News
European banks' profits slide
LONDON – The huge downward move in the dollar last week came too late to help banks' third-quarter FX trading revenues.
Hantec U-turns on Refco deal
HONG KONG – Hantec Investment Holdings, a Hong Kong-based financial services company, has backtracked on an agreement to discuss licensing investment firm Refco Forex's FX trading system, RefcoFXTrader, less than two months after signing a memorandum of…
Harry Culham joins Dresdner
LONDON – Ex-Merrill Lynch FX chief Harry Culham is joining Dresdner Kleinwort Wasserstein in London to take on global FX for the bank, following the departure of Jorge Villon.
European banks' profits slide
LONDON – The huge downward move in the dollar last week came too late to help banks' third-quarter FX trading revenues.
Tech firms spread out
LONDON/NEW YORK – Two FX technology firms have moved into new offices to cope with expanding staff numbers.
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).
Prebon to take lead in Asia
SINGAPORE – Prebon Yamane looks set to take the lead in the merger with Tullett Liberty in the Asia-Pacific region, as a result of its strength in emerging markets and options, said local market participants.
BNP Paribas hires head of French sales
PARIS – Thomas Geist has joined BNP Paribas in Paris as head of FX sales to French financial institutions, reporting to Paris-based François Boisson, head of FX sales to financial institutions.
UBS link to Fenics for e-options
NEW YORK – UBS is linking broker and software vendor GFI's Fenics options pricing tool to its trading platform, FX Options Trader.
Investors invited to scale up overlay in Asia
HONG KONG – Investors in Asia could scale up the returns they are currently getting from FX overlay by investing in hedge funds, delegates at the ABN Amro Asia currency conference heard last week.
Bush win prompts dollar sell-off
NEW YORK – The re-election of President George W. Bush last week prompted a dollar sell-off, sending the euro to an all-time high just below 1.30 by close of trading on Friday (November 5).
RBS launches IAS 39 kit for corporate clients
The Royal Bank of Scotland launched a web-based IAS 39 Toolkit last week to help clients with the requirements set out by the IAS 39 accounting standard, which comes into force at the start of 2005.
New retail laws spark alarm in Japan
TOKYO – A debate is raging in Tokyo over the impact new retail FX trading laws will have on the developing market.
RBS boosts German sales staff
LONDON – Royal Bank of Scotland (RBS) is to increase the German FX sales headcount at its London office in the first quarter of 2005, in a move to expand its coverage of the region.
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.
China rate hikes boost FX volatility
CHINA – Volatility in global FX has surged amid speculation that the first rate hike by the People's Bank of China (PBOC) in almost a decade could spark a sooner-than-expected yuan revaluation, according to analysts.
Trading Technologies strikes cash forex trades deal with Hotspot FX
CHICAGO – Trading Technologies International (TT) the Chicago-based software vendor, and Hotspot FX, which operates electronic FX marketplaces, have announced that Hotspot FX will allow TT's customers to transact cash FX trades via TT's X_Trader order…
JPMC to reshuffle research group
HONG KONG – JP Morgan Chase is reorganising its Asia economics and credit & rates research teams. The move is part of a transitional phase in light of the departure of Bill Belchere, head of Asia economic research and market strategy, at the end of the…
Public sector holds back on FX
LONDON – Public sector companies may be holding back on using currency derivatives until they fully understand the implications of the new IAS 39 accounting standard, which comes into force in early 2005, and how the implications of reporting under the…
Funds repatriation bill set to pass
NEW YORK – A bill offering US companies the chance to repatriate overseas earnings at a hugely discounted tax rate is set to be signed into law in the next week – much sooner than previous estimates, said analysts.