News
Krona to appreciate following referendum
STOCKHOLM -- The strength of the Swedish economy and the lack of eurozone growth will cause the krona to appreciate in the next six months irrespective of the result in the European monetary union referendum this week, said analysts.
DrKW gains in FX sales
LONDON -- Dresdner Kleinwort Wasserstein (DrKW) has made four new appointments in its FX sales business in London this month as part of an ongoing build-up in the area, a senior official told FX Week.
Malaysia leads the way in the Far East
KUALA LUMPUR -- The Middle East is not the only region in which Islamic banking is undergoing development. The Asia-Pacific region has a thriving Islamic finance industry, based chiefly in Malaysia, which is home to the Islamic Financial Services Board …
Persaud to manage GAM fund
LONDON -- Avinash Persaud will join Global Asset Management (GAM), the Dublin-based UBS-owned investment manager, next month as an investment director, a spokesperson for the firm told FX Week. He is charged with managing a new global currency fund that…
Citi takes Moneyline
LONDON -- Citigroup is replacing multiple Reuters products with Moneyline Telerate services at about 2,000 positions in the firm’s global fixed income division, Moneyline said last week.
Four new currencies on CLS
NEW YORK -- The continuous-linked settlement (CLS) service goes live with four new currencies today (September 8), a senior official at the firm told FX Week .
Baalbeck, City of the Sun awaits
As veterans of ACI congresses past are well aware, the highlight of the yearly meetings is usually the social programme -- and the entertainment planned by this year’s hosts, ACI Lebanon and the Interarab Cambist Association, will be no exception.
Compliance countdown for unnamed trades
LONDON -- With less than nine months before funds should comply with a new code from the Bank of England (BoE) on unnamed counterparty trading, many continue to flout the new guidelines, market participants reported last week.
Wachovia takes BEA system
CHARLOTTE – BEA Systems’ WebLogic application server is being used to support the recently launched web-based FX platform, Online FX, at Wachovia Bank, a unit of Wachovia Corp, officials at the California-based vendor said last week.
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
Weak economy could prompt Taiwan currency strengthening
TAIPEI – Taiwan’s weak economy could force the currency higher, according to Barclays Capital last week.
BoJ still to intervene despite August respite
TOKYO – Analysts expect further intervention in the currency markets from the Bank of Japan (BoJ) in September, following reports that the central bank had already sold yen at the end of last week.
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
HK yuan centre unlikely in near-term
HONG KONG – Speculation that the Chinese government may create an offshore yuan centre in Hong Kong has increased in recent weeks, but such a move is unlikely in the short-term, market participants told FX Week .
Currency funds continue to fall
STAMFORD, CT – Currency funds fell for the second consecutive month in July, as the dollar held fast against both the euro and Japanese yen, according to Parker Global Strategies’ FX Index, which was down 1.88% for the month.
FX futures contribute to surge in managed assets
LOS ANGELES – The managed futures industry has experienced record-breaking growth over recent months, and currency futures form a "very significant" part of that, according to a report from US-based specialist research firm The Barclay Group last week.
Scandinavia beckons FX fund managers
LONDON – Low interest rates and relaxed legislation in Scandinavia and continental Europe could make institutional investors in those regions key prospects for currency fund managers.
Almeida rejoins Deutsche as global FX sales head
LONDON – Dan Almeida will begin in the newly created position of global head of foreign exchange sales at Deutsche Bank in London on September 2.
Greater role for dealers in FX fraud prevention
WASHINGTON – New rules jointly announced by the US Commodity Futures Trading Commission (CFTC) and National Futures Associations (NFA) last week will give dealers greater responsibility for the prevention of FX fraud by unregulated counterparties.
JPMC merges cross-product US middle-market teams
NEW YORK – JP Morgan Chase has merged three cross-product teams serving US-based firms, to bring together the bank’s middle market service across the US, a senior official told FX Week .