News
Market expands on rising international investment
NEW YORK – Surging international investment has fuelled expansion in the FX market, heard delegates at the FX Week USA congress in New York last Tuesday (July 10).
JPM designs emerging market FX carry index
LONDON – JP Morgan has extended its range of investable currency index products, with the creation of an index that seeks to exploit the carry trade in emerging market currencies.
CME prepares to handle increased trading volume
NEW YORK – The Chicago Mercantile Exchange (CME) plans to add additional servers and lanes to handle increased exchange-traded volume, according to a presentation on technology bottlenecks in the global FX market at the FX Week USA conference in New York…
Parker index rose in May
STAMFORD, CONNECTICUT – The Parker FX Index reported a 0.30% return for May, with 44 programmes reporting positive results and a remaining 35 incurring losses.
DEALHub to launch netting service
NEW YORK – Post-trade technology vendor DEALHub is planning to launch a pre-operations netting service for the interdealer market, to manage back-office capacity constraints brought on by the rise in FX trading volumes.
Algos annihilate platform favouritism
NEW YORK – Algorithms are making trading on FX platforms agnostic, according to a panel discussion at FX Week 's USA congress in New York last week (July 10).
Dresdner boosts global sales and trading coverage
LONDON & NEW YORK – Dresdner Kleinwort is expanding its sales and trading coverage across London and New York with hires from Dutch rival ABN Amro.
Trend strategy down this year
LONDON – Currency funds trading the trend strategy are likely to be down on a year-to-date basis, according to research by ABN Amro.
Deutsche scales back on FXMS
LONDON & CHICAGO – Deutsche Bank has reduced its trading volumes on FXMarketSpace, the Reuters and Chicago Mercantile Exchange joint-venture platform. The decision lies behind a sharp fall in the volumes traded on FXMarketSpace in June, informed sources…
Wall Street/Logiscope team up
LONDON & NEW YORK – Technology vendor Wall Street Systems has integrated Logiscope's TradeSTP with its FX trade processing solution, Wallstreet FX ASP.
JP Morgan swipes HSBC rates chief
LONDON & DUSSELDORF – JP Morgan is believed to have hired HSBC's rates chief, amid a reorganisation of its global rates and G-10 FX businesses.
Deutsche deepens cross- border presence
ISTANBUL – Deutsche Bank has bought the institutional cross-border custody unit of Istanbul-based Türkiye Garanti Bankasi (Garanti Bank), in a deal rumoured to be worth $115 million.
Currency volatility sparks record trading volumes
CHICAGO & LONDON – Volatility in currency markets led to record trading volumes on spot broking platform EBS and the Chicago Mercantile Exchange (CME) last month.
Singapore hub for Julius Baer
SINGAPORE – Swiss bank Julius Baer is making its Singapore location its South-east Asia hub after being granted a licence to open a wholesale banking branch in the city sate.
Asian leaders call for more integration to avert crises
MANILA – Asia's financial leaders called for greater regional integration to prevent a recurrence of the 1997 Asian financial crisis, at a conference in Manila last week marking its 10-year anniversary.
ABN Amro beefs up forex in Singapore
SINGAPORE – ABN Amro has shifted more FX staff to Singapore in a further bid to centralise its Asia-Pacific forex business.
Augustus launches new currency fund
LONDON – Augustus Asset Managers (AAM) has launched the JB Currency Hedge Fund, a currency fund mixing discretionary and systematic investment techniques. The move marks the manager's first move into pure FX management.
Morgan Stanley creates private wealth team
Morgan Stanley's private wealth management business has hired Robert Stolar as head of a new family wealth group. The bank has also appointed a team to serve US ultra-high-net-worth clients and family offices.
Citi adds staff in Asia
LONDON & SINGAPORE – Citi has added staff to its Singapore options trading and investor sales desks in Asia, but is believed to have lost people in FX structuring and FX real money sales in Europe.
Banks sign up to Bloomberg NDFs
NEW YORK – HSBC, Lehman Brothers, the Royal Bank of Scotland and Standard Chartered have committed to offering liquidity in non-deliverable forwards (NDFs) over the Bloomberg FX Dealing platform.
SSgA hits $100 billion mark
LONDON – State Street Global Advisors (SSgA), the investment management arm of State Street, has reached $100 billion in assets under management for its currency strategies.
Buy side to boost trading ops by 90%
LONDON – The buy side is set to be behind 90% of the growth in trading operations by 2010, according to research released last week by London-based research company Kimsey Consulting.
Reorganisation at Barings
LONDON – Baring Asset Management has reorganised its UK-based fixed-income and currency team amid the resignation of chief investment officer Michael Hughes last week (July 3).