Articles by FX Markets Staff
Canadian dollar reaches record highs
OTTAWA – The Canadian dollar rose to record highs last week, amid better than expected growth leading to anticipation of interest rate rises.
UK comfortably leads the forex pack, report finds
LONDON – The UK continues to dwarf the US and Japan in its global share of FX transactions, according to a report by UK financial services promoter International Financial Services London (IFSL).
Forex traders face greater pressure from e-trading
LONDON – The surge in electronic trading and advances in derivatives structuring is putting greater demands on FX traders, say market participants.
Reaction to China’s wider trading band
In the week after China’s triple response on monetary policy, sentiment on the groundis confident, according to two experts at JP Morgan in Singapore: David Fernandez,head of emerging Asian economic research, and Claudio Piron, head of Asian FX research
CFTC charges Florida firm with FX options fraud
The Commodity Futures Trading Commission last week (May 25) charged Addison Enterprise with illegally selling FX options and defrauding customers.
NFA suspends two FX FCM principals
The National Futures Association (NFA) has suspended the membership of two FX futures commission merchant (FCM) principals.
Progress offers algo platform as a customised
BEDFORD, MASSACHUSETTS – Progress Software Corporation has packaged its Apama algorithmic trading platform for sell-side banks to offer as a complete web-based service to buy-side clients.
EBS puts key stations in front of buy side
LONDON – Interdealer broker Icap is to begin piloting an extension to EBS Prime, to enable manual keyboard access to the EBS platform for the buy side in coming weeks.
FXCM: tough questions for Deutsche
The fact that four banks have shown interest in acquiring a 35% stake in online currency trading platform FXCM has led many to question what this means for Deutsche Bank, which is understood not to be bidding for FXCM despite the white-label deal for…
Algorithmic trading:the race for better value
The rocketing popularity of algo trading is examined byMark Akass, chief technology officer of BT Global Financial Services
UniCredit strengthens forex in London and New York
LONDON & NEW YORK – UniCredit has strengthened its selling power by making additional FX sales hires in two areas.
Credit Suisse expands asset management coverage
LONDON – Credit Suisse has made three senior London-based hires, in a continued push to grow its institutional distribution efforts.
GCC currency uncertain after Kuwait abandons dollar peg
SAFAT, KUWAIT – The decision to abandon the Kuwaiti dinar’s peg to the US dollar in favour of a basket of major currencies has brought into question plans to introduce a single currency for the six Gulf Cooperation Council (GCC) states.
EBS acquisition drives Icap results
LONDON – Interdealer broker Icap’s profits for the year ending March 31 rose 11%, largely on the back of last year’s acquisition of electronic broker EBS.
Man Financial takes on TwoFour
WHITE PLAINS, NEW YORK – Broker Man Financial has licensed technology vendor TwoFour’s trade processing tool for its European and US treasury operations.
Trading Places
HSBC, Joseph De Feo, Merril, Nixon, Citi, Bear Sterns, Credit Suisse, Calyon, RZB, WestLB, ANZ, CMC
Lehman set to capitalise on FXCM
LONDON & NEW YORK – Lehman Brothers is in the running to acquire a 35% stake in online currency trading platform FXCM, FX Week has learned.
Survey reveals forex risk as a major concern
EDINBURGH – The majority of corporate treasurers view FX risk as their biggest concern, according to a survey released earlier this month.
Credit Agricole and Macquarie post mixed results
PARIS & SYDNEY – Credit Agricole and Macquarie Bank posted differing results earlier this month, with the former experiencing buoyant gains in its FX business, the latter a decline.
Japan volumes breach symbolic barrier
TOKYO – Retail margin trading volumes in Japan hit ¥109 trillion ($896 billion) in the first quarter, smashing the symbolic ¥100 trillion mark for the first time, the Financial Futures Association of Japan said last week.
BIS review reveals slowing growth in OTC derivatives
BASEL – Growth in over-the-counter FX derivatives slowed in the second half of 2006, rising only 5% versus 21% in the first half of the year, according to research released last week.
Lehman set to capitalise on FXCM
LONDON & NEW YORK – Lehman Brothers is in the running to acquire a 35% stake in online currency trading platform FXCM, FX Week has learned.