Infrastructure
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
Deutsche Bank restructuring continues
FRANKFURT -- Deutsche Bank is in the process of restructuring its FX business, with its emerging markets desk being relocated and changes being made in Asia.
Further departures at Morgan Stanley
LONDON -- Morgan Stanley’s recent FX staff exodus continued with the departure of another two in sales following two leavers last week.
Plug pulled at Centradia
LONDON -- European multibank portal Centradia has closed for business.
CMC makes landmark inroad to China
BEIJING – UK-based FX trading firm CMC Group has become the first authorised non-bank provider of foreign exchange products in China.
Currency funds taking off
LONDON & COPENHAGEN – Currency funds are coming to the fore, as more players in the FX market launch vehicles to meet investor demand.
The unitised managed assets solution
Packaging FX into a fund that retail investors can get easy access to is not straightforward, say Jan Vandendriessche, director, managed assets development, and Stephan Martinussen, senior manager, sales trading at Saxo Bank. They advocate setting up a…
Kissing with confidence is key to FX
Keep it structurally simple (Kiss), says Evan Steed, director FX options trading and sales TD Bank Financial Group. This truism is especially appropriate as the greenback faces an uncertain future and regulatory change comes to Canada
UBS win prestigious forex derivatives award
LONDON – UBS won a leading industry award as the best forex derivatives house of 2004 for its cutting edge business development work.
Further boost for Asian forex volumes
HONG KONG – Asia’s forex markets will continue to see strong activity this year as more participants pile into the asset class.
Global expansion at Hotspot FXi
SINGAPORE – Hotspot FXi has boosted its global presence by opening an office in Singapore. It also plans to set up in Chicago and to add to its staff headcount worldwide.
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
The American double-accrual forward
With expected further euro appreciation, EUR/USD forwards are trading at a premium. Here, Anna Leung, head of corporate treasury marketing at HSBC, shows a way to get access to future hedging at a lower cost
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
CLS below half of FX activity
LONDON – CLS lacks traction outside the major banks and still accounts for far less than half of all FX transactions, according to a report by the Bank of England published this week.