Trading
CME adds European execution
CHICAGO -- The Chicago Mercantile Exchange (CME) will introduce euro FX and yen options contracts with European-style expiration on its electronic platform Globex in April.
CFTC cracks down on forex brokers
FLORIDA -- Rogue FX operators faced heavy penalties last week following action from the Commodity Futures Trading Commission (CFTC), with two firms -- World-Wide Currency Services and Intertrade Forex -- handed large fines.
Further departures at Morgan Stanley
LONDON -- Morgan Stanley’s recent FX staff exodus continued with the departure of another two in sales following two leavers last week.
More options for hedge funds
Options give hedge fund managers a tool to manage spot currency trades outside of leaving simple orders in the market. Jeff Cooper (right), vice-president responsible for sales and structuring of FX options at Bank of Montreal in Toronto, explores this…
Asian ERM debate returns to the fore
HONG KONG -- Calls for an Asian currency regime mirroring the European exchange rate mechanism (ERM) are coming to the fore, as the region’s authorities face mounting pressure to alter their exchange rate policies.
JP Morgan takes winning view
JP Morgan has shot to the top of the three-month forecasts following a different focus on the dollar, according to John Normand, FX strategist at JP Morgan in London.
Aussie momentum wanes
The Aussie will face considerable pressure around the 0.78--0.80 region, says Tim Fox, chief economist at National Australia Bank in LondonThe Australian dollar has been in strong demand since the first week of the New Year, bucking an otherwise strong…
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
Asian governments hold the key to dollar’s future
LONDON – Decisions made in Tokyo and Beijing, rather than Washington or Frankfurt, will determine the future of the dollar, according to a report published last week.
CMC makes landmark inroad to China
BEIJING – UK-based FX trading firm CMC Group has become the first authorised non-bank provider of foreign exchange products in China.
Currency funds taking off
LONDON & COPENHAGEN – Currency funds are coming to the fore, as more players in the FX market launch vehicles to meet investor demand.
Forecast traders hit the top
Forecasters who trade are often more accurate, according to Marios Potaczala, chief executive and head of trading at Warsaw-based TMS Brokers, which came top of the three-month ranking. "I traded spot for many years, and this experience has helped in…
The unitised managed assets solution
Packaging FX into a fund that retail investors can get easy access to is not straightforward, say Jan Vandendriessche, director, managed assets development, and Stephan Martinussen, senior manager, sales trading at Saxo Bank. They advocate setting up a…
Volatility rises ahead of G7 meeting
LONDON – Currency markets volatility has increased in the run-up to the G7 meeting this week, as traders speculate over the possibility of a change to the Chinese currency regime.
Rough ride ahead for Asian FX
Asia FX is heading for a volatile course in the coming fortnight, with poor economic data and continuing uncertainty about renminbi revaluation, according to Claudio Piron, Asian FX strategist at JP Morgan in Singapore
New Turkish lira causes surge of activity
ISTANBUL – The new Turkish lira (TRY) is seeing strong demand across Europe only a month after its rebasing, said industry insiders.
Ringgit peg likely to end, say analysts
KUALA LUMPUR & SINGAPORE – The days of the Malaysian ringgit’s six-year peg to the dollar look to be numbered, according to analysts in the region.
Q4 forex gains at US banks
NEW YORK – US banks have posted strong revenues from their forex business in the last quarter of 2004, reversing the dismal returns from the previous quarter.
Dollar weakness set to continue
Jim McCormick, global head of FX research at Lehman Brothers in London, sees short-term technical gains, but continued longer-term dollar weakness
Private bankers boost structured products sales
LONDON – Private bankers are buyoing the expanding market for structured products linked to currency movements, in a bid to provide more attractive yields to their clients.
Kissing with confidence is key to FX
Keep it structurally simple (Kiss), says Evan Steed, director FX options trading and sales TD Bank Financial Group. This truism is especially appropriate as the greenback faces an uncertain future and regulatory change comes to Canada
HK FX traders favour service over price
HONG KONG – Service rather than price is the key determinant for FX traders, according to a survey carried out in Hong Kong.
Rising dollar trend to continue
With the euro/dollar on its way towards its peak of 1.3652 on December 31, most analysts predicting rates a month down the line on December 17 missed the greenback’s subsequent rally to 130.87 by January 17. Pronet Analytics was helped to the top of the…