Foreign exchange
Launches maintain rapid rate of change
The forex market is going through rapid evolution, with banks trying to engineer a market that better suits their needs.
Retail rollout for major banks
GLOBAL – A number of banks are launching retail FX offerings this year as they see growing opportunities for attracting flow from this market.
April strong for forex
NEW YORK – April was a positive month for FX trading, with platforms EBS and FXall both breaking respective trading volumes.
Differing approaches from the biggest players
Where you base your business is in some ways just as important as how it is run. Deutsche Bank's decision to move back into Tokyo this week with a full sales and trading operation shows that it has faith in the Japanese economy's ability to deliver…
Cliquet options for the longer view
Cliquet options embedded in a zero coupon structured product can be used to take advantage of a medium- to long-term view, suggests Jeffrey Todd Lins, director, quantitative analysis at Saxo Bank in Copenhagen
BNY signs Fundtech deal for corporates
NEW YORK – The Bank of New York (BNY) and vendor Fundtech have signed a deal enabling mid-sized banks to easily and affordably provide FX services to corporate clients.
RBC creates dual senior role
TORONTO & LONDON – Canadian bank RBC Capital Markets, has restructured its FX operations, implementing a new management hierarchy to reflect a more global focus.
Currenex takes algo plunge
NEW YORK – Currenex is moving into algorithmic trading with the launch of CX SmartOrder, a platform that enables customers to use a number of standard models or to create their own.
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Deutsche Bank reorg sees return to Tokyo
GLOBAL – Deutsche Bank is to open a trading desk in Tokyo as it reorganises senior foreign exchange man agement across three continents.
Reuters and CME to set up FXMarketSpace
LONDON & CHICAGO – Industry heavyweights Reuters and the Chicago Mercantile Exchange (CME) have confirmed plans to establish a centrally-cleared FX market-place for early next year, as reported by FX Week (May 1).
Hedge funds down, but retail FX soars
GREENWICH, CONNECTICUT – Hedge fund FX trading has slowed down, while FX retail trading has taken up the slack, according to research from Greenwich Associates.
Interbank market is the one to watch
The move by Lava to get into the interdealer broker space is a bold one that could pay handsome dividends for the Citigroup-owned business.
BoA poaches pair from Morgan Stanley
LONDON – Bank of America is expanding its rates capabilities with two senior hires from Morgan Stanley in London.
Lava moves into interbank FX space
NEW YORK – Citigroup subsidiary, Lava Trading has confirmed plans to launch a new interbank forex trading system this year. The move makes it the first of a number of platforms rumoured to be taking the plunge into the space.
Foreign banks lose out in South Korea
SEOUL – Foreign banks operating in South Korea took a hit in 2005, with net profits sliding nearly 70%, according to government statistics.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
A changing interbank landscape
The decision by the world's largest interdealer broker, Icap, to acquire spot FX broker EBS bears significant implications for the current landscape of the FX industry.
UBS closing London forex trading
LONDON & ZURICH – UBS is closing its London foreign exchange trading operations and moving them over to Zurich in the summer.
Icap concludes deal with EBS
LONDON – Interdealer broker Icap's agreement to acquire electronic forex heavyweight EBS last week could signal a shift in the current landscape of the forex market, say analysts.
Standard Bank builds in sales
LONDON & HONG KONG – Standard Bank is building its sales capabilities in London and Asia, as it looks to expand coverage to institutional and corporate clients.
Trading FX implied volatility – part II
The use of at-the-money straddles can be an effective way to trade implied volatility, but it is not without its limits. In the final part of a two-part series, Duncan Farnsworth, head of risk analytics in the currency structuring group at Royal Bank of…
BNP poaches Citi forex options head
NEW YORK – BNP Paribas has raided Citigroup and Barclays Capital (BarCap) as it continues to beef up its presence in the US and Europe.
Strong Q1 forex results from US banks
NEW YORK – US banks continued the trend of strong first quarter results already reported, with sharp rises in foreign exchange-related profits.