News
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 .
Asian intervention tops G7 agenda
DUBAI -- Japanese and Chinese manipulation of the FX market will top the US agenda at this week’s meeting of the Group of Seven leading industrial nations in Dubai, analysts said. The US could shoot itself in the foot, however, as China and Japan are…
HSBC cuts in emerging FX
LONDON -- UK-based bank HSBC has cut about 10 European emerging markets positions in London, as part of a decision to move the management of those currencies back to their local centres, a senior official told FX Week .
Market mourns loss of Model Code author
Denis Nolan, author of the ACI’s Model Code, died at home in county Cork, Ireland on July 20 2003, following a long battle against cancer.
RJ O’Brien launches online FX
CHICAGO -- Futures broker RJ O’Brien will launch online spot FX trading using a white-labelled platform from Michigan-based firm Global Forex Trading (GFT) by the end of this month, a senior official at the Chicago-based firm told FX Week .
PHLX set to launch cash-settled futures contracts
PHILADELPHIA -- The Philadelphia Stock Exchange (PHLX) will launch cash-settled FX futures contracts next month, subject to CFTC approval, a senior PHLX official told FX Week .
JP Morgan Chase to launch white-label forex platform
NEW YORK -- JP Morgan is planning to launch a white-label FX trading platform before the end of the year, becoming the latest entrant in this rapidly developing market.
Dealing for charity
LONDON -- Many City dealers globally will donate a percentage of their day’s profits to London-based charity Children in Crisis (CIC) on September 18.
Fourth quarter boom for FX
LONDON -- Continued market volatility looks set to boost FX in Q4, senior bank officials told FX Week .
Options software boosts exotics appetite
LONDON -- The use of independent FX options pricing software by corporates may have narrowed banks’ margins, but it has given a substantial boost to the exotics market, banks told FX Week .
ABN to create new division
AMSTERDAM -- ABN Amro’s current global head of FX options, Douglas Bongartz-Renaud, will transfer to a new role in the bank’s wholesale banking business as part of a reorganisation set to take place over the coming months, a source close to the bank told…
India’s central bank governor to continue rupee intervention
MUMBAI -- The new governor of the Reserve Bank of India (RBI) is expected to maintain current exchange rate policies, which will cause the Indian rupee to continue its steady rise against the dollar, analysts told FX Week .
Options specialists on the move
LONDON -- FX options specialists are in demand as exotic options become increasingly important to leadership in the area.