Trading
Alternative hedging for European exporters
European exporters could use major currencies’ volatility and liquidity to manage euro appreciation against emerging markets currencies, says Christine Lefort, global head of the structuring and marketing desk at Credit Agricole Indosuez in Paris
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
China’s regulator publishes new derivatives guidelines
BEIJING -- The publication of China’s long-awaited derivatives regulations has moved a step closer, following the release of new draft guidelines by the country’s regulator, the China Banking Regulatory Commission (CBRC).
Dollar weakness to continue into 2004
Dollar weakness can be expected for many months to come and could continue even longer than first anticipated, says Michael Rosenberg, global head of FX research at Deutsche Bank in New York
FSA warns of treasury management flaws
LONDON -- The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
ABN Amro’s new strategy products
SINGAPORE -- ABN Amro launched a new global FX research publication in Singapore last week.
NFA suspends California FX firm
CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.
‘Extendible forward plus strategy’ for corporates with sterling exposures
Barclays Capital’s senior FX structurer, Ben McMillan, suggests an ‘extendible forward plus’ strategy to enable a corporate with a stream of sterling receipts to lock in an enhanced minimum cable rate but participate in any further moves to the upside
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Hantec’s online platform turns Japanese
HONG KONG -- Hong Kong trading firm Hantec International has gone live with a Japanese version of its online FX brokerage platform. "It’s very important for people to be able to use the platform in their native language," said Nelson Ho, project co…
Forex TV live with Saxo and MNI content
NEW YORK -- Forex Television, a joint venture between RDC Bancorp and eTV-Media, has integrated automated FX news and analysis feeds from Saxo Bank in Copenhagen and Market News International (MNI) in New York, officials at eTV-Media told FX Week .
CMC expects major growth in Asia-Pacific FX business
SYDNEY -- Online foreign exchange service provider Currency Management Corporation (CMC) expects to double the number of customers for its FX trading services in the Asia-Pacific by June 2004, according to a senior official at the firm.
MoF/BoJ re-enter FX market
The continuing weak economy and the growth differential between the US and Japan will become more pronounced over the course of this month, allowing the dollar/yen to regain the 115 level, say FX strategists Lauren Germain (right) and Uwe Parpart at Bank…
Philippines SEC drafts FX reporting guidelines
PHILIPPINES -- The Philippines’ Securities and Exchange Commission (SEC) last week announced draft guidelines on the preparation of foreign currency-denominated financial statements for corporations in the country.
Currency option hedging for gold producers
Bill Nagl, Sydney-based head of ANZ Investment Bank’s consultative risk management group, looks at how Australian gold companies can hedge against a strong Aussie dollar
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
US pressure to bring ‘freer markets’
NEW YORK -- Active engagement between the US, China and other countries is leading towards freer markets, said John Taylor, treasury undersecretary for international affairs, last week.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
New fund taps computational trade models
MASSACHUSETTS -- US-based online futures commission merchant FX Solutions is set to launch a managed currency fund next week based on newly developed computational trading models, senior officials told FX Week .