Foreign exchange
PBoC liberalises derivatives market
BEIJING – The People's Bank of China (PBoC) has issued new regulations allowing banks to trade renminbi forwards and cross-currency swaps in the interbank FX market. Meanwhile, non-bank companies such as insurance firms and asset managers can also apply…
Dresdner continues FX restructure
LONDON – Dresdner Kleinwort Wasserstein (DrKW) has seen the departure of three members of its foreign exchange sales and trading team, as the bank continues to restructure its FX desk.
Fighting chance for new player
In the first of a series of profiles of the multi-bank portals, FX Week analyses the strengths and weaknesses of the players in this crowded market-place. This week: Lava FX
Reuters enters post-trade market
LONDON – Reuters is to move into post-trade settlement of FX transactions with the forthcoming launch of its Reuters Trade Notification Service (RTNS).
The tip of the eFX iceberg
GREENWICH, CT – Electronic FX volumes could hit a new wave of growth if the banks behind spot broker EBS' buy-side initiative stay committed, according to research by Greenwich Associates.
US FX catching up with UK
LONDON & NEW YORK – Growth in the US FX market is outstripping the UK, according to official figures released last week.
ABN Amro cashes in on retail demand
HONG KONG – ABN Amro is capitalising on retail demand for exposure to forex markets with the launch of the first FX-linked equity notes for retail investors based in Hong Kong.
Foreign banks slammed in Seoul
SEOUL – Three foreign banks have been reprimanded by Korean authorities for selling inappropriate FX derivatives contracts to state-owned companies.
Asia takes electronic currency route
Electronic currency networks are coming to the fore in Asia as daily trading volumes reach an all-time high, according to Michael Weiner, co-founder and managing partner at CoesFx
US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
Relative value after the peg
Marios Maratheftis, FX strategist with Standard Chartered in London, looks at where to find value in Asian currencies following the end of the Renminbi's dollar peg
Banking relationships remain key
Banking relationships will remain important despite the fact that costs are coming down and there are ever more channels from which clients can choose.
Stiff competition for multi-bank portals
NEW YORK – Multi-bank portals will find it hard to compete in a market where there is increasing competition for buy-side clients.
JP Morgan signs fund customer to Reuters
NEW YORK – JP Morgan became the first bank last week to go live with fund customers for Reuters' buy-side initiative Reuters Trading for Foreign Exchange (RTFX).
Portals tackle liquidity issues
NEW YORK – The rise in anonymous trading has changed the way banks distribute liquidity.
EBS joins algorithmic bandwagon
LONDON – FX trading platform EBS is to enable algorithmic trading over its platform as it enhances capabilities to expand the range of services available to the buy side.
GFT opens Aussie office
SYDNEY – Global Forex Trading (GFT), the provider of real-time currency dealing, pricing and services for retail and institutional forex traders, has begun operating a field office in Sydney, Australia.
Hedging North Asia FX risk
Michael Image, FX structurer in Hong Kong, and Callum Henderson, head of FX strategy in Singapore, at Standard Chartered Bank, look at appropriate hedging strategies such as structured forwards or daily accrual forwards for hedging North Asian currency…
RBS hits the heights on Cfets
SHANGHAI AND EDINBURGH – Royal Bank of Scotland (RBS) has done the most deals and seen the highest volume on Chinese trading system China foreign currency trading system (Cfets) since its launch.
Nihon Unicom joins EBS Prime
Tokyo – Prime brokerage platform EBS has increased its exposure in Japan by signing up a Japanese futures commission merchant (FCM) as an EBS Prime customer.
London bomb blasts test contingencyplans
LONDON – Last Thursday’s terrorist attacks on London put the FX market’s contingency plans to the test, as explosions ripped through the heart of the global forex capital.
Hedge fund interest in forex continues
London – High profile banks and investment houses are launching currency fund of hedge funds (FOHFs), showing the continuing interest as FX as an asset class.
Algorithmic trading: the new FX frontier
NEW YORK – Algorithmic trading is set to become the new frontier of foreign exchange trading, according to market analysts.