FX Markets - Vol 15 No 37
Articles in this issue
Sun Platinum pays $40 million penalty
WASHINGTON – FX trading firm Sun Platinum was last week ordered to pay $40 million in civil penalties and restitution to customers, after a US district court entered a default judgment against the firm.
SG to name global FX head
LONDON – Dominick Errichetti is set to take on global responsibility for foreign exchange at SG Corporate and Investment Banking (SG CIB) in New York, according to sources close to the bank.
Non-bank players take the lead
Analysts at banks are lagging behind in FX forecasting, according to the Currency Forecasts Index. Trading firms are in both top spots on the year-to-date index, while research firm 4Cast is this week's best three-month forecaster.
HSBC launches charting package on FXall
LONDON – HSBC has launched a free online FX charting package on multi-bank portal FXall's website, covering 15 major cross rates. The service, fxcharting@hsbc, is white-labelled from UK-based charting provider TraderMade.
Ringgit revaluation looms
A change in the Malaysian ringgit's peg to the dollar is likely, despite the Malaysian authorities' protestations that this will not happen, says David Mann, Standard Chartered's senior FX strategist in London
Asian currencies bounce back after price hit
HONG KONG – Asian currencies have bounced back after taking a hit from the high price of raw materials, particularly oil, in recent weeks.
FX policy has worked, says RBA
CANBERRA – The Reserve Bank of Australia (RBA) has succeeded in its aim of stabilising the Australian dollar through intervention in the currency markets, it said last week.
Citi reorgs senior management
LONDON – Citigroup has set up a new products and services group for foreign exchange, as part of a sweeping reorganisation of senior management.
Mellon takes Citi VP
LONDON – Mellon Bank has expanded its European asset manager FX sales desk in London with the hire of Ben Holder from Citigroup.
Hedge funds to rethink strategy
LONDON – Large numbers of hedge funds drawn to the FX market over the past year are likely to modify trend-driven FX trading, after being stung by heavy losses this year.
Townsend links with three FX firms
CHICAGO – Clients of trading technology and analytics vendor Townsend Analytics will soon be able to trade with three specialist FX trading firms via Townsend's RealTick Platform, the firm announced this month.
Saxo to stream deep prices
COPENHAGEN – Denmark's Saxo Bank will make a streaming feed of executable foreign exchange prices available to clients in off-market order sizes later this year.
DrKW hires former Merrill boss
LONDON – Dresdner Kleinwort Wasserstein has hired Steve Bellotti, a former FX trading and sales head at Merrill Lynch, to become its new global head of capital markets in London.
China adds two more onshore-trading banks
BEIJING – Two more banks have won approval to trade onshore derivatives in China, as the country continues opening up to foreign institutions.
Preparing for a break from range trading
Markets have been fairly flat over recent months. How can options traders make the most of this, and how should they prepare for a break from range? By Cornelius Luca, FX Concepts' New York-based head of client advisory for the Americas
