Foreign exchange
European banks up in third quarter
ZURICH, AMSTERDAM & FRANKFURT – European banks have had a strong third quarter in foreign exchange, with many up substantially over the same period last year.
Currency product ‘growth to continue’
LONDON – Demand for currency-linked structured products is set to continue into next year, according to market participants who have already posted strong sales this year.
BNP to target real-money sales in 2006
LONDON – BNP Paribas is to invest heavily in the real-money space early next year, as it looks to gain traction in an area where the bank has so far had limited presence.
SG CIB to white-label FX portal
LONDON – SG CIB is looking to boost the use of its single-bank portal with a series of white-label arrangements with banks it owns.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS hits the pause button
LONDON – EBS has stopped new customers going live on its platforms until early December as it faces a surge in demand for its services.
EBS signs second largest Chinese bank
BEIJING – EBS has made further inroads into the Chinese market by signing on China Construction Bank (CCB), the second largest state-owned bank in the country.
Russell signs up with Lava
TACOMA, WASHINGTON – Asset manager Russell Investment Group is pushing ahead with the expansion of its FX trading capabilities by signing on to a second electronic currency network.
Consolidation continues in FX
NEW YORK – A further sign of the consolidation of the foreign exchange industry emerged last week, with a survey revealing that just under half of North America’s spot FX market is held among a handful of dealers.
Vietnam opens its doors to Travelex
HANOI – Forex specialist Travelex has signed a deal with a Vietnamese bank to enable overseas nationals to remit money to relatives at home.
Reuters opens post-trade service
LONDON – Reuters this week moves into the post-trade market with the launch of Reuters Trade Notification System (RTNS).
Measuring US dollar and prospects
Thomas Lam Tai Loong, treasury economist at United Overseas Bank (UOB) in Singapore, outlines a way of predicting dollar movement through measuring growth in the US economy
Fraudulent FX sites uncovered
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed yet another action against a party participating in fraudulent forex activity.
Refco’s demise offers risk and reward for competitors
NEW YORK – Refco’s woes are having wider implications for the forex market, with the suspension of the platform sending shockwaves through the industry.
Singapore sees record FX volumes
SINGAPORE – Forex trading activity in Singapore reached the highest levels in seven years in 2004, according to latest statistics from the Monetary Authority of Singapore.
FX volumes ‘up one fifth’ in past year
LONDON – A surge in active currency management has driven up FX volumes by 20% in the past year, according to London-based research firm ClientKnowledge.
Asian central banks increase reserve management sophistication
HONG KONG – Asian central banks who have typically been long dollar are evolving with their reserve management, according to Claudio Piron, currency strategist at JP Morgan.
Using a long straddle for EUR-USD participation
Armin Mekelburg, currency strategist at HVB in Munich recommends a way to take advantage of the strong swings in the eurodollar
China joins forex community
BEIJING – Large-scale FX trading is coming to the Chinese market, with EBS linking to three major state-owned banks in the country.
India’s CCIL adds more banks
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) has gone live with seven client banks and plans to add a further five in the next two months, a senior official told FX Week .
JPMTS signs up CLS third party
BERLIN – JP Morgan Treasury Services has signed up ADM Derivatives as a CLS third-party client, as part of a solution the bank is offering, which includes a suite of multi-currency accounts.
Yen set ‘to play catch-up’ with economy
TOKYO – The relative weakness of the yen, despite the Japanese economy’s strength, is set to end shortly, according to market observers.