News
UBS move to Zurich starts this week
ZURICH & LONDON – UBS starts moving its trading operation to Zurich this week in a process that will continue through to August ( FX Week , May 1).
International banks look to China for expansion
HONG KONG – Major US and global banks have been building their presence in east Asia in anticipation of growth in the region spurred by the opening of the Chinese market.
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
CME posts record volumes
CHICAGO – The Chicago Mercantile Exchange (CME) announced quarterly volume records in all product lines for the second quarter, with CME FX products increasing by 42%, averaging a record 471,000 contracts a day.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.
China approves cross-currency master agreements
BEIJING & HONG KONG – A master agreement for renminbi cross-currency forwards and swaps drawn up by China's foreign exchange regulator was approved by the State Administration of Foreign Exchange earlier this month.
Fix guidelines for FX
NEW YORK – The Fix Protocol Limited (FPL) association released guidelines on how to implement the protocol for FX trading activities earlier this month.
First FX derivatives deal in Bangladesh
DHAKA – Standard Chartered has closed the first foreign exchange derivatives deal in Bangladesh, it announced last week.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
Middle East violence boosts US dollar
Conflict in the Middle East contributed to a surge in the dollar and a big drop in the value of Asian currencies last week.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
Strong second quarter for US banks
NEW YORK – US banks have posted strong results for the second quarter, with many attributing growing revenues to the FX business.
Merrill Lynch rebuilds in sales
LONDON – Merrill Lynch has made two new hires in London, following departures from the US investment bank over the past few months.
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
New front-end technology unveiled for FXMarketSpace
CHICAGO & LONDON – Chicago Mercantile Exchange (CME) and Reuters' FXMarketSpace initiative is set to use a new front-end from Reuters that will be integrated into its 3,000 terminals.
Treasuries 'still manual'
BOSTON – Most companies still rely on manual processes for treasury and cash management, according to a survey of 160 companies by research firm Aberdeen Group. As a result, these firms miss out on a "strategic goldmine" that implementing automated…
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
Morgan Stanley boosts New York sales desk
NEW YORK – Morgan Stanley has boosted its New York sales desk with three new hires in recent weeks, as it continues to expand its FX business on both sides of the Atlantic.
What drives traders?
NEW YORK – Peter Borish, chief executive officer, Twinfields Capital Management, kicked off proceedings with an entertaining keynote address on the psychology behind trading.
Option Computers chooses BT Radianz
LONDON – UK software and trading technology vendor Option Computers has signed up to use the BT Radianz shared market infrastructure to offer access to a hosted version of its flagship product, the DealHub application suite.