News
Multi-currency products ride the storm
NEW YORK - Wisdom Tree has confirmed its plans to launch its first multi-currency exchange-traded fund (ETF), as single currency exchange-traded products take the brunt of the rising dollar.
Bombay Stock Exchange trades rupee futures
MUMBAI - The Bombay Stock Exchange (BSE) has received approval to trade futures in rupees, as regulators continue on a path to open up the country's currency derivatives markets.
FXCM's forex trades reach $720 billion
NEW YORK - The notional value of trades conducted on FXCM skyrocketed to a record $720 billion for the month of July, as speculators sought to benefit from spiked volatility in the foreign exchange markets.
Travelex given green light in China
BEIJING - In what represents a landmark liberalisation of Chinese foreign exchange regulations, Chinese premier Wen Jai Bao has granted Travelex its first authorised FX licence to operate in China.
StanChart outlines forex e-pricing and trading strategy
LONDON - Standard Chartered has provided further details about its e-forex pricing and trading strategy since promoting Todd McDonald to a newly created position as global head of foreign exchange electronic pricing and trading ( FX Week August 4).
Monetary authority to ease Singapore dollar stance
SINGAPORE - The Monetary Authority of Singapore (MAS) will ease its 'strong Singapore dollar' policy in October, on the back of falling inflation figures reported last week, predict economists.
GFT ups currency research
ADA, MICHIGAN - Online trading company GFT has strengthened its currency research team by hiring two senior staff from online news and information source Daily FX.
Finocorp adopts RealStream Margin
TEL AVIV - Financial services provider Finocorp has taken Cognotec's RealStream Margin platform on board for use within its online retail foreign exchange trading service, Realstreamtrading.
Brokers suspicious of retail FX task force
WASHINGTON, DC – The launch of a retail foreign exchange fraud prevention taskforce by the US futures regulators has sparked concern among brokers that it could be a veiled move to lure retail FX traders towards exchanges.
Forex revives an ailing Thomson Reuters
NEW YORK – Foreign exchange has aided Thomson Reuters’ second-quarter figures as it posted disappointing organic growth figures amid roiling financial markets.
Saxo makes strategic moves
COPENHAGEN – Saxo Bank has appointed a new foreign exchange strategy chief in Copenhagen.
nvestors back MarQCuS by $1.7 billion
LONDON – Lehman Brothers has gained $1.7 billion in investments for its Macro Quantitative Currency Strategies platform (MarQCuS), as investors aim to maximise returns amid failing pure carry strategies.
Structuring co-chief quits BarCap
LONDON – UK bank Barclays Capital has lost its global co-head of foreign exchange structuring, Philippos Kassimatis.
JP Morgan gets go-ahead for derivatives in Korea
SEOUL – JP Morgan has been given the regulatory go-ahead to trade derivatives products in South Korea, ahead of regulatory reform in the country.
Volumes double as US dollar gains
GLOBAL – Dealers saw a sharp rise in euro and sterling trading volumes as the dollar continued a broad-based recovery against the major currencies last week.
Emerging markets boost returns for ODL
LONDON – Emerging markets represent the fastest growing segment of the retail foreign exchange market at London-headquartered ODL Securities.
Forex.com gains six more currency pairs
NEW YORK – Gain Capital is set to add six Scandinavian currency pairs to its online retail foreign exchange trading platform, forex.com.
Merrill Lynch goes live with prime brokerage on EBS
LONDON – Merrill Lynch has become the latest bank to enable clients to trade on EBS Spot using its credit line.
RBS gets bigger in Japan
TOKYO – The Royal Bank of Scotland (RBS) is expanding its coverage of Japan’s institutional market with a key hire in Tokyo.
Chicago Mercantile Exchange sets FX volume record
CHICAGO – The Chicago Mercantile Exchange set a notional value record of $11.43 billion in FX options on futures traded on the exchange on August 8.
China forms new department for forex
BEIJING – China’s central bank has created a new department focused on managing exchange rate reforms and monitoring cross-border short-term capital flows.
UBS suffers $4.3bn FICC losses in Q2
ZURICH – Revenues from the fixed-income, currencies and commodities (FICC) business at UBS collapsed in the second quarter of this year, generating Sfr4.72 billion ($4.33 billion) in losses.