News
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.
Sabbaticals gain approval
LONDON – The FX industry has seen a number of high-profile figures taking time out of the industry in recent months, with market participants saying sabbaticals would be a healthy option for the industry.
Glitch forces Globex trading halt
CHICAGO – The Chicago Mercantile Exchange was forced to suspend trading of eurodollar futures on its Globex trading platform for two hours last Thursday, April 14, after users experienced problems accessing the eurodollar electronic matching engine.
Mixed reaction to EBS Prime initiative
LONDON – Interbank trading platform EBS' foray into the investor community is being taken up with varying degrees of enthusiasm by member banks.
MAS maintains forex policy
SINGAPORE – The Monetary Authority of Singapore (MAS) maintained its policy of a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate, last week.
New investors spur 2004 forex growth
GREENWICH, CONNECTICUT – An increase in FX trade by almost a quarter last year was largely driven by a new class of professional FX investors.
CLS set to expand remit
LONDON – CLS could substantially increase its remit with the introduction of a matching and netting facility for non-eligible currencies and settlement of options, non-deliverable forwards, futures and credit derivatives.
Further changes at Bank of America
SINGAPORE – Ramanathan Madhavan Muckai, senior strategist, focusing on macro-economics, is the third departure from Bank of America's (BoA) currency strategy team in Singapore.
RBS sees change in sales
LONDON – Royal Bank of Scotland's sales team has seen changes recently with one appointment and a departure.
CFETS/Reuters launch non-RMB FX portal
SHANGHAI – China Foreign Exchange Trading System (CFETS) began marketing its trading platform that allows trade in eight foreign currency pairs in Shanghai last week.
Further changes at SocGen
LONDON – Société Générale has yet again made changes to its management structure, as it tries to finalise the set-up of its forex desk.
Scandal-hit RBC loses Allen
LONDON – Mark Allen, head of FX for Europe and Asia at Royal Bank of Canada in London, has left the bank, the insitution has confirmed.
MAS to maintain "modest" currency appreciation
SINGAPORE – The Monetary Authority of Singapore (MAS) will maintain its "policy of modest and gradual appreciation" for the Singapore dollar at its semi-annual monetary review tomorrow (April 12), analysts have predicted.
Ruble and NOK benefit from high oil price
OSLO – The strong oil price has led to strength in currencies such as the Norwegian krone and the Russian ruble, as exporting nations benefit from strong revenue flows.
BarCap enhances eFX platform
LONDON – Barclays Capital (BarCap) has enhanced its eFX trading platform in a bid to offer more accurate pricing and efficient execution for its users.
Options traders top pay bracket
LONDON – UK forex options dealers raked in the largest pay packets this year, with total packages averaging more than £500,000, according to a survey by City-based executive search firm, Napier Scott.