News
Exporters resilient to strong Aussie dollar
SYDNEY – Australia's commodity exporters have remained resilient despite the strong Australian dollar, amid record high commodity prices and strong demand, say analysts.
StanChart in global sales push
SINGAPORE – Standard Chartered has carried out a major restructuring of its sales team in a bid to boost growth, according to David Carr, global head of sales and e-commerce at the bank in Singapore.
JP Morgan pushes e-FX in Japan
TOKYO – JP Morgan Chase has made changes to its management team and plans to make hires in a bid to bring greater awareness of its electronic FX platform in Japan.
Lehman gets FX derivatives licence in S Korea
SEOUL – Lehman Brothers is expecting to get a boost to its FX business now that it has become the only foreign bank in Korea to offer a full suite of over-the-counter derivatives products onshore.
German turnover continues
FRANKFURT – The swift movement of German bank forex staff has continued into 2005, with Commerzbank's high-profile hire of Klaus Hoffmann, chief trader from rival Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt.
Turkish delight in strength of lira
ISTANBUL – The run-up to the introduction of the new Turkish lira (NTL) has coincided with a strong growth in the unit.
Refco hires in London
LONDON – Refco Group, the US FX prime brokerage firm, has made three new hires to its FX sales team to join in the coming weeks, and one internal hire in a bid to build platforms such as FXProTrader.
Strongest year ever for forex
NEW YORK and CHICAGO – December was yet another record month for foreign exchange as platforms and exchanges posted their highest ever volumes, making 2004 the strongest ever year for the asset class.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Banks lose on FX in fourth quarter
NEW YORK – Two North American banks reported fourth-quarter drops in profit in forex last month.
Euro gains status as reserve
FRANFURT – Buying by some of Eastern Europe’s and Africa’s central banks is buoying the euro as the central bankers come to the realisation the currency is here to stay, according to a leading forex fund manager.
Asian currencies resilient
HONG KONG – Asia’s currencies have proved resilient after the devastation caused by the earthquake and tsunami disaster that struck the region last week, said analysts.
IFX goes gaming
LONDON – IFX Markets, the financial trading and spread-betting firm, in December acquired a majority stake in FX Player, a virtual reality forex gaming business.
Banks' 'indifference' to IAS 39 hints at software panic-buying
LONDON -- Software vendors are preparing to take advantage of any bank glitches once the IAS 39 accounting standard is implemented on January 1.
Asia continues to rally against dollar
HONG KONG -- Asian currencies are undervalued and will continue to strengthen next year against a weak dollar, according to market participants.
RBS boosts Asia presence
HONG KONG -- The Royal Bank of Scotland (RBS) has boosted its presence in Asia over the year in its bid to become a seamless global operation.
UBS's Stadelmann set to relocate
SINGAPORE -- Reto Stadelmann, UBS's global head of risk for FX and cash and collateral trading (FXCCT), is to split his time between Zurich and Singapore. The move is designed to improve management's effectiveness in Asia, according to Seth Cohen, global…
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.