News
Swapstream raises quote sizes
LONDON – The four banks making markets on Swapstream – ABN Amro, Commerzbank, Dresdner Kleinwort Wasserstein and HVB Group – have raised quote sizes on the electronic interest rate swaps trading platform from around e100 million to e200 million apiece.
China and India to halt repatriate flow to US
HONG KONG – Massive investment opportunities in China and India may help Asia withstand a flood of currency repatriation back to the US in the wake of new tax bill the Homeland Investment Act.
UFJ’s FX in peril post-merger
TOKYO – It has only been a matter of weeks since UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG) announced the start of discussions over management integration. But analysts are already speculating over the potential impact the merger of the two…
Dollar vol could be back
LONDON – The global currency markets could be in for a bout of unseasonal volatility and trading activity if the US dollar breaks through its recent range against the euro, traders said last week.
SocGen using JRisk for forex options
LONDON – Société Générale is now using JRisk, a trading and risk management platform from Application Networks, to support its FX options business. The French bank began implementing the technology last July. Users are spread across the bank’s Paris, New…
Calyon adds four in options
LONDON – Calyon has made four hires to its global FX options trading team in New York and London, said Derek Sammann, global head of FX options at Calyon in London.
HKMA rules out Basel II AMA approach
HONG KONG – Hong Kong's banking regulator, the Hong Kong Monetary Authority (HKMA), will not allow the territory's banks to use the advanced measurement approach (AMA) for measuring operational risk when Basel II is implemented from the end of 2006.
CME volumes and income up by a third
CHICAGO – The Chicago Mercantile Exchange (CME) last week reported record volumes and revenues for the second quarter, with average daily forex volume up 28% to $176,000 compared with $137,000 in Q2 2003.
AIB repays e 26m for overcharging
Customers to be repaid as regulator's report details AIB's "failures" DUBLIN – Allied Irish Banks (AIB) said it is repaying e 26 million ($32 million) it overcharged clients on three million FX deals, after a regulator slammed the bank in a report last…
Northern Trust maintains Q1 momentum
CHICAGO – Northern Trust was alone among the US commercial banks in Q2 to maintain the momentum for soaring FX trading revenues set in the exceptionally volatile first quarter.
NAB hires Bank One trader
LONDON – National Australia Bank has hired Andrew Smith in London to trade a number of products, including FX, said a senior official.
FNX takes Aspen Hedge to Japan
TOKYO – Philadelphia-based FX vendor FNX will launch Aspen Hedge, its multi-asset product for hedge funds, in Japan in October.
Billiton transfers forex to Europe
MELBOURNE – Australian banks in the UK could see added flow going through their FX dealing desks later this year, when the world's largest mining company transfers its remaining forex trading from Melbourne to Europe.
Calyon expands flow trading
LONDON – Calyon, the bank formed from the merger of Credit Agricole Indosuez and Credit Lyonnais in April, has expanded its FX flow business, adding a three-strong team from National Australia Bank (NAB), a senior official told FX Week .
CoesFX expands but watchdog still bites
NEW YORK – Online futures commission merchant CoesFX has expanded its team in response to rapid growth and has formed an advisory board to help project its platform to a wider audience.
Fimat's FX platform goes live
LONDON – Fimat, the brokerage arm of investment bank SG, has gone live with FimatFX, its online foreign exchange trading platform, a senior official told FX Week .
IASB proposes new disclosure standards
LONDON – IASB (the International Accounting Standards Board) last week published proposals to improve disclosures about financial instruments in financial statements.
Bank of China opens in Bahrain
MANAMA – The Bank of China opened a representative office in Bahrain earlier this month, after it gained a banking licence from the Bahrain Monetary Agency (BMA) in April. The move marks the first entry to the Middle East and Northern Africa region by a…
Yuan convertibility moves a step closer
BEIJING – China took another step closer to yuan convertibility last week with an announcement that it is further liberalising non-trade related currency transactions. From August, more multi-national firms throughout the People’s Republic will be able…
Global Link upgrades Asia OM
HONG KONG – State Street is releasing a new trade order management system for its e-commerce platform, Global Link, in Asia within six months.
Barclays joins EBS Prime
LONDON – Barclays Capital has joined EBS’s recently launched FX prime brokerage service EBS Prime, the firms announced last week.