Articles by FX Markets Staff
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.
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.
Fairex eyes Chinese banks
SHANGHAI – Singapore-based e-FX technology vendor, Fairex International Financial Systems, is trying to win more bank clients in China through a new scheme set up by the Singapore government.
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.
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).
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
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
Zar Amrolia back at Deutsche Bank
LONDON – Zar Amrolia, the former global head of FX sales at Goldman Sachs, rejoined Deutsche Bank in London last Monday (April 19) to run global FX and commodities bank sales and FX global liquidity services, including FX e-commerce. He reports to Dan…
Corporates seek returns from structured FX
LONDON – Corporate clients are increasingly turning to FX structured products, as low short-term interest rates force them to seek returns elsewhere.
Synthesis takes Saxo for cross-product e-trading
GENEVA – Swiss private bank Synthesis Bank has launched a cross-product trading tool, Synthesis Trading Floor – a version of Saxo Bank’s SaxoTrader platform.
FXall upgrades fault tolerance
NEW YORK – Multi-bank trading portal FXall is set to deploy the latest version of Sonic Software’s messaging middleware by the end of June, to upgrade remote communication and trading support for its sell-side client banks.
Westpac reorgs management
SYDNEY – Westpac has named two joint heads of FX in Sydney after former head of FX Ian MacGougan transferred to another role within the bank’s financial markets group.
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.
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.
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.
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.
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.
Barclays sets cap at Boston
BOSTON – Barclays Capital has raided Goldman Sachs’ sales team to recruit regional US dealers for a new institutional sales office in Boston.
UK banks advised to delay Basel compliance
LONDON -- UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
LBBW joins 360T with Cognotec
STUTTGART -- Germany’s sixth largest bank, Landesbank Baden-Württemberg (LBBW), has joined European multi-bank, multi-asset class trading platform 360T to offer its clients a wider electronic FX service.
Cashing in on Asia
Asian FX offers abundant opportunities to make money over the next few months. Mike Newton (right), regional FX strategist, HSBC global markets in Hong Kong, suggests potential trade ideas to make the most of the markets