News
Korea’s ‘first online FX platform’ set to grow
SEOUL -- Internet Buy and Sell System (IBS), a real-time online FX trading platform in Seoul, should have around 95,000 new customers by the end of the year, according to the bank’s chief executive Choi Se Woong.
Philippine central bank mulls rule change for peso forwards
MANILA -- The Central Bank of the Philippines is considering lifting the six months restriction on peso forwards, its deputy governor Amando Tetangco told FX Week last week. However, he said the move was still in the planning stage, and that the monetary…
GFI to add 10 in FX
LONDON -- Broker and market data firm GFI is looking to hire 10 sales and support staff for its global FX business, James Watson, global head of sales and support, told FX Week .
Reuters sues Bloomberg
Trading technology rivals’ battle heats up over forex patent claims NEW YORK -- US trading technology firm Bloomberg could be forced to stop using parts of its FX matching and conversational dealing technology, if its UK rival Reuters succeeds in a…
Yuan’s US dollar peg to stay despite speculation
Beijing – Speculation that China may relax the yuan’s US dollar peg refuses to go away. Following media reports in June of US Treasury Secretary Jon Snow saying the Chinese government is considering widening the yuan’s trading band, the rumour mill is…
ING to merge central European back offices
BUDAPEST – ING plans to set up a central European processing centre in Budapest by the second half of 2003, the bank announced last week. The move is part of a global strategy to reduce costs and increase efficiency by consolidating back-office functions…
Saxo Bank hires global trading and sales heads
COPENHAGEN – Danish FX specialist Saxo Bank has created global trading and sales positions at its headquarters in Copenhagen as part of its global growth strategy, said senior bank officials.
CFTC continues FX fraud crusade
WASHINGTON – The US Commodity Futures Trading Commission (CFTC) has continued its crusade against fraudulent retail FX firms in the US, with three enforcement actions so far in July.
Klein takes CLS Group chair
NEW YORK – Fritz Klein is the new chairman of the board of directors of CLS Group and CLS Bank International.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Indian options market bursts into life
MUMBAI – The rupee options market exploded into life last week, with more than $250 million of deals transacted on the launch date (July 7), said local market participants.
ABN Amro hires four in strategy
LONDON – ABN Amro has hired four forex strategists, increasing headcount in its global team from five to nine.
BoE cut may hint at lower sterling
LONDON – The Bank of England’s (BoE) shock 25 basis point cut in the UK repo rate last week – to 3.5% – has brought expectations of a lower sterling, analysts said last week.
BBH sees forex growth in emerging markets
LONDON – US custodian Brown Brothers Harriman (BBH) saw increased FX trading volumes in the first half of this year, with particular growth in emerging markets.
CME brings futures to CLS
CHICAGO – The Chicago Mercantile Exchange (CME) has become the first exchange to use the continuous linked settlement (CLS) service, extending use of CLS into a new market.
Fimat forex launch in Poland
LONDON – Fimat Group, the brokerage arm of French investment bank SG, is developing new exchange-related FX futures contracts in eastern Europe in a bid to widen the currency product portfolio for its institutional client base, a senior official told FX…
FXall reaches profitability
New York – Multi-bank portal FXall now earns more than it outlays on a monthly basis, it said last week, over two years after its May 2001 launch.
MMS International denies bid for MCM
LONDON – Mickey Arora, the president and chief executive of market analysis and commentary provider MMS International, has denied reports that the company is in discussions to buy rival commentary provider MCM.
HSBC Asia team set to grow
HONG KONG – HSBC Asia is looking to increase its FX derivatives and sales headcount over the next two years, a senior bank official told FX Week, but FX trading teams are likely to remain static.
CMC starts trading in the US
NEW YORK – UK online forex trading firm CMC Group started trading in the US last week.