Trading
Year of plenty for top 30 banks
Little evidence of mid-tier contraction as revenue ranking hits new high
Micex expands forex coverage
MOSCOW – The Moscow Interbank Currency Exchange (Micex) has launched new FX contracts in a step towards expanding the exchange-traded FX market in Russia.
Forex firm fined record $100m for fraud
NEW YORK – A US federal court ruled in favour of the Commodity Futures Trading Commission (CFTC) last week, as it found a foreign exchange futures firm liable for the illegal sale of futures contracts. The $100 million restitution and penalty charges…
Yen volatility returns in MoF absence
TOKYO – Traders in Japan are reporting a healthy return to yen volatility following the Japanese Ministry of Finance's (MoF) withdrawal from currency intervention in mid March.
Consensus forecasts win out
Consensus forecasts are commonly seen as a reliable indicator of future currency moves, and our Currency Forecasts Index proves this – to a degree.
Kiwi ripens against Aussie
The New Zealand dollar is rising against the Aussie in line with interest rate differentials. But potential growth in Australia may cap its gains, says Sue Trinh, currency strategist at the Bank of New Zealand in Wellington
Overlay staff in short supply
NEW YORK – Demand for currency overlay is outstripping the supply of available managers, as the boom in investors managing currency continues.
Election uncertainty hits Phillippine peso trading
MANILA – Market participants in the Philippines are anticipating a return to volatility in the next few weeks, as uncertainty over the recent elections clears up.
Swissie rise snares forecasters
Dollar/Swiss was the most difficult currency pair to forecast over the past month, as the Swissie's 5% rise against the greenback took it from 1.3019 on May 7 to 1.2370 on June 7. Average % accuracy on one-month forecasts submitted by the 38 banks on our…
Improver knock-in forward for dollar bears
With the widely held belief that dollar/yen has scope to fall much further, Royal Bank of Canada's financial engineering team in London proposes a solution for a client wanting to buy US dollar forwards at more attractive rates. An 'improver knock-in…
An obsession with oil
Swiss franc, Norwegian krone and euro gains may be about to reverse, says Steven Pearson, chief currency strategist at HBOS Treasury Services in London
Snow hails CME's China deal
CHICAGO – The Chicago Mercantile Exchange (CME) has forged a ground- breaking deal with a central bank-sponsored FX trading platform in China, in a move hailed by US government officials as a crucial step towards renminbi flexibility.
Reuters sees sales turnaround
LONDON – Reuters chief executive Tom Glocer last week announced the first positive month for sales since May 2001. Speaking at an investor's conference in London, Glocer said sales of the vendor's data and technology products in May 2004 exceeded…
Saxo upgrades support service
COPENHAGEN – Saxo Bank has upgraded support for users of its white-label trading platform SaxoTrader, with a new service to offer advice on website development, advertising, marketing and customer relationship management.
Citigroup restaffs Singapore sales
SINGAPORE – Citigroup has rehired to fill a void in its Singapore institutional sales team after a team of three defected to Barclays Capital.
EBS launches Aussie and Canadian trading packages
LONDON – Spot broker EBS last week launched new Australian and Canadian dollar packages for its dealing platform in a bid to increase market-share in those currencies.
Brokers react to shrinking market
LONDON – As the dust settles on the news of Collins Stewart Tullett's (CST) imminent takeover of Prebon Yamane, rival brokers are upbeat about their prospects arising from the £135 million deal. The combination of two of the six major broking firms in FX…
Japan's MoF steers clear of intervention
TOKYO – Japan's Ministry of Finance (MoF) last week revealed it has not intervened in the FX markets since mid-March – and is likely to refrain from further currency intervention for some time, said market participants.
Volatility troubles traders
High intra-day volatility is making life difficult for forex traders, says Shahab Jalinoos, senior FX strategist at ABN Amro in London
RBS is top 12m forecaster
Forecasting currency moves over a 12-month horizon is a difficult discipline. In addition to negotiating unexpected economic data, interest rate differentials and trader psychology, the successful forecaster must also contend with geopolitical risks - a…
Long-term solution for dollar/rupee liability
With the Indian rupee rising and a low federal funds rate, Amit Bansal, head of treasury at Barclays Capital in Mumbai, proposes a solution for a corporate to take advantage of the inverted swap points
ACI Congress debates future
LONDON – The European forex community gathered in London last week for the ACI European Congress hosted by ACI UK. Among the contentious issues discussed during the three-day event were operational risk, the future of the European Union and trading in…
Oil troubles yen forecasting
Yen was the most troublesome currency to forecast throughout May, as the soaring cost of oil hit oil consumer Japan’s unit – and with it, yen forecasting accuracy.
ABN Amro AM launches new currency products
AMSTERDAM – ABN Amro Asset Management (AAAM) is launching two new currency products for institutional investors and high-net-worth clients.