News
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Fimat reorgs to specialise
CHICAGO -- Fimat, the brokerage arm of French investment bank SG, completed a reorganisation of its foreign exchange activities last week to divide the business into specialist areas, sources close to the firm told FX Week .
Hantec’s online platform turns Japanese
HONG KONG -- Hong Kong trading firm Hantec International has gone live with a Japanese version of its online FX brokerage platform. "It’s very important for people to be able to use the platform in their native language," said Nelson Ho, project co…
Forex TV live with Saxo and MNI content
NEW YORK -- Forex Television, a joint venture between RDC Bancorp and eTV-Media, has integrated automated FX news and analysis feeds from Saxo Bank in Copenhagen and Market News International (MNI) in New York, officials at eTV-Media told FX Week .
CMC expects major growth in Asia-Pacific FX business
SYDNEY -- Online foreign exchange service provider Currency Management Corporation (CMC) expects to double the number of customers for its FX trading services in the Asia-Pacific by June 2004, according to a senior official at the firm.
ABN expands in FX trading
AMSTERDAM -- Dutch bank ABN Amro has made two senior hires to its FX trading business, as part of its strategy to increase its trading presence globally, a senior official told FX Week .
Philippines SEC drafts FX reporting guidelines
PHILIPPINES -- The Philippines’ Securities and Exchange Commission (SEC) last week announced draft guidelines on the preparation of foreign currency-denominated financial statements for corporations in the country.
FXall adds CLS messaging
LONDON -- FXall is set to go live with its CLS messaging service for third-party banks and asset managers through its Settlement Center, the multi-bank portal will announce today.
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
Deutsche plans sales hires in Amsterdam
AMSTERDAM -- Deutsche Bank plans to hire up to two additional dealers to its newly merged corporate derivatives sales team in Amsterdam over the coming months, a senior official at the bank in London told FX Week .
US pressure to bring ‘freer markets’
NEW YORK -- Active engagement between the US, China and other countries is leading towards freer markets, said John Taylor, treasury undersecretary for international affairs, last week.
CLS impact ‘neutral’ for RTGS systems
LONDON -- The introduction of the continuous-linked settlement service (CLS) for FX has had little effect on flows and liquidity on real-time gross settlement systems (RTGS), according to the latest Bank of England (BoE) quarterly bulletin.
Deutsche Bank launches tradeable FX Indices
NEW YORK -- Deutsche Bank has launched a range of trade-weighted currency index-based (TWI) products this month to give traders the opportunity to speculate on the overall strength of currencies, officials at the bank said last week.
Won to weaken against yen in the short-term
SEOUL -- The Korean won will continue to weaken against the Japanese yen in the short-term, analysts in the Asia-Pacific told FX Week . But it is likely to regain some strength against the yen over the medium-term.
New fund taps computational trade models
MASSACHUSETTS -- US-based online futures commission merchant FX Solutions is set to launch a managed currency fund next week based on newly developed computational trading models, senior officials told FX Week .
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
COESfx takes SEB’s FX pricing
NEW YORK -- Electronic currency network COESfx will go live with FX prices from the London-based merchant banking division of Swedish bank SEB next month.
Dealers raise thousands for children’s charity
LONDON -- City dealers and New York institutions raised $240,000 for London-based charity Children in Crisis (CIC) on September 18 through the charity’s inaugural Dealing for Donation day.
BoA plans hires across European FX
LONDON -- Bank of America (BoA) is currently assessing how many of its planned 135 European hires over the next year will be in FX, a senior official at the bank in London told FX Week .
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…