Infrastructure
Opec turns its back on dollar
BASEL – Opec members have been reducing US dollar exposure in favour of the euro over the past three years, according to statistics released by the Bank for International Settlement (BIS) last week.
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Soft knock-in knock-out forward
The soft knock-in knock-out forward presents a new way to look at knock-ins and knock-outs, taking away the negative impact of untimely barrier events says Enrico Ferrante, senior structurer at Calyon in Paris
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Congress clips
The continuous-linked settlement (CLS) service for settling foreign exchange trades announced the launch date for the next group of currencies to join the service.
Dynamic hedging strategies in Turkish lira
Emerging markets options offer the benefit of extreme differences in implied volatility and interest rate differentials. Here, James Davison, FX derivatives marketer at ABN Amro in London, outlines how corporate clients can see the benefits investors…
Forex appeal set to continue
Foreign exchange is likely to continue to appeal to investors as an asset class, as a result of its liquid and transparent markets and the trading opportunities it offers, said Daniel Szor, managing director of currency firm FX Concepts in Paris.
SsiSearch's CLS Listing Rule hits the market
LONDON – Authenticated reference data firm SSiSearch goes live with its Listing Rule next Monday (December 6).
New patents from Currenex and TraderTools
LONDON – Software vendor Currenex has announced two new patents on its technology platform to promote and protect its operations.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
Protecting against losses while making gains
Given the rapid, one-way move in the Canadian dollar (CAD), many hedgers who are short CAD are looking for innovative hedging ideas. John McAuliffe, manager, US FX options sales at the Bank of Montreal in Chicago, suggests some options
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
Banks review yuan reval forecasts
BEIJING – Some bank analysts have brought forward their expectations of regime change in the Chinese yuan, following the rate hike by the People's Bank of China late last month.
Refco chooses RBS as prime broker for FX
NEW YORK – Futures broker Refco Capital Markets (RCM) has dropped Canadian Imperial Bank of Commerce as its prime broker for foreign exchange in favour of Royal Bank of Scotland (RBS).
Russian derivatives legislation stalls
MOSCOW – Efforts to fast-track the introduction of new legislation in Russia to provide legal certainty for derivatives contracts appear to have failed since a hearing on the subject at the Russian Federation state duma on September 27.
Prime brokerage best for individual investors
Individuals who want to trade FX may find a prime broker will promote confidentiality, cut out settlement difficulties and help resolve credit issues, says Peter Wakefield, MD of research and product development at Record Currency Management in the UK
Canadians join State Street's e-commerce settlement service
BOSTON – State Street Global Markets signed up the big five Canadian banks to its settlement and confirmation matching tool for FX last week.
Shock job losses at Tullett
Tullett Liberty's forwards desk loses as merger with Prebon completes LONDON – Tullett Liberty has suffered a surprise defeat in the integration of its forex business with that of rival Prebon Yamane. Broking sources in London say Tullett's FX forwards…
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.
SIBOS 2004
CLS rules the roost at Sibos
Indian forex settlement service joins CLS
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) will go live on CLS on October 23.
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.