News
Hong Kong to up ante on CNY services
HONG KONG – Chief executive of Hong Kong, Donald Tsang, said the city will take steps to increase the depth of yuan banking services available.
Asian central banks increase reserve management sophistication
HONG KONG – Asian central banks who have typically been long dollar are evolving with their reserve management, according to Claudio Piron, currency strategist at JP Morgan.
CLS faces rival HKMA challenge
HONG KONG – CLS is facing a challenge from the Hong Kong Monetary Authority (HKMA), which is building its own payment settlement system to take on board an emerging markets currency.
Rouble set to surge as restrictions relaxed
MOSCOW – Russia is likely to see a surge in rouble trading as restrictions are relaxed, according to market players.
Gold gains shine for FX desks
LONDON – Increased buy-side buying of gold, as an alternative to currency reserves, is likely to prompt more banks to move their precious metals business under the FX remit, say market participants.
China joins forex community
BEIJING – Large-scale FX trading is coming to the Chinese market, with EBS linking to three major state-owned banks in the country.
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
BEA gains RMB permission
HONG KONG – Hong Kong-based Bank of East Asia (BEA) received approval to offer RMB services at its Beijing branch from the China Banking Regulatory Commission (CBRC).
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Yen set ‘to play catch-up’ with economy
TOKYO – The relative weakness of the yen, despite the Japanese economy’s strength, is set to end shortly, according to market observers.
Forex structurers in demand
LONDON and NEW YORK – Structurers are in demand across different markets as FX desks look to build higher margins, according to market participants.
Rupee boosted by potential RBI intervention
MUMBAI – Comments from an official at India’s central bank have sparked speculation that it is set to intervene to protect its currency, providing a brief boost for the rupee last week.
FX Week comes to Asia
HONG KONG – This week sees the inaugural FX Week Asia conference in the Special Administrative Region at the Renaissance Harbour View Hotel.
Global connection for Integral
MOUNTAIN VIEW CALIFORNIA – Software vendor Integral Development has launched its connectivity product FX Grid 2.0 around the world.
Bloomberg enters FX options market
NEW YORK – Bloomberg is continuing to build up its portfolio of FX tools with the planned introduction of FX options trading.
Deutsche’s Coyne BarCap bound
LONDON – Andy Coyne, head of FX prime brokerage at Deutsche Bank in London, is to leave to run e-commerce for Europe at Barclays Capital, in the same city.
Greenspan and Snow to visit Cfets
BEIJING – Alan Greenspan, Federal Reserve chairman, and John Snow, treasury secretary, will visit the Shanghai office of the China FX trading system (Cfets) on their visit to China this week.
IFX Group gets a boost from forex
LONDON – IFX Group, the City-based financial trading and spread betting company, expects to make in excess of £1.7 million in its interim results, after strong profit growth in its global FX trading operations.
Tietmeyer warns of global imbalances
LONDON – The increasing level of global imbalances is leading to greater risks for the global economy, according to Hans Tietmeyer, former president of the Deutsche Bundesbank.
Traiana raises capital for expansion
TEL AVIV – Trading platform vendor Traiana has raised $15 million in capital from Israeli venture capital firm Pitango.