News
FXI launches managed trading for institutions
FARMINGVILLE, NY -- Online currency trading firm FXI Corporation is launching an Institutional Trading Services (ITS) division in response to growing demand for managed trading accounts from hedge funds and asset managers, an official said last week.
Crunch time for dollar slide
NEW YORK -- The coming week will be crucial in determining the strength and direction of the confused euro/dollar rate, according to market participants in London and New York.
Emerging FX takes off online
LONDON -- Increasing demand from both corporate and hedge fund clients for the ability to trade emerging markets (EM) currencies online is leading banks to boost their e-trading offerings in this area, senior officials told FX Week .
Bloomberg to add Pronet analysis
LONDON -- Bloomberg is to offer real-time FX research from UK-based analysis firm Pronet Analytics, a subsidiary of The Market Age group.
SuperD launches risk system
LONDON -- SuperDerivatives has launched an FX options risk management system, the UK-based vendor will announce today (March 1).
StanChart restructures in Asia
SINGAPORE -- Standard Chartered Bank has reorganised its global markets structure in Asia and the Middle East by region, rather than by individual country.
Near-term ringgit peg change unlikely
KUALA LUMPUR -- Despite recent reported comments from Malaysia’s second finance minister, Tan Sri Nor Mohamed Yakcop, Malaysia is unlikely to change the ringgit’s current peg to the US dollar -- at least until the country’s general election is over.
DeAM breaks out forex group
LONDON -- Deutsche Asset Management (DeAM), a leading UK fund manager, has restructured its business around seven business-specific units to offer more customised boutique offerings to clients for every asset class, a spokesperson said last week. The…
FX smashes $600m hole in Anglo accounts
LONDON -- The cost of failing to hedge FX risk was brought into sharp focus last week, when mining firm Anglo American said its 2003 earnings were down nearly $600 million as a result of currency movements.
RBC unveils new FX structure
TORONTO -- Royal Bank of Canada (RBC) has confirmed a new senior management structure in foreign exchange following the departure of global FX head David Gibbins.
Reuters to launch FX swaps
LONDON -- Reuters is to expand its foreign exchange product range by launching FX swaps on its Reuters Dealing 3000 matching platform next month, a senior official said last week.
Dalman stays at Commerz as results fall
FRANKFURT -- Commerzbank has denied German newspaper reports that Mehmet Dalman, head of investment banking, would leave the bank following the announcement of its 2003 financial results last week.
IASB set to launch Euro advisory group
LONDON -- IASB, the International Standards Board, has invited senior officials to form a European consultative group to advise on issues related to the application of accounting standards.
CSFB plans expansion to back office in Singapore
SINGAPORE -- Credit Suisse First Boston (CSFB) is planning to expand its back-office staff in Singapore, as part of a drive to use the centre to support the bank’s operations both regionally and globally.
CLS processes first custodian trade
LONDON -- CLS Bank International, the repository bank for the continuous-linked settlement (CLS) service for FX, settled its first custodian trade on February 13.
Icap keeps Moneyline platform
LONDON -- New York-based market data vendor Moneyline Telerate has extended a deal to supply its TRS (Trading Room System) data distribution platform to Icap when the London-based inter-dealer broker moves to a new trading floor in May, shrugging off…
Benchmarking against competitive exchange rates
The dollar decline has led to competitive divergences between those currencies that tag the dollar and those that have suffered. This is likely to bring increased FX volatility, says Peter Luxton, economic adviser at Informa Global Markets in London
Politics overshadows economics for zloty
WARSAW -- The resignation of the Polish prime minister from the leadership of the ruling Democratic Left Alliance (SLD) Party will lead to continued volatility in the zloty, which is already close to record lows, analysts said last week.
NAB report to reveal ‘control breakdowns’
MELBOURNE -- Pricewaterhouse- Coopers’ (PWC) report on the forex options trading scandal that has shaken National Australia Bank (NAB) in recent weeks is expected to expose a number of risk control problems at the bank, Graham Kraehe, NAB’s new chairman,…
RBS leading UK FX race
LONDON -- Royal Bank of Scotland (RBS) reported a 24% increase in foreign exchange revenues for 2003, the largest year-on-year rise among UK banks reporting their results last week.