Trading
Lava moves into interbank FX space
NEW YORK – Citigroup subsidiary, Lava Trading has confirmed plans to launch a new interbank forex trading system this year. The move makes it the first of a number of platforms rumoured to be taking the plunge into the space.
Foreign banks lose out in South Korea
SEOUL – Foreign banks operating in South Korea took a hit in 2005, with net profits sliding nearly 70%, according to government statistics.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
Risky currencies are well supported
Despite a widespread perception to the contrary, most high-yielding currencies continue to do very well on strong fundamentals and firm inflows, says Beat Siegenthaler, senior strategist at TD Securities in London
A changing interbank landscape
The decision by the world's largest interdealer broker, Icap, to acquire spot FX broker EBS bears significant implications for the current landscape of the FX industry.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
Standard Bank builds in sales
LONDON & HONG KONG – Standard Bank is building its sales capabilities in London and Asia, as it looks to expand coverage to institutional and corporate clients.
Trading FX implied volatility – part II
The use of at-the-money straddles can be an effective way to trade implied volatility, but it is not without its limits. In the final part of a two-part series, Duncan Farnsworth, head of risk analytics in the currency structuring group at Royal Bank of…
BNP poaches Citi forex options head
NEW YORK – BNP Paribas has raided Citigroup and Barclays Capital (BarCap) as it continues to beef up its presence in the US and Europe.
Is sterling ripe for a fall?
The trade-weighted value of sterling has dropped to levels last seen in late 2003. At the start of Q2 there has been much speculation about the increasingly negative prospects for the UK economy and sterling, writes Jeremy Stretch, FX strategist at…
Strong Q1 forex results from US banks
NEW YORK – US banks continued the trend of strong first quarter results already reported, with sharp rises in foreign exchange-related profits.
CLS Bank reports 10% rise in volume in March
LONDON – CLS Bank recorded a 10% rise in average daily payment instructions settled on its system in March.
Carry trades driving the greenback
Skandinaviska Enskilda Banken (SEB) increased its average accuracy in the one-month historical index by accurately predicting a USD/JPY of 118. The mean forecast was 116.
Icap needs to keep banks on board
So the deal has finally been done – Icap has paid close to $800 million for EBS.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
China is not the only egg in the basket
Reuters' deal with Union Bank of India demonstrates that there is a wealth of opportunity in the sub-continent for banks looking to drive forex returns in emerging markets.
Yen and RMB undervalued, finds survey
LONDON – The majority of fund managers believe the yen is undervalued based on current fundamentals, according to research by US investment bank Merrill Lynch.
State Street to provide forex workflow solution for MLIM
LONDON – State Street is providing a foreign exchange execution management workflow solution through its Global Link network for Merrill Lynch Investment Managers (MLIM) in London.
FXall sees increase in volumes
NEW YORK – Trading platform FXall announced record trading volumes of $825 billion in March, a 53% increase on the same period last year.
Union Bank of India to use Reuters FX portal
MUMBAI – Union Bank of India (UBI) has selected Reuters, the global information company, to implement an online FX trading portal.
Dollar remains supported for now, says ABN Amro
ABN Amro has topped the one-month rankings forecast and places second in the three-month thanks to its sceptical take on bearish greenback sentiment, according to Tony Norfield, global head of foreign exchange strategy in London.
Hungarian Forint: A foggy forecast for forint exchange
The first half of the two-leg election in Hungary points to political status quo in the central European nation, but analysts point to significant likely volatility in the forint over the next few months.
There are no options benchmarks
The following is a case study of option volumes with delayed delivery, by Nasir Afaf, global head FX options, Commerzbank Corporates & Markets in London