News
TradeFX lands sell-side backers
NEW YORK – TradingScreen is launching a hosted FX transaction connectivity service, which has already got the support of several sell-side firms, according to the vendor.
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.
Reserve Bank of India calls for more disclosure
MUMBAI – Governor of the Reserve Bank of India, Yaga Venugopal Reddy, wants to see more corporates disclose their FX and derivatives disclosure.
JP Morgan signs Rabo
LONDON AND NEW YORK – Rabobank has selected JP Morgan as its global clearing services provider for US dollar cash and securities transactions, as it looks to expand its US dollar business.
Cameron Fix for market data
LONDON & NEW YORK – Cameron Systems has developed the Cameron Fix Market Data Server to carry market data on FX, equities and fixed income, among others, to clients over the Fix messaging protocol.
Barclays Capital gains and loses
LONDON – Barclays Capital has lost staff in London but gained in Asia.
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.
Panelists advise Bush on China
HONG KONG – Panelists were put in the shoes of Jon Snow, US Treasury secretary, in the lively session chaired by Ray McKenzie, head of FX at the Chicago Mercantile Exchange.
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.
Rouble set to surge as restrictions relaxed
MOSCOW – Russia is likely to see a surge in rouble trading as restrictions are relaxed, according to market players.
Gold gains shine for FX desks
LONDON – Increased buy-side buying of gold, as an alternative to currency reserves, is likely to prompt more banks to move their precious metals business under the FX remit, say market participants.
China joins forex community
BEIJING – Large-scale FX trading is coming to the Chinese market, with EBS linking to three major state-owned banks in the country.
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 .
BEA gains RMB permission
HONG KONG – Hong Kong-based Bank of East Asia (BEA) received approval to offer RMB services at its Beijing branch from the China Banking Regulatory Commission (CBRC).
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.
Forex structurers in demand
LONDON and NEW YORK – Structurers are in demand across different markets as FX desks look to build higher margins, according to market participants.
Rupee boosted by potential RBI intervention
MUMBAI – Comments from an official at India’s central bank have sparked speculation that it is set to intervene to protect its currency, providing a brief boost for the rupee last week.
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.