Trading
Commodities drive client FX
LONDON – Banks are reporting growing business from clients needing structured FX and commodities solutions. The growth of commodity trading adviser (CTA), private banking, hedging and investor interest in FX is helping to boost demand, said bankers in…
What is oil telling us?
The high cost of oil in the US may hit the dollar hard in Q4, says John Taylor, chief investment officer at overlay manager FX Concepts in New York
NAB options desk "open again"
MELBOURNE – National Australia Bank (NAB) has resumed limited trading in currency options, as an April 30 deadline to amend its shortcomings passed last week.
Bank rivalry in treasury opens clients’ credit lines
GREENWICH, CT – Increased competition for treasury management business among banks is making credit more easily available to global corporates and institutions, according to new research published last week.
ERM smooth says HKMA
HONG KONG – Hong Kong’s linked exchange rate mechanism worked "smoothly" last year, although the Hong Kong dollar strengthened "markedly" in Q4, the Hong Kong Monetary Authority (HKMA) said last week.
CME FX up 50%
CHICAGO – The Chicago Mercantile Exchange last week said FX volumes were up 50% year-on-year in Q1 to 188,000 rounds per day, while revenues for forex rose 43% to $21 million.
Political upheaval nears the endgame
The next two to six weeks in Poland will be very important for the medium-term outlook of the Polish zloty and indeed the entire country, says Daniel Katzive, FX strategist at UBS in New York
An average rate option to protect the budget
As euro/dollar continues its descent, Rabobank’s corporate sales desk in Utrecht suggests one way for European corporates to profit from the move
Corporates and banks still behind on IAS 39
LONDON – With the January 2005 implementation date for accounting standard IAS 39 fast approaching, corporates and financial institutions are still behind in their preparation, according to a recent survey carried out by Reuters and FX Week ’s sister…
ACI expects 1,200 delegates in London
LONDON – Forex industry body ACI is expecting 1,200 attendees for the European congress in London later this month, said Robin Poynder, chairman of the congress organising committee.
ABN Amro Q1 figures show return to form in forex
AMSTERDAM – ABN Amro has seen a return to form in forex, with a year-on-year rise of 47% in its Q1 FX dealing income, published last week.
Martin Wiedmann leaves UBS
ZURICH – The departure of Martin Wiedmann from UBS in Zurich last week sparked a guessing game among his peers over which bank he is set to join.
Kemp takes FX helm at Merrill
NEW YORK – Morgan Stanley FX chief Stephen Kemp is set to take on the continued build-up of Merrill Lynch’s forex business, following the resignation of co-head of global FX and rates Michael DeSa.
News and research firms set to diversify
NEW YORK – News and research firms are looking to diversify their offerings following the recent take-over of currency analysis firm MMS by publishing group Informa Global Markets, said officials.
Volatility helps Reuters return to growth
LONDON – Renewed marketing efforts and continued volatility in the FX market led to a return to growth for Reuters’ dealing business in the first quarter despite fierce competition from EBS and Bloomberg, it said last week.
China hints strongly at yuan peg change
BEIJING – China last week gave its strongest hint yet that the yuan’s peg to the US dollar could be altered sooner rather than later.
Banks draw EU25 battle plans
LONDON – Euro convergence may yet be years away for the 10 new member states joining the European Union (EU) this weekend, but far-sighted banks and brokers are already drawing up their FX battle plans for the new Europe.
RBI under scrutiny as rupee rises
A recent surge in the rupee is prompting debate about the Reserve Bank of India’s (RBI) forex policy, says Peter Redward at Deutsche Bank in Singapore
How to slash currency conversion rates
A Dual Currency Accumulator Note enables investors to convert currencies at a better rate than would be available in the cash market, writes Andy Kaufmann, head of FX structured products, EMEA, at Merrill Lynch
Central counterparty clearing on the way
LONDON – LCH.Clearnet is planning to launch the first central counterparty clearing service for foreign exchange, in a move that could challenge the role of continuous-linked settlement (CLS).
HSBC names new London chief
LONDON -- HSBC will have a new head of European and Middle Eastern FX in London in early May, when Andrew Brown transfers from Hong Kong to take on the key role.
Time is right for early barrier forwards
The high level of volatility in the market makes this an opportune time for corporates to use early barrier forwards to hedge cable risk, says Barclays Capital’s senior FX structurer in London, James Edwards
Ex-MMS analysts set up new research firm
NEW YORK -- A group of former MMS analysis staff are launching a new real-time advisory service today (April 19) for FX, fixed income and economic news.
