Foreign exchange
Many ways to cater for the FX market
As yet another venue looks set to be launched into the foreign exchange market, it remains unclear which model is the most appropriate for the current climate.
Sharia-compliant FX takes off worldwide
GLOBAL – Islamic FX has become a viable alternative to conventional banking and is attracting more investment as a result, say market participants.
ICBC and BoC introduce first foreign currency funds for Chinese investors
BEIJING – The Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC) have launched the first funds in the country to invest clients' money in foreign currency.
FXall to launch anonymous platform
NEW YORK – FXall is to launch an anonymous trading platform that will target both buy-side and sell-side market participants later this year, FX Week understands.
Icap and Cfets launch joint-venture brokerage in China
LONDON & SHANGHAI – The China Foreign Exchange Trade System & National Interbank Funding Centre (Cfets) and interdealer broker Icap are to launch a joint-venture money broking business in China.
Merrill establishes FICC unit
LONDON & NEW YORK – Merrill Lynch has restructured its global markets business, resulting in the departure of New York-based FX and rates head Harry Lengsfield.
Eurex's FX business hangs in the balance
CHICAGO – The future of Eurex US' FX futures business hangs in the balance after an admission by the chief executive of Eurex, Andreas Preuss, that volumes in forex were "not convincing".
FX options fraudsters fined $25 million
WASHINGTON DC – A Florida court has imposed more than $25 million in sanctions against Florida-based United Investors Group (UIG), in an FX options and energy fraud case.
Chinese officials trained by CFTC
BEIJING – Chinese regulators last week hosted a delegation from the US Commodity Futures Trading Commission (CFTC) to help it set up a regulatory regime for futures trading.
Saxo to open in Spain
MARBELLA – Danish firm Saxo Bank has continued its global expansion in 2006 with the opening of a representative office in Marbella, Spain.
First FX derivatives deal in Bangladesh
DHAKA – Standard Chartered has closed the first foreign exchange derivatives deal in Bangladesh, it announced last week.
Refco FX sale to Gain Capital: hearing delayed
NEW YORK – The Bankruptcy Court hearing for the sale of Refco FX Associates' (RFXA) retail customer accounts to Gain Capital has been adjourned to August 10 from July 20.
RBS enhances platform
LONDON – Royal Bank of Scotland (RBS) has enhanced its trading platform ahead of a realignment of its e-forex capabilities.
Forex trading on the rise again
GLOBAL – It has been another bumper six months for forex, according to figures published from the various global FX committees.
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
Further fines for fraudsters
WASHINGTON, DC – Two Miami residents have been ordered to pay a total of $8.9 million following an FX fraud action brought by the US Commodity Futures Trading Commission (CFTC).
FXall sells $77.5 million stake to TCV FXall
NEW YORK – FXall has confirmed plans to sell a minority stake worth $77.5 million to private equity firm Technology Crossover Ventures (TCV).
One answer to the structural versus cyclical debate
Geoff Kendrick, senior currency strategist at Westpac in London, has developed a systematic way to generate alpha from the structural versus cyclical debate
To exchange or not to exchange?
Can the foreign exchange market support an exchange? This is a well-worn question that a great deal of money and a few reputations are hanging on. The Reuters/CME move to establish a centrally cleared exchange that banks and the buy side will participate…
Changing times for managing liquidity
NEW YORK – Managing and accessing liquidity in electronic foreign exchange means something entirely different now to what it did five years ago, according to Bill Hartnett, global head of forex e-commerce at Citigroup.
Difference of opinion over future of exchange
NEW YORK – Opinions remain divided on whether the market has room for an FX exchange, according to a panel on the subject at the FX Week USA 2006 conference.
Smaller banks must focus on strengths
NEW YORK – Banks outside the top bracket need to focus more on their strengths if they are to run successful FX businesses.
GFT to launch training institute
ADA, MICHIGAN – Global Forex Trading (GFT), the online currency trading firm, has enlisted CBS Morning News commentator and economist Ben Stein to launch a trading education company, Strategic Trading Institute (STI).
Banks sign up to FXMarketSpace
LONDON & CHICAGO – CME and Reuters have revealed the banks and institutions that have signed to the FXMarketSpace venture set to go live next year.