News
Sterling to survive Hutton Inquiry
LONDON -- The Hutton Inquiry into the death of UK government weapons inspector David Kelly has had a limited short-term impact on sterling, but could in the long term contribute to the weakening of the government, analysts said last week.
Central Europe sees shift in fortunes
BUDAPEST -- Economic fortunes have been changing in central Europe, possibly more so than markets have recognised, said FX strategists at Merrill Lynch.
Currenex targets retail with ESP
LONDON -- Currenex is targeting the retail forex market with its new executable streaming prices (ESP) technology, in a move that marks a repositioning in strategy for the multi-bank platform.
Banks eye buy-side dealers
LONDON -- Banks are increasingly looking to recruit staff from the buy side in an effort to satisfy their asset management clients.
Volkswagen steps up currency hedging
WOLFSBURG -- European car manufacturer Volkswagen (VW) has increased its use of FX hedging, after seeing its profits in the first half sink by 55% year-on-year, as a result of euro strength.
Ideaglobal makes Thrush COO
LONDON -- Market data firm Ideaglobal has named Paul Thrush, Barclays Capital’s former global forex chief, as its chief operating officer, based in London. He had been on the firm’s executive board since last November ( FX Week , December 2).
Merrill takes Reuters/AVT
NEW YORK -- Merrill Lynch has gone live with Reuters’ bank-to-customer FX trading technology, in what marks the UK vendor’s first sale since it merged its B2C unit with AVT Technologies last December.
Banks offer capital intro to hedge funds
LONDON -- Investment banks are stepping into a new role by offering a capital introduction service to hedge fund clients in order to increase their business with them, officials told FX Week .
Currenex names new CTO
NEW YORK -- Currenex has hired Sean Gilman as chief technology officer, based in New York. He replaces Matthew Arrott, who left last month.
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Banks failing SMEs on hedging
LONDON -- More than half of UK businesses with exposure to currency transactions totalling £20 million per year are failing to hedge their exposure, according to research produced by currency services firm Travelex in the UK. The lack of protection is…
Nissan Motor takes Reuters risk system
Volkswagen is not the only car manufacturer in the process of increasing its currency risk management. Last week, Reuters announced it has sold its Kondor trade-processing risk and trade management product, Kondor+, to Japanese car manufacturer Nissan…
Isda and Fix join forces
NEW YORK -- The International Swaps and Derivatives Association and Fix Protocol have formed a joint working group to share information on the development of their respective Fix and FpML messaging standards.
UBS triumphs in currency derivatives
ZURICH -- UBS triumphed again in this year’s currency derivatives categories in FX Week ’s sister publication Risk magazine’s global derivatives rankings.
SG hires three to global institutional sales team
LONDON -- SG has made three new hires to its institutional FX sales team in London. The move is part of the bank’s global effort to boost its institutional sales business, a senior official in New York told FX Week .
NZ dollar to strengthen
WELLINGTON -- The New Zealand dollar is set to strengthen against the greenback to at least 60 US cents by the end of the year, according to market participants in the Asia-Pacific.
Prime brokers pilot FXall message service
LONDON -- Multi-bank FX trading portal FXall will go live with its upgraded prime broker message service in mid-December. The enhancement will automate messaging between the executing bank, prime broker and prime brokerage client irrespective of whether…
Centradia branches out
BEIRUT -- European multi-bank trading platform Centradia aims to branch out into the Middle East, said officials at part-owner SG, which marketed the tool at the ACI Congress in Beirut last week.
Middle East lures FX firms
BEIRUT -- The potential for growing business in the Middle East has this year brought two new firms to industry body ACI’s annual congress, which was held in Beirut last week.
Jobs to go in MMS/MCM merger
LONDON -- Job cuts at forex market commentary providers MMS International and MCM are "inevitable" as a result of UK publishing group Informa’s $37 million acquisition of MMS International last week, officials told FX Week .
Banks facing shortage of German FX sales dealers
LONDON -- Banks seeking to build their institutional FX sales business for German clients are facing a shortage of high-quality personnel, bank officials and recruitment consultants have told FX Week .