News
Trayport plans multi-portal screen
LONDON -- Software vendor Trayport is set to launch Exchange Gateway, an interface that allows traders to access multiple forex markets from one screen, in Q1, 2004.
Commerz to add staff for new long-dated options book
LONDON -- Commerzbank plans to hire two new options specialists in London over the coming months, to support a long-dated FX options book that is currently in development.
JP Morgan expands Treasury Services
LONDON -- JP Morgan Treasury Services has hired four staff in London across technology, liquidity management, consulting and trade services. The hires will help JP Morgan expand its business, said Steve Groppi, regional executive for Europe, the Middle…
Fimat merges US and UK FX
CHICAGO -- Fimat, the brokerage arm of French investment bank SG, has merged its US and UK FX businesses into a single global unit.
SuperDerivatives spices up Xerox Mexicana
MEXICO CITY -- US printing technology company Xerox Corporation has signed a deal with SuperDerivatives to use the UK-based forex technology firm’s FX option benchmark pricing system in Xerox Mexicana, its Mexican subsidiary.
China export tax changes will not satisfy US, Japan and EU
BEIJING -- The Chinese government plans to cut tax rebates for exporters in a bid to reduce international pressure for yuan revaluation, local media in Hong Kong and mainland China reported last week. However, market participants in Asia-Pacific said the…
Deutsche adds e-options
LONDON -- Deutsche Bank will go live with FX options on its autobahnFX trading platform in January, in response to client demand, a bank official told FX Week .
Merrill Lynch reports record quarter
NEW YORK -- Merrill Lynch’s drive to become a major force in the FX industry appears to be bearing fruit, according to its third-quarter results.
Asset manager technology hinders op risk management
LONDON -- Less than 40% of global asset managers believe they have the necessary technology to manage operational risk and automation issues effectively, according to a survey released last week.
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
China’s regulator publishes new derivatives guidelines
BEIJING -- The publication of China’s long-awaited derivatives regulations has moved a step closer, following the release of new draft guidelines by the country’s regulator, the China Banking Regulatory Commission (CBRC).
Cognotec ups connectivity
LONDON -- Irish FX trading technology vendor Cognotec will go live with its first major upgrade to its AutoDeal+ foreign exchange trading platform next month, which automates links to three external trading platforms.
Senior roles left unfilled
NEW YORK -- Despite a year of frenetic hiring activity in the wider forex market, Bank of America (BoA) and Commerzbank are still looking for senior FX managers, according to market sources. And with the next bonus season just round the corner, the…
Funds fall for third month
STAMFORD -- Currency managers struggled to generate returns in August for the third consecutive month, according to the Parker Global Strategies’ FX Index, which was down 0.45% for the month. Of the minority of funds that showed a profit for the month,…
Pressure on funds’ currency management set to intensify
LONDON -- An inquiry into the failure of a prominent insurer's staff to hedge risks will bring increased pressure on pension funds to address their currency strategy.
Etrade adds CME FX futures
LONDON -- Retail trading firm Etrade has added FX futures to its equities trading platform through a link with the Chicago Mercantile Exchange’s Globex platform, bringing the total number of futures contracts available to eight.
New CLS currencies are adding 2,000 trades a day
SINGAPORE -- Continuous-linked settlement (CLS), the settlement service for foreign exchange, is now settling between 1,500 and 2,000 transactions a day in the four new currencies that went live at the beginning of September.
FSA warns of treasury management flaws
LONDON -- The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
Russia considers switch to euro for oil exports
MOSCOW -- If Russian officials decide to switch from the dollar to the euro in pricing their oil exports there would be a major shift in the balance of currencies behind the world’s most traded commodity. But the effects on the euro would not be seen in…
ABN Amro’s new strategy products
SINGAPORE -- ABN Amro launched a new global FX research publication in Singapore last week.
NFA suspends California FX firm
CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.