Trading
Broker consolidation in the spotlight
LONDON – Consolidation of the broking industry is looming large again, with the unexpected announcement by Collins Stewart Tullett (CST) last week that it had received a number of bids for the company.
PBoC liberalises derivatives market
BEIJING – The People's Bank of China (PBoC) has issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market. Meanwhile, non-bank companies such as insurance firms and asset managers can also apply…
Equity culture postpones dollar rally
Stephen Jen, head of currency research at Morgan Stanley in London, explains why he continues to expect strength in the greenback
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
Fighting chance for new player
In the first of a series of profiles of the multi-bank portals, FX Week analyses the strengths and weaknesses of the players in this crowded market-place. This week: Lava FX
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
BoE rate cut: about time too!
Alan Clarke, UK economist at BNP Paribas in London, predicts that last week's cut is unlikely to spark a wave of rate cuts by the Bank of England
The tip of the eFX iceberg
GREENWICH, CT – Electronic FX volumes could hit a new wave of growth if the banks behind spot broker EBS' buy-side initiative stay committed, according to research by Greenwich Associates.
The longer-term picture
Top-ranking forecasters get their feel for the direction of currencies from varying market indicators.
Diversification needed for Asian central banks
TOKYO – As much as $450–$500 billion may have to be shifted from dollars to yen and euros if Asian central banks are to avoid big yearly losses, said Thomas Stolper, global market economist at Goldman Sachs in London.
Protection with potential
Besa Deda, Commonwealth Bank of Australia's Sydney-based currency strategist, presents a way of combining a view that the aussie will weaken while protecting against adverse fluctuations for an Australian exporter
US FX catching up with UK
LONDON & NEW YORK – Growth in the US FX market is outstripping the UK, according to official figures released last week.
ABN Amro cashes in on retail demand
HONG KONG – ABN Amro is capitalising on retail demand for exposure to forex markets with the launch of the first FX-linked equity notes for retail investors based in Hong Kong.
Foreign banks slammed in Seoul
SEOUL – Three foreign banks have been reprimanded by Korean authorities for selling inappropriate FX derivatives contracts to state-owned companies.
Emerging markets on the rise
Maintaining a consistently bullish view on the dollar has helped HBOS Treasury services top the three-month rankings.
Asia takes electronic currency route
Electronic currency networks are coming to the fore in Asia as daily trading volumes reach an all-time high, according to Michael Weiner, co-founder and managing partner at CoesFx
US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
Renminbi takes first step
BEIJING – Banks are predicting further significant appreciation in the renminbi following the long-awaited shift in the currency announced last Thursday.
How exchange rates drive monetary policy
With interest rates being a major driver of exchange rates, Peter Luxton, global markets adviser at Informa Global Markets, says with US rates appearing stretched, the outlook for the dollar is changing
Relative value after the peg
Marios Maratheftis, FX strategist with Standard Chartered in London, looks at where to find value in Asian currencies following the end of the Renminbi's dollar peg
Cyclical factors maintain greenback's strength
Calyon has maintained its dominance of the 12-month ranking because it has been consistently bullish on the dollar for the past year, according to Mitul Kotecha, global head of FX research at the French bank in London.
Banking relationships remain key
Banking relationships will remain important despite the fact that costs are coming down and there are ever more channels from which clients can choose.
FX Week's e-FX awards 2005
The following is an overview of our annual e-FX awards, as first published in our e-FX supplement.