Articles by FX Markets Staff
Value strategies decline in October
LONDON – Currency managers using value strategies are likely to have had a weak month in October according to results of a naive currency management simulation by ABN Amro.
Trading places
BMo in capital markets rejigBank of Montreal (BMo) in Toronto has undergone a major restructure in capital markets at senior level following the retirement of its head, David Hyma.
Changes to Travelex board
LONDON – Foreign exchange specialist Travelex has announced changes to its board, with the appointment of a new executive chairman, group chief executive and chief financial officer.
BNP to target real-money sales in 2006
LONDON – BNP Paribas is to invest heavily in the real-money space early next year, as it looks to gain traction in an area where the bank has so far had limited presence.
Refco’s demise aids competitors
LONDON – The black cloud of Refco’s demise is proving a valuable silver lining for other players in the field.
Currency product ‘growth to continue’
LONDON – Demand for currency-linked structured products is set to continue into next year, according to market participants who have already posted strong sales this year.
European banks up in third quarter
ZURICH, AMSTERDAM & FRANKFURT – European banks have had a strong third quarter in foreign exchange, with many up substantially over the same period last year.
FX next big thing for algorithmic trading
LONDON – FX is set to be the most actively traded asset class using algorithms, according to an audience at an event on the subject held last week.
SG calls time in Montreal
MONTREAL AND TORONTO – Société Générale’s investment banking arm SG CIB has closed its Montreal FX dealing room, the bank confirmed.
IAS 39 sparks hedging concerns
LONDON – Accounting rule IAS 39 is causing distortions between economic reality and financial reporting, with rules regarding the use of derivatives likely to impede companies.
Focus on rates
With interest rates in the spotlight, Cyril Beuzit, global head of interest rate strategy at BNP Paribas in London, discusses what to expect next
Hedge funds lose their shine
A trader at a German bank in London said the “mental bubble” traders had when considering the merits of joining a hedge fund has burst.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
GFI completes FX options desk restructuring in Asia
SINGAPORE – GFI has completed the reorganisation of its FX options desks in Asia, after hiring a five-strong FX options team from Tullett Prebon in July.
City salaries follow firm upward growth pattern
LONDON – Senior-level salaries in the City experienced an increase of 9.2% on the previous year, while average salaries have risen by 7%, according to research from recruitment firm Morgan McKinley.
CIBC reorg sparks departure
TORONTO – The Canadian Imperial Bank of Commerce (CIBC) has undergone an internal restructure in its foreign exchange team, which has resulted in one senior departure.
Inflation targeting on the way
Royal Bank of Canada’s London-based senior emerging markets strategist, Tania Kotsos (right), looks at the potential impact of Ben Bernanke replacing Alan Greenspan as Fed Governor
PBoC and BI sign swap deal
BEIJING & JAKARTA – The People’s Bank of China (PBoC) and Bank Indonesia (BI) have signed a second bilateral swap agreement (BSA) worth up to $2 billion under the Chiang Mai Initiative (CMI).
Global change at DrKW
LONDON & SINGAPORE – Dresdner Kleinwort Wasserstein’s (DrKW) global forex strategy team is undergoing a realignment.
Reuters revenues up third successive quarter
LONDON – Global news and information provider Reuters has reported third-quarter revenues of £611 million, up 8% on the £566 million for the same period last year.
The benefits of petro-dollar diversification
The latest data suggests that Opec members have not been recycling oil revenues into US assets. This implies that diversification is likely to start soon, putting the dollar under significant pressure, however the timing is still uncertain, says Ian…
Consolidation continues in FX
NEW YORK – A further sign of the consolidation of the foreign exchange industry emerged last week, with a survey revealing that just under half of North America’s spot FX market is held among a handful of dealers.
Currenex and Traiana build API
NEW YORK & CHICAGO – Online trading platform Currenex and technology vendor Traiana have established an application programming interface (API) between their platforms to automate and streamline order processing for prime brokers trading forex over…