News
The FX week ahead
(all times GMT)
Intra-day volatility returns
LONDON -- Trading desks buzzed with the return of intra-day volatility to the markets last week, as the euro sailed over its launch price of 1.175 against the dollar.
Bangladesh looking to float the taka
DHAKA -- The Bangladeshi taka could move to a managed float from a crawling peg at the beginning of June, market participants told FX Week .
Sterling traders sidestep UK euro adoption issue
LONDON -- Uncertainty continues to surround the timing of possible euro adoption in the UK, but sterling traders are unlikely to suffer, whatever the outcome.
SuperDerivatives launches new options pricing service
LONDON -- FX options pricing vendor SuperDerivatives has launched a new version of its benchmark FX options pricing system, the firm will announce this week.
SEB takes NFS treasury trading link
STOCKHOLM -- SEB Merchant Banking has taken technology from Nordic Financial Systems (NFS) to enable its corporate clients to execute FX transactions via their own treasury management systems.
Rand recovery spells good news for South African FX
JOHANNESBURG -- The dramatic recovery of the rand and surging international interest in South Africa have proved a money-maker for local banks, market participants told FX Week .
RBC puts fresh focus on proprietary FX trading
TORONTO -- Royal Bank of Canada (RBC) set up a new proprietary trading group last week in an attempt to steal a march on its competitors.
Forex dealers clear on US dollar policy
NEW YORK -- Despite conflicting comments last week, analysts said the market is clear on the US government’s strategy regarding the greenback.
Cognotec targets white-label market
DUBLIN -- FX trading technology vendor Cognotec is re-marketing its liquidity-outsourcing tool, Liquidity Linq, in response to growing demand for ‘white-label’ FX trading platforms.
Ericsson triples online trading ratio
STOCKHOLM -- Swedish telecoms giant Ericsson tripled the proportion of forex trades it executes electronically over the past year, a senior official told FX Week .
Saxo Bank’s forex fund flourishes online
COPENHAGEN -- Saxo Bank’s managed FX fund has produced returns of over 3% so far this year, despite the war in Iraq and the geopolitical uncertainty that marked Q1. Saxo’s 3.08% return tops the aggregated performance of the 49 currency funds on the…
Isda adds 4pm fixing time for HK$
HONG KONG -- The International Swaps and Derivatives Association (Isda) has added a 4pm fixing time to its Hong Kong dollar IsdaFix swap rate service. That adds to the daily 11am fixing in the Hong Kong dollar. Both the 11am and 4pm Hong Kong dollar…
GNI plans OTC spot launch
LONDON -- UK broker GNI, a division of alternative investment provider Man Group, plans to launch a new ‘click-and-deal’ spot FX trading platform on its suite of online products later this summer. GNI Touch FX will add to the broker’s services for…
FX Connect hits $20bn in daily trading volume
BOSTON -- State Street Corporation traded more than $20 billion on its multi-bank FX dealing platform FX Connect last Tuesday (May 13). With some $1.2 trillion traded daily in the foreign exchange market, according to the latest figures from the Bank for…
Crackdown on risk budgets
Trader sign-off on revaluing data must end, says industry body NEW YORK -- The Professional Risk Managers’ International Association (Prmia) is considering issuing guidelines recommending banks separate their risk management budgets from FX and other…
Japan steps up yen intervention battle
TOKYO -- Japanese authorities intervened in the forex markets again last week as the yen came under more pressure from the weakening dollar.
Bear Stearns launches emerging markets book
LONDON -- Bear Stearns has hired Emrah Aksaray to run a new emerging markets book for the bank in London. Aksaray will focus on the European timezone, including Turkey and South Africa, as well as emerging eastern European markets.
CAI completes forex rejig
LONDON -- Credit Agricole Indosuez (CAI) completed the reorganisation of its forex business following former global head of FX Simon Eedle’s relocation to New York in April.
Bank of Japan intervention set to continue
TOKYO – Japanese authorities spent over $20 billion in the forex markets in Q1 this year, in an effort to ease the yen’s strength against the dollar and the euro.
Intesa bows out of London
LONDON – Banca Intesa, one of the last Italian banks still trading FX in London, closed its desk in April, becoming the latest of its compatriots to consolidate forex in Italy.
US judge dismisses Gain Capital law suit
WARREN, NJ – A lawsuit filed in New York against online forex dealer Gain Capital was dismissed last month.