Articles by FX Markets Staff
The new wave
Paul Caplin, chief executive at Caplin Systems in London, discusses the application of Web 2.0 for foreign exchange trading
CBA reshuffles forex
SYDNEY - The Commonwealth Bank of Australia (CBA) has made two key hires for its foreign exchange trading team in Sydney and has restructured its global sales group.
BOC acts to curb RMB speculative buying
HONG KONG - Bank of China, the only clearing bank for Chinese renminbi foreign exchange transactions in Hong Kong, raised the cost of converting the Hong Kong dollar to renminbi last Wednesday (May 7).
Saxo in $18.8m acquisition
SYDNEY - Saxo Bank is expanding its footprint in the Asia-Pacific region, with plans to acquire a 35% stake in Sydney-based broker Tricom.
Czech forex volumes double in six months
PRAGUE - The credit crisis led to a sharp rise in Czech koruna forwards and foreign exchange swaps volumes in April, according to statistics released last week.
UBS removes US mortgages from VaR
ZURICH - UBS has announced a change to its risk measurement techniques: exposures to US mortgages are no longer included in its daily calculations of value at risk (VaR).
StanChart moves Africa FX team to Dubai hub
LONDON & DUBAI - Standard Chartered is moving its offshore African foreign exchange trading desk from London to Dubai, as it continues to build operations in the Middle East.
BoA names global sales head
SINGAPORE & NEW YORK - Bank of America (BoA) has appointed a new global head of currency sales, over a month after the announced departure of former foreign exchange sales chief Bob Gotelli.
Efficient correlation
Marc Chandler, chief currency strategist at Brown Brothers Harriman in New York, shows how a study of correlations can reveal valuable information about the shifting relationship between global currencies
JP Morgan chases commodities in Asia
HONG KONG & SINGAPORE - JP Morgan has hired Oral Dawe from rival Goldman Sachs as its chief executive of Asia-Pacific commodities. Dawe was previously co-head of commodities for Asia alongside Allan Marson at Goldman Sachs. Marson is now the sole head of…
Asia's CMI prepared for crisis
MADRID - East Asian finance ministers agreed last week (May 5) to create a currency swap scheme of $80 billion in preparation for the possibility of a regional financial crisis.
Exchange-traded forex volumes up 41% in April
CHICAGO & NEW YORK - CME Group foreign exchange volume averaged 613,000 contracts a day for the month of April, up 41% on the same month last year. Average daily volumes for FX contracts in the three-month period ending April were also the highest…
Merrill steals two traders from BoA
NEW YORK & LONDON - Merrill Lynch has hired David Catalan and Lee Cantor, two former currency options traders at Bank of America (BoA) in New York.
Systematic managers profit from volatile March
STAMFORD, CT - Rules-based currency managers outperformed their discretionary peers in March, amid volatility at levels not seen since the bailout of hedge fund Long Term Capital Management (LTCM) in 1998.
Credit Suisse names global head of forex
NEW YORK - Credit Suisse has made Steve Yanez head of its global foreign exchange business in New York as of May 1.
Short volatility strategies best earners in April
LONDON - A short volatility strategy would have gained currency managers the highest returns in April, according to strategy research carried out by ABN Amro.
New governor overhauls South Korea's FSS
SEOUL - Kim Jong Chang, the new governor of South Korea's Financial Supervisory Service (FSS), has initiated a shake-up of the financial regulator aimed at cutting bureaucracy, streamlining operations and attracting talent from the private sector.
Canada's Toronto Dominion goes live with Digitec D-3 pricing engine
HAMBURG & TORONTO - Toronto Dominion (TD) is set to use Digitec's D-3 pricing engine to calculate foreign exchange forward prices, the bank said.
BarCap offers retail white-label service
LONDON - Barclays Capital is breaking into the mass and private wealth management markets for foreign exchange with the launch of a white-label margin FX trading service called Barx White Label for Private Investors.
GCC currency pairs live on ACM
GENEVA - Six new Gulf Co-operation Council (GCC) currency pairs are now available to traders on Geneva-based online currency trading platform AC Markets (ACM).
UniCredit hires Craven to drive Asia expansion
HONG KONG - UniCredit has hired Joe Craven to head the bank's fixed-income, currencies and commodities (FICC) sales and trading business in Asia.
HSBC expands single-bank platform's reach
LONDON - HSBC is expanding its foreign exchange presence in southern and eastern Europe and the Middle East by rolling out its single-bank platform HSBCnet FX and MM Trading locally.