News
‘No euro target’ for ECB
LONDON -- The European Central Bank has no target level for the exchange rate of the euro, director of monetary policy, Hans-Joachim Klöckers, reiterated at FX Week ’s second annual congress last week.
BarCap expands sales team
LONDON -- Barclays Capital will hire up to five additional dealers to its UK corporate foreign exchange sales team in London as part of a continued build-up in the area, a senior official at the bank told FX Week .
CME cuts European fees
CHICAGO -- The Chicago Mercantile Exchange (CME) has slashed transaction fees for all products traded electronically on Globex in Europe, bringing its costs in line with rivals the Chicago Board of Trade and Eurex. However, the cut of 73% to 44 cents,…
FX scam at top banks exposed
NEW YORK -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered last week as part of…
RG Niederhoffer launches negative correlation fund
NEW YORK -- New York-based hedge fund manager RG Niederhoffer Capital Management has launched a negative correlation fund to help equity investors take advantage of short-term FX moves.
Reuters adds SuperDerivatives to 3000
LONDON -- Reuters last week added SuperDerivatives’ currency options pricing system to its 3000 Xtra platform as part of its efforts to boost its position in the treasury markets.
ABN hires Gartmore risk specialist
LONDON -- ABN Amro has added to its FX risk advisory team in London with the addition of James Binney from Gartmore Investment Management. Binney, who joins ABN today (November 24), will partner with Kenrick Ramlochan in London to offer and market…
Banks confirm plans for Istanbul
ISTANBUL -- Global banks with FX businesses in Istanbul have not changed their security procedures following the suicide bombings in the city last Thursday.
ex-Investec FX head joins headhunter
LONDON -- Simon Jaquiss joined headhunting firm Napier Scott Executive Search in London as a senior consultant on FX derivatives, the firm said last week.
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.