Infrastructure
CLS builds up fund presence
NEW YORK – The fund management community are warming up to CLS, with a growing number of funds settling payment instructions over the system.
Renminbi NDFs launch in Hong Kong
HONG KONG – Retail renminbi non-deliverable forwards contracts went live last week after the Treasury Markets Forum (TMF) of Hong Kong got the nod from the original seven member banks.
SG calls time in Montreal
MONTREAL AND TORONTO – Société Générale’s investment banking arm SG CIB has closed its Montreal FX dealing room, the bank confirmed.
Asian authorities relax FX controls
SHANGHAI & HANOI – Government authorities in China and Vietnam have taken further steps towards liberalising the capital account, with a series of relaxations introduced in recent weeks.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.
The benefits of petro-dollar diversification
The latest data suggests that Opec members have not been recycling oil revenues into US assets. This implies that diversification is likely to start soon, putting the dollar under significant pressure, however the timing is still uncertain, says Ian…
CLS to corner foreign exchange market
LONDON AND NEW YORK – More than 80% of member trades will be settled by CLS in two years, according to research released this week.
Reuters opens post-trade service
LONDON – Reuters this week moves into the post-trade market with the launch of Reuters Trade Notification System (RTNS).
Measuring US dollar and prospects
Thomas Lam Tai Loong, treasury economist at United Overseas Bank (UOB) in Singapore, outlines a way of predicting dollar movement through measuring growth in the US economy
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
China to adapt in its own time
HONG KONG – China will adapt its currency regime as it sees fit. This was the central message of the keynote speech given by Frank FX Gong, chief economist for China at JP Morgan.
Hong Kong to up ante on CNY services
HONG KONG – Chief executive of Hong Kong, Donald Tsang, said the city will take steps to increase the depth of yuan banking services available.
Asian central banks increase reserve management sophistication
HONG KONG – Asian central banks who have typically been long dollar are evolving with their reserve management, according to Claudio Piron, currency strategist at JP Morgan.
CLS faces rival HKMA challenge
HONG KONG – CLS is facing a challenge from the Hong Kong Monetary Authority (HKMA), which is building its own payment settlement system to take on board an emerging markets currency.
Using a long straddle for EUR-USD participation
Armin Mekelburg, currency strategist at HVB in Munich recommends a way to take advantage of the strong swings in the eurodollar
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Yen set ‘to play catch-up’ with economy
TOKYO – The relative weakness of the yen, despite the Japanese economy’s strength, is set to end shortly, according to market observers.
FX Week comes to Asia
HONG KONG – This week sees the inaugural FX Week Asia conference in the Special Administrative Region at the Renaissance Harbour View Hotel.
Energy costs and hurricane Katrina hit currency funds
STAMFORD – Currency fund managers took a hit in August against a backdrop of high energy prices and the costly destruction caused by hurricane Katrina.