News
Korean retail FX guidelines cause concern
SEOUL – Retail FX trading guidelines recently introduced in South Korea could pose a threat to the potentially lucrative white-labelling market in the country, according to market players.
CME updates free FX tool
CHICAGO – The Chicago Mercantile Exchange (CME) is adding extra data to its web-based CME Equivalents platform, in a bid to attract more mainstream users.
SEB creates hedge fund team
STOCKHOLM – SEB is to set up a new sales desk to focus on building its hedge fund clients, according to global head of FX Marcus Nysten.
Forex first for Korea First Bank
SEOUL – The purchase of Korea First Bank (KFB) by Standard Chartered is set to create the biggest FX desk in Korea, according to senior representatives at both banks.
CME-Reuters service picks up
CHICAGO & LONDON – The Chicago Mercantile Exchange (CME) and Reuters added four new clearing firms to its 'CME FX on Reuters' service last week.
DrKW rebuilds FX team
LONDON – Dresdner Kleinwort Wasserstein (DrKW) continues to rebuild in forex following a series of departures at the bank last December.
US banks' FX profits surge
NEW YORK – US banks have benefited from the recent recovery in the greenback, with profits up in the first quarter.
Diverging views over renminbi
BEIJING – Banks have divergent views on the likely size, extent and timing of a revaluation of the Chinese renminbi (CNY).
Alstom picks FXpress
PARIS – Alstom, the Parisian technology vendor, has gone live with risk management software provider FXpress's First treasury workstation.
India becomes latest CLS addition
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live on CLS.
Senior changes at TD Securities
TORONTO & LONDON – TD Securities' foreign exchange team has undergone a major change at senior level, following the departure of Cliff Feehan, global head of wholesale forex at the Canadian bank in Toronto.
Activity set to soar in Romanian leu
BUCHAREST – Interest in trading the Romanian leu is picking up, as the country opens to foreign investment and gears up for entry into the European Union.
NAB revamping and re-opening foreign exchange options desk
MELBOURNE – National Australia Bank (NAB) will reopen its FX options desk on May 9, following its closure after last year's trading scandal ( FX Week , January 19, 2004).
ABN Amro launches e/$ indicator
LONDON – ABN Amro has launched FX Regime Prediction Indicator, a model indicating how euro/dollar is likely to trend, or whether it will be subject to movements within a trading range.
RBS launches online FX trading service
EDINBURGH – The Royal Bank of Scotland has launched Trade, an online trading service for forex, money markets and global treasury funds.
GFI expands Fenics with bank volatilities
NEW YORK – Interdealer broker GFI is expanding the coverage of its Fenics pricing and risk tool to include volatility surfaces – the methods by which options are priced – from bank clients.
Icap and CST settle dispute out of court
HONG KONG – Interdealer brokers Icap and Collin Stewart Tullett (CST) have settled a legal dispute over the defection of 25 staff from CST to Icap, confirmed a CST spokesperson.
IFX launches forex fund
LONDON – IFX Capital Management, a division of IFX Markets, will launch the Zenith Currency Fund this week.
Hotspot FXi opens in Beijing
BEIJING – Electronic trading marketplace Hotspot FXi has opened an office in Beijing to support its activities in mainland China, Hong Kong and Taiwan.
Managers turn to options
LONDON – Currency managers are increasingly turning to options to derive returns from implied volatility in the currency markets.
RTS revamps core platform
MOSCOW – RTS Stock Exchange is revamping its core technologies to accommodate new trading strategies.
StanChart beefs-up trading
LONDON – Standard Chartered has seen developments in its trading team with two arrivals and a departure.
Bear Stearns rejigs London and New York forex desks
LONDON AND NEW YORK – Bear Stearns has made a number of changes to its FX desks in London and New York as it builds in some areas while losing staff in others.