News
Four new currencies on CLS
NEW YORK -- The continuous-linked settlement (CLS) service goes live with four new currencies today (September 8), a senior official at the firm told FX Week .
Baalbeck, City of the Sun awaits
As veterans of ACI congresses past are well aware, the highlight of the yearly meetings is usually the social programme -- and the entertainment planned by this year’s hosts, ACI Lebanon and the Interarab Cambist Association, will be no exception.
Compliance countdown for unnamed trades
LONDON -- With less than nine months before funds should comply with a new code from the Bank of England (BoE) on unnamed counterparty trading, many continue to flout the new guidelines, market participants reported last week.
Wachovia takes BEA system
CHARLOTTE – BEA Systems’ WebLogic application server is being used to support the recently launched web-based FX platform, Online FX, at Wachovia Bank, a unit of Wachovia Corp, officials at the California-based vendor said last week.
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
Weak economy could prompt Taiwan currency strengthening
TAIPEI – Taiwan’s weak economy could force the currency higher, according to Barclays Capital last week.
BoJ still to intervene despite August respite
TOKYO – Analysts expect further intervention in the currency markets from the Bank of Japan (BoJ) in September, following reports that the central bank had already sold yen at the end of last week.
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
HK yuan centre unlikely in near-term
HONG KONG – Speculation that the Chinese government may create an offshore yuan centre in Hong Kong has increased in recent weeks, but such a move is unlikely in the short-term, market participants told FX Week .
Currency funds continue to fall
STAMFORD, CT – Currency funds fell for the second consecutive month in July, as the dollar held fast against both the euro and Japanese yen, according to Parker Global Strategies’ FX Index, which was down 1.88% for the month.
FX futures contribute to surge in managed assets
LOS ANGELES – The managed futures industry has experienced record-breaking growth over recent months, and currency futures form a "very significant" part of that, according to a report from US-based specialist research firm The Barclay Group last week.
Scandinavia beckons FX fund managers
LONDON – Low interest rates and relaxed legislation in Scandinavia and continental Europe could make institutional investors in those regions key prospects for currency fund managers.
Almeida rejoins Deutsche as global FX sales head
LONDON – Dan Almeida will begin in the newly created position of global head of foreign exchange sales at Deutsche Bank in London on September 2.
Greater role for dealers in FX fraud prevention
WASHINGTON – New rules jointly announced by the US Commodity Futures Trading Commission (CFTC) and National Futures Associations (NFA) last week will give dealers greater responsibility for the prevention of FX fraud by unregulated counterparties.
JPMC merges cross-product US middle-market teams
NEW YORK – JP Morgan Chase has merged three cross-product teams serving US-based firms, to bring together the bank’s middle market service across the US, a senior official told FX Week .
WestLB reaches for Summit
Düsseldorf – The global financial markets group of Düsseldorf-based Westdeutsche Landesbank (WestLB) has selected New York-based transaction processing technology company, Summit Systems, for a major consolidation of its systems environment. The…
First senior hires at CAI-BFI
LONDON – Crédit Agricole Indosuez (CAI) has made the first senior appointments for CAI-BFI, the institution to be created from the merger of CAI and Credit Lyonnais. However, appointments to the FX business are not due until later this month, senior…
Report reveals overlay lag
LONDON – Institutional investors in Europe remain unconvinced of the merits of currency overlay, according to a report out last week.
STP break puts banks at risk
NEW YORK -- Third-party banks using the continuous-linked settlement (CLS) service may be subject to increasing operational risk as a result of a breakdown in straight-through processing (STP), according to one STP vendor.
Goldman and Lehman ready moves to new Tokyo building
TOKYO -- Forex traders at US investment banks Goldman Sachs and Lehman Brothers are preparing to move into the same 54-storey building in central Tokyo.