News
New Europe to bring more forex trading opportunities
FRANKFURT -- The expansion of the European Union and subsequently the eurozone will bring new markets for generating forex profits, senior officials told FX Week.
Asian swap network nears completion
SINGAPORE -- An Asian initiative to cut the impact of speculative currency trading attacks in the region is nearing completion.
Multi-bank pricing is working, says Centradia
LONDON -- The multi-bank model is a success for clients trading on Centradia, according to figures released by the European portal last week. It said that for half its trades, the platform has returned more competitive prices than the client’s…
All talk no action
The current round of yen weakening differs from previous incarnations, says Koji Fukaya, senior forex strategist at Bank of Tokyo-Mitsubishi in Tokyo. A drop to 135 is not expected this time
Trading places
Soros shifts London ops to NY
Prebon Asian MD to retire
HONG KONG -- Joe Lam, managing director of brokerage house Prebon Yamane (Hong Kong), and head of the firm’s forex business in the region, will retire from the firm following 27 years with the company. His replacement has yet to be named.
Ignore FX at your peril, funds told
LONDON -- UK pension funds are losing out by failing to examine the charges they pay for FX, according to new research published last week.
Trading places
Ideaglobal snares Paul Thrush
Danske restructures FX sales
LONDON -- Danske Bank last week completed the reorganisation of its forex sales team in London into separate units for corporate and institutional customers.
Greenback recovery continues apace
The US dollar has brushed aside negative sentiment but this week’s data releases will be pivotal for the currency, says Shahab Jalinoos, currency strategist at UBS Warburg
Investment banks cut FX
NEW YORK -- Lehman Brothers and JP Morgan Chase have cut FX jobs, senior officials told FX Week. The cuts are the first sign that forex may suffer as a result of the year’s depressed investment-banking activity -- so far the product has benefited from…
FXall adds liquidity providers
LONDON -- Multi-bank trading portal FXall will announce the addition of four new liquidity providers to its platform today (December 2).
FX markets shrug off Kenya attacks
LONDON -- There was muted reaction in the FX markets to last week’s terrorist attacks in Kenya.
North Korea shuns dollar, welcomes euro
PYONGYANG -- North Korea is to ban the use of US dollars from the start of December in retaliation for the US decision to freeze oil exports to the communist nation.
Unusual suspects boosted by the return of rate differentials
LONDON -- Interest rate differentials are making a comeback as a driving force in foreign exchange, as currencies backed by high interest rates continue to strengthen.
King in line for BoE top job
LONDON -- The City last week welcomed the appointment of Melvyn King as the next governor of the Bank of England, following the retirement of Edward George in June 2003.
Tech briefs
RBS Greenwich takes FNX
Active FX markets boost Icap’s results
LONDON -- Inter-dealer broker Icap has performed well in active FX markets during the first half of the year, group chief executive Michael Spencer told FX Week, as the firm announced its six-month results last week.
FI and forex down at UBSWarburg
ZURICH -- UBS Warburg reported a downturn in its third-quarter earnings for fixed income and forex.
Dealers cautious on bonus expectations
LONDON -- FX dealers are expecting moderate payouts this year, as the bonus season kicks off with payout announcements from the US investment banks this month.
Forex e-trading volumes rising
NEW JERSEY -- US-based retail and institutional FX trading service Gain Capital notched up record trading volumes in October, the firm said.
Nedbank takes Reuters’ web OMS
JOHANNESBURG -- South African bank Nedbank became the first bank to go live with an internet-enabled forex order management service from Reuters Treasury Solutions, the bank announced last week.
Saxo takes fund management online
COPENHAGEN -- Danish investment bank Saxo Bank last week launched an online currency fund. Real-time market data, lower outlay and transparency of the fund’s management will enable more institutional and private investors to participate in the forex…
New market, new risks
LONDON -- The structure of the FX market is developing at a rapid pace, said Paul Fisher, head of the Bank of England’s FX division. That brings new opportunities -- but also new risks, Fisher told delegates at FX Week’s inaugural congress held in London…