Articles by FX Markets Staff
Icap enters electronic futures fray
LONDON -- UK-based inter-dealer broker Icap will start electronic trading of exchange-listed futures contracts on its BrokerTec platform by the beginning of the fourth quarter.
Desperately seeking analysts
LONDON -- Royal Bank of Canada, Westpac, ANZ and JP Morgan Fleming are all seeking to recruit senior currency analysts in London, as a flurry of activity has left several banks stretched to provide European FX market coverage.
ABN Amro takes Indover onto CLS
AMSTERDAM -- ABN Amro has taken Indover Bank onto the continuous-linked settlement (CLS) service for FX, as the first Dutch third party on the service. Indover’s Hong Kong branch is also signed up to become a fourth-party user via Indover in Amsterdam.
Japan’s FSA issues action against JPMC
TOKYO -- Japan’s Financial Services Agency (FSA) has issued an administrative action against the Tokyo branch of JP Morgan Chase, requesting it improve its compliance and internal controls. JP Morgan Chase is requested to "submit the Business Improvement…
The average rate fadeout forward
An average rate fadeout forward may help a European corporate lock in protection on its US earnings, says Federico Gilly, executive director, FX strategies at Goldman Sachs in London
BoA revenues dwarf merger partner’s
CHARLOTTE -- Bank of America’s purchase of FleetBoston Financial in late March is unlikely to bring much to its FX revenues, according to financial results published last week.
JPMC fund trio make £55m
LONDON -- Three FX and fixed-income specialists who left JP Morgan Chase to set up a hedge fund have made profits of more than £55 million ($100 million) in their first year.
SunGard buys out Derivatech
STOCKHOLM -- Front Capital Systems, the Swedish subsidiary of SunGard, has bought FX options software vendor Derivatech, the firm will announce today (April 5). The purchase, for an undisclosed sum, was completed in the last two weeks to build the Front…
CS steps into fifth place for forex revenues
ZURICH -- Credit Suisse Group published its FX trading results last week, taking the bank to fifth position in FX Week ’s yearly revenues ranking, based on banks’ announced results so far this year.
UK salaries outpace Wall St
LONDON -- UK forex dealers fared better than their US counterparts this year, seeing a rise of about 20% in their bonus payouts on the back of volatility and continued dollar weakness, according to research made public by City recruitment firm Napier…
ACI issues reminder on funds
PARIS -- Industry body ACI last week issued a reminder of its recommendations on overpaid funds.
Rand to join CLS in Q4
NEW YORK -- South African rand trades will be eligible for settlement on the continuous-linked settlement service (CLS) for foreign exchange by the end of the year.
BarCap loses three in institutional sales
LONDON -- Barclays Capital lost three institutional FX sales dealers in London last week, a source close to the bank confirmed.
ScotPower’s £400m dollar hedging boon
Glasgow -- International energy firm ScottishPower has made £400 million ($728 million) from hedging its US dollar revenues, it said last week.
No ringgit peg change
KUALA LUMPUR -- New FX regulations introduced in Malaysia on April 1 may herald further economic liberalisation, but that does not mean the ringgit’s peg to the US dollar will be relaxed soon, analysts in Asia told FX Week .
IFX hires futures desk head
LONDON -- London-based financial trading and spread-betting firm IFX is expanding its FX futures business, with the hire of a new head of desk.
Why the US current account still matters
Is the market’s new-found obsession with portfolio flows data justified in assessing the US dollar? asks Adam Cole, senior FX strategist at Credit Agricole Indosuez in London
JPMC expands in electronic FX
LONDON -- JP Morgan Chase has hired three staff for its FX e-commerce business in London over recent weeks, a spokesperson told FX Week .
IAS39 amended for macro hedging
LONDON -- The International Accounting Standards Board (IASB) last week announced an amendment to IAS39 to aid the use of macro hedging.