News
More banks set to cut back?
LONDON/NEW YORK -- The cut in headcount by banks in London and New York in recent weeks is likely to continue, said market participants.
Sterling unlikely to breach $2
LONDON -- Sterling will correct itself against the major currencies within the next few months, said analysts.
CSFB names new fixed-income sales and trading head in Japan
TOKYO -- Credit Suisse First Boston (CSFB) has named Carsten Stoehr as head of Japan fixed-income sales and trading.
Calypso looks to crack Asia
TOKYO -- Technology vendor Calypso has hired extra staff in Japan as it aims to get a foothold on the Asian market.
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.
White-labelling now a reality
White-labelling – the provision of FX liquidity and e-trading platforms by top-tier banks to their clients – has moved on in the past year to become a reality, agreed panellists at the FX Week Congress in London last week.
Intervention will not halt dollar weakness
SEOUL – The dollar's dive against Asian currencies to record lows is unlikely to be halted by large-scale intervention, according to analysts.
Euro role grows, says ECB
The euro is increasingly being used as an international currency and its place in the global markets is becoming ever more important, a European Central Bank (ECB) official told delegates at the FX Week congress in London last week.
Danske Bank's London FX at risk
COPENHAGEN – Danske Bank's planned job cuts in London are likely to hit the FX team, according to a source close to the bank in Copenhagen.
Forex liquidity crisis looms
LONDON – Top banks UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress in London last week.
Forex strategists en vogue
LONDON – FX strategists are at a premium because banks can no longer differentiate themselves on price. As a result, the recent high turnover of strategists is being driven by tighter pricing, say market sources ( FX Week , August 30).
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.
Trends are the way forward
Jessica James, director of the risk advisory group at Citigroup in London, extolled the virtues of trend and carry strategies for FX trading at the FX Week Congress in London last week.
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.
Commodities finding favour
LONDON – Commodities-related business could make up to 20 times more for FX sales desks next year compared with 2003, according to a leading market player.
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.
New RBC bullion team takes shape
LONDON – Jason Henderson is to move to London in January to head RBC Capital Markets' bullion team, which opens as a market maker on December 1.
CME expects prop trading growth
The changing shape of the FX market and of the world economy will lead to significant changes in the way foreign exchange is traded.
China eases capital outflow restrictions
HONG KONG – authorities have taken further steps that should allow greater flows in foreign exchange trading over the coming months.
CNY Barometer to monitor pressure against the yuan
HONG KONG – Standard Chartered last week launched a barometer to measure pressures on the Chinese currency.