News
UBS ousts Citi from top spot
LONDON -- UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters in FX Week’s annual survey of the industry.
ABN index set for Japan debut
LONDON -- ABN Amro's global FX research team has been invited to present its Speculative Position Index (SPI) to Japanese policy officials later this month due to the accuracy of its modelling.
4Cast hires MMS analysts
LONDON -- UK financial markets research firm 4Cast has hired two analysts from rival MMS International in London, which was recently bought by UK publishing group Informa ( FX Week , September 15).
ABN Amro hires ex-JPMC head for European FX push
PARIS -- ABN Amro has hired ex-JP Morgan Chase head Frederic Blondel to spearhead a drive to increase its European corporate business.
Reuters launches FX forwards in India
MUMBAI -- Reuters last week announced the launch of its forwards FX broking service in India, in what marks the latest development of the country's forex market.
SG CIB takes JRisk for forex
PARIS -- Californian derivatives technology firm Application Networks has sold its JRisk options trading and risk management tool to SG Corporate & Investment Banking (SG CIB) in Paris.
Bumper bonuses expected
LONDON -- Forex bonuses in the new year look set to outstrip 2002 payouts by up to 40%, traders and recruiters told FX Week .
Tax reforms 'could deter corporate hedging'
LONDON -- The UK government's proposals to align corporations' tax more closely with financial accounts could create yet another deterrent for corporate hedging, the Association of Corporate Treasurers (ACT) has warned.
Tide begins to turn for cross-border M&A
LONDON -- Cross-border mergers and acquisitions (M&A) activity involving UK companies rose in Q3, according to recent data from the UK Office of National Statistics (ONS). But despite the improvement in UK-specific data, London-based capital markets…
Yen move drives fund gains
STAMFORD, CT -- Profits from the widely predicted strengthening of the yen against the US dollar led to 83% of fund managers achieving gains on the Parker FX index for September. As a result, the index was up 1.41% for the month.
UBS reaps volatility rewards in third quarter
ZURICH -- UBS achieved year-on-year revenue growth of 22% from foreign exchange in the third quarter, as the bank achieved its most profitable quarter in forex in three years. In addition to improving revenues, UBS said the fixed income, rates and…
StanChart continues FX build-up in Africa
LUSAKA -- Standard Chartered sold its first Zambian kwacha FX options in October, as part of its continued forex build-up in Africa, senior officials told FX Week .
No rate cut to halt loony
OTTAWA -- The Bank of Canada (BoC) is not expected to cut interest rates at next month's rate meeting, despite growing concern over the Canadian dollar's rate of appreciation, analysts said last week.
Patsystems links to IFX markets
LONDON -- UK derivatives trading software provider Patsystems has formed an agreement with margin FX player IFX Markets to offer users FX trading.
eSpeed platform hits spot
NEW YORK -- Electronic broker eSpeed's recently launched spot FX platform is already seeing success, it said last week as it published its Q3 results.
Options use soars, says BIS
BASEL -- FX options business increased by 34% year-on-year in H1, according to Bank for International Settlements statistics released last week.
Central banks need to clarify FX intervention
TOKYO -- Central banks should be encouraged to disclose information on their motives for intervening in foreign exchange markets, according to Priscilla Chiu from the London office of the Hong Kong Monetary Authority (HKMA). In a Bank for International…
BNP Paribas adds four in global institutional sales
NEW YORK -- BNP Paribas has hired four foreign exchange sales dealers globally, as part of an effort to build its institutional forex business, a senior official told FX Week .
Rapid expansion takes prime brokerage into the mainstream
LONDON -- Exponential growth in prime brokerage is taking the service out of niche markets and into the mainstream, according to forex market specialists.
China moves to ease yuan pressure
BEIJING -- In an effort to relieve upward pressure on the yuan, the Chinese State Administration of Foreign Exchange (Safe) relaxed restrictions on outbound investment flows last week.
Refco and Abbey Capital to launch FX funds
NEW YORK -- Refco Alternative Investments, a division of Refco Group, has teamed up with portfolio manager Abbey Capital in Dublin to develop a series of managed FX futures funds.