News
Indonesia bans FX derivatives
JAKARTA - Indonesia's central bank moved to curb speculation on the rupiah last week, by banning banks from making loans for derivatives transactions. The regulations went into effect last Tuesday (December 16).
JP Morgan slashes jobs in SIDM
LONDON - JP Morgan is downsizing its structured investments distributor marketing (SIDM) division by as much as 50%, according to market sources.
Davidson gets key BoA role
NEW YORK - Cameron Davidson has been appointed head of global currencies sales at the merged Bank of America (BoA)/Merrill Lynch entity, the bank has confirmed.
All change for Citi's structured products team
LONDON - Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as head of structuring for Europe, the Middle East and Asia (EMEA).
EM to diversify in 2009
LONDON - The Indian rupee, Chinese yuan, yen and Swiss franc will outperform in the new year, benefiting from strong fundamentals in an environment driven by capital account deficits, says Bank of America.
Yen intervention risk rises
TOKYO - Analysts expect the Japanese government to intervene to curb the rapid appreciation in the yen, which reached near-record levels against the US dollar last week.
Strong forex fails to cover fixed-income losses in Q4
NEW YORK - Foreign exchange business continues to be an outlier in otherwise dismal fourth-quarter results from the fixed-income divisions of Goldman Sachs and Morgan Stanley.
Forex turnover slumps in Sweden
STOCKHOLM - Turnover slumped 14% in the Swedish foreign exchange markets in November compared with the same month last year, according to the country's central bank.
Risk reversals slowing down
LONDON - Risk reversals on emerging market currencies indicate a reduction in the magnitude of the sell-off compared with that over the past six months, according to Barclays Capital.
Investors turn to FX-only funds
LONDON - A greater number of institutional investors demonstrated an interest in FX-only hedge funds this year in an effort to manage currency exposure, according to data from London-based research company Preqin Hedge.