News
Dollar/yen break-out expected
TOKYO – Technical indicators suggest dollar/yen could be set to break out of the tight trading range it has been trapped in since June. "Resistance is declining and support is rising. We will get a decent break-out trade soon," said Karen Griffith, head…
Lloyds hit by treasury departures
LONDON – Lloyds TSB's treasury sales team has been hit by two senior departures just as the bank has boosted its regional presence.
Westpac transfers sales chief
LONDON – Westpac's Hugh Killen is relocating from Sydney to London to take on sole responsibility for global institutional foreign exchange sales, following the departure of former co-head David Beale.
EBS reports per-minute record post jobs data
LONDON – Traders manning the traditionally quiet summer desks saw a surprise burst of action on August 6, as a massive surge in volumes followed shock jobs data out of the US.
BarCap hires IR derivatives team
LONDON – Barclays Capital has made two interest rate derivatives appointments in London.
China eases restrictions on capital account
BEIJING – The Chinese government made further steps towards liberalising the capital account last Wednesday by allowing insurance companies to invest 80% of foreign exchange assets overseas.
RBS flicks to video switches for forex
NEW YORK – FX traders at Royal Bank of Scotland (RBS) in New York are battling data latency by reverting to a traditional form of technology – video switches.
Return of the voice broker
Cantor Fitzgerald revives voice broking market with spin-off firm. NEW YORK - Cantor Fitzgerald reversed a trend of consolidation in the broking market last week by spinning off a new firm to focus exclusively on voice broking.
CSFB gets OK for derivatives in China
HONG KONG – The China Banking Regulatory Commission (CBRC) authorised Credit Suisse First Boston (CSFB) to launch a financial derivatives business in China last week.
No vote sustains Scandi dealers
LONDON – Scandinavian, and particularly Swedish, FX sales staff are in demand nearly one year on from Sweden's referendum ruling out the imminent introduction of the euro.
Rate differentials bolster peso trading
MEXICO CITY – Speculation on the direction of US interest rates is bolstering already high levels of trading in US dollar/Mexican peso.
Oil price hits Asian currencies
HONG KONG – Surging oil prices have put pressure on Asian currencies, but the impact has been magnified by other factors influencing the region, according to analysts.
SimCorp focuses on FX in IT/2 upgrade
COPENHAGEN – Treasury management vendor SimCorp released the latest version of its treasury management software IT/2 last week, which has enhanced FX position management and has "a heavy focus on FX", an official told FX Week .
Calyon consolidates in Asia
TOKYO – Calyon has consolidated its Asian FX options business in Hong Kong following the merger between Credit Agricole Indosuez (CAI) and Credit Lyonnais that formed the new bank in May.
BIS paper warns of outsourcing risks
BASEL – Outsourcing in the financial services industry is leading to increased compliance and regulatory risk, according to a consultation paper published by the Bank for International Settlements (BIS) last week.
LB nabs Goldman sales chief
LONDON – Mike Burton, head of FX institutional sales at Goldman Sachs in London, has left the bank after a 10-year career there.
Terror alerts spur DR plans
NEW YORK – Terrorist warnings last week from the Bush administration have jolted securities firms into action and underscored the necessity for creating and testing disaster recovery (DR) and business continuity (BC) plans.
Recruitment lures bank dealers
LONDON – Growing numbers of FX dealers are leaving banks to join recruitment firms, as demand for specialist FX consultants grows.
Russian peg change to drive rouble trading
MOSCOW – A touted move from a dollar peg to a dollar-euro basket will be the key driver for trading in the rouble in coming months.
Toyota reports ¥70bn FX impact
TOKYO – Japanese car manufacturer Toyota Motor Corporation last week announced a ¥70 billion ($645 million) hit from exchange rate changes affecting its first quarter operating income.
Sideways trading hits funds in June
STAMFORD, CT – Sideways trading stopped most funds on the Parker FX Index profiting from currency trading in June, the Index revealed last week.
SuperD releases SD-FX upgrade
LONDON – Options pricing systems vendor SuperDerivatives launched an upgrade of its SD-FX system last week.