Articles by FX Markets Staff
Davidson gets key BoA role
NEW YORK - Cameron Davidson has been appointed head of global currencies sales at the merged Bank of America (BoA)/Merrill Lynch entity, the bank has confirmed.
Forex turnover slumps in Sweden
STOCKHOLM - Turnover slumped 14% in the Swedish foreign exchange markets in November compared with the same month last year, according to the country's central bank.
GBP fall sparks volume rise
LONDON - The pound's fall to record levels against the euro last week sparked unseasonal trading in the foreign exchange markets, say traders.
CFTC fines OTC traders $12m
WASHINGTON, DC - The Commodity Futures Trading Commission (CFTC) will secure $12 million in penalties from three traders and their six businesses for an over-the-counter forex options scam.
Departures continue at ABN/RBS
SINGAPORE & LONDON - David Dredge, head of local markets trading at ABN Amro in Singapore, has left the bank, sources tell FX Week .
Credit Suisse cuts rates teams in Asia, but FX safe
HONG KONG - Credit Suisse began cutting its work force in Hong Kong last Wednesday, primarily hitting credit and equities structuring, but sources say rates teams in the city were also affected.
Portlock new spot FX chief at WestLB
DUSSELDORF - WestLB appointed Mark Portlock global head of spot foreign exchange last Thursday, following the decision by Dan Jones, head of FX and commodities trading for liquid markets, to leave the bank.
The return of PPP
The rapid fall of currencies against the US dollar is restoring balance to the currency markets, as stability in purchasing power parity (PPP) returns, says Margaret Kempner, currency strategist at Brown Brothers Harriman
HSBC offers Islamic FX options in London
LONDON - HSBC is now dealing in sharia-compliant plain vanilla foreign exchange options from London, in response to growing global demand for the product.
Strong Q3 for FX derivatives
BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).
Counterparty risk is driving industry change
The question of counterparty risk is leading to some significant changes in the foreign exchange business, chiefly in introducing innovative ways to manage this risk.
Forex forwards bounce back as year ends
LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.
New EUR/ISK domestic pair launches
REYKJAVIK - Thomson Reuters is set to list a new currency pair, EUR/ISK Domestic, on the Spot Matching System in January to support trading between Icelandic banks onshore.
Kelly ends short stint at Deutsche
LONDON - Connor Kelly has left Deutsche Bank less than six months after being poached from US rival Goldman Sachs.
Dresdner heads to get key roles post-merger
LONDON - Dresdner Kleinwort employees will be handed key roles in the fixed-income division in London once the bank's merger with Commerzbank is complete.
Yen rally leaves traders short
TOKYO - The value of retail trading accounts at FXOnline Japan fell by 75% between July and October, as the yen rally caused losses in short yen positions.
JPM axes in London FX
LONDON - JP Morgan made cuts to its foreign exchange team in London last week, according to market sources.
Currency strategy success continues
LONDON - The reversal of fortunes for currency managers continued in November, with all but those employing carry strategies generating positive returns, said the Royal Bank of Scotland (RBS).
Futures look bright for Ice
ATLANTA - The Intercontinental-Exchange (Ice) Millions FX futures contracts have traded at an average daily volume of $350 million since launch a month ago, according to the Atlanta-based exchange.
A licence to deal
Experienced traders and other market professionals agree, the current market conditions and environment are unique - the government effectively having to shore up the balance sheets of some of the best-known and well-established banking institutions by…
Retail FX: the light at the end of the tunnel?
Retail foreign exchange continues to be a beacon of light for wholesale FX banks, as they push ahead with plans to expand initiatives into next year.