announced last week.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
Market shorts greenback too soon
Rabobank tops this week's one-month forecasts as it correctly identifed the risk that the market had become overly aggressive in its expectation of continued dollar depreciation.
Middle East violence boosts US dollar
Conflict in the Middle East contributed to a surge in the dollar and a big drop in the value of Asian currencies last week.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
A changing electronic forex landscape
The e-FX awards celebrate best practice and innovation in this space. This is the third time we have held the awards, and we took a fresh look at the categories, and in partnership with external consultants came up with a new range of awards to reflect…
One answer to the structural versus cyclical debate
Geoff Kendrick, senior currency strategist at Westpac in London, has developed a systematic way to generate alpha from the structural versus cyclical debate
To exchange or not to exchange?
Can the foreign exchange market support an exchange? This is a well-worn question that a great deal of money and a few reputations are hanging on. The Reuters/CME move to establish a centrally cleared exchange that banks and the buy side will participate…
Changing times for managing liquidity
NEW YORK – Managing and accessing liquidity in electronic foreign exchange means something entirely different now to what it did five years ago, according to Bill Hartnett, global head of forex e-commerce at Citigroup.
Difference of opinion over future of exchange
NEW YORK – Opinions remain divided on whether the market has room for an FX exchange, according to a panel on the subject at the FX Week USA 2006 conference.
Latency concern grows over FX algos
NEW YORK – Data latency is an emerging concern for trading participants, as algorithmic trading becomes more widely used in FX markets.