Foreign exchange
Eurex optimistic over forex venture
CHICAGO – Eurex's entry into FX will be facilitated by "the lack of domination in this space", according to Satish Nandapurkar, Chicago-based chief executive officer of Eurex US. He was speaking to FX Week following the exchange's recent move into FX…
Clampdown on speculators in Asia
JAKARTA – Asian authorities have clamped down on speculative trading, with a string of new FX controls across the region.
NAB currency trader jailed
MELBOURNE – Luke Duffy, former head of the National Australia Bank’s (NAB) foreign currency options desk, has been sentenced to 29 months’ imprisonment for his part in the bank’s rogue trading scandal unearthed last year.
Trio of departures from Citigroup
NEW YORK – Citigroup has lost another two FX staff in New York and one in London, following earlier departures and the closure of desks in continental Europe.
CLS bags world’s largest pension fund
AMSTERDAM – The world’s largest pension fund – the e170 billion Stichting Pensioenfonds ABP – has gone live on CLS as a third party of ABN Amro.
Eurex joins FX futures fray
CHICAGO AND FRANKFURT – Eurex, the Frankfurt-based derivatives exchange, has entered the FX market with a September date set for the launch of its futures platform.
Patsystems supports CME on Reuters
LONDON – Software vendor Patsystems has signed a deal to provide technology supporting Chicago Mercantile Exchange (CME) FX on Reuters, as it looks to extend into new areas and develop beyond traditional markets.
More EM currencies for RBS FiX
LONDON – Royal Bank of Scotland (RBS) has made a further upgrade to its online FX service, RBS FiX, with the addition of forward benchmark prices for 12 emerging markets currencies.
CMC Markets adds new products and offices
LONDON/TORONTO – Online FX platform CMC Markets is set to expand with the launch of new currency baskets and additional offices globally.
EM options taking the lead
LONDON – Emerging market currencies is the biggest market for options traders, according to a survey by sister publication Risk magazine, with these units representing more than a third of the total traded.
‘One size fits all’ is not appropriate
Sabrina Jacobs, FX strategist, capital markets, at Dresdner Kleinwort Wasserstein, says Asian currencies need to be looked at on an individual basis
Currency warrants taking off in Asia
Hong Kong – Banks are looking to meet the increasing demand for forex-related products by launching currency warrants in major Asian markets.
Five charged over $3m currency fraud
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed another action against individuals taking part in fraudulent foreign exchange trading.
InfoReach adds HotspotFXi to TMS
NEW YORK – InfoReach, the financial securities trading technology firm, has teamed up with Hotspot FXi, the online foreign exchange platform, to allow its clients access to its prices.
‘FX markets are unreadable’
Foreign exchange markets are notoriously difficult to predict, so corporates shouldn’t bother, argues Simon Miles (right), currency strategist at Corporate FX. Instead they should focus on deciding how to hedge the risk so they can determine its real…
‘No’ votes lead to record flows
LONDON – The ‘no’ votes on the EU constitutionreferendums last week led to unexpectedvolatility in the currency markets, and the highestvolumes ever seen on some platforms.
Deutsche loses staff across desks
LONDON – Deutsche Bank in London has haemorrhaged five foreign exchange staff from structuring, sales and trading in recent weeks. Jeremy Smart, director of FX structuring, who reported to Rhomiaos Ram, global head of complex risk, has been linked with a…
EBS opens in Korea
SEOUL – EBS , provider of electronic trading and market data solutions, has opened in Korea as an offshore broker for non-South Korean won pairs.
Imbalances the major threat
STOCKHOLM – Global imbalances caused by currency intervention are building up and pose a real threat to world economic stability. This was the key message of central bankers at last week’s ACI conference in Stockholm.
EBS Prime enters Asia-Pacific region
LONDON – Interbank trading platform EBS has extended the EBS Prime service into the Asia-Pacific region, expanding beyond Europe and the US.
Sybase moves into forex
DUBLIN, CALIFORNIA – Software vendor Sybase is to open its risk analytics platform to FX data. The vendor will now process risk and trade data for high-volume FX data feeds.
FX to the fore at settlements conference
SAN FRANCISCO – Settlements industry body ISITC -IOA is to focus on FX for its summer 2005 conference to be held in San Francisco.
Top stories from 15 years of FX Week AIB losses a 'one-off'
LONDON – The foreign exchange industry is unanimous in its verdict that the disastrous $750 million FX loss announced by AIB last Wednesday was a one-off event.
IDEAglobal showcases Kobra
NEW YORK –Research firm IDEAglobal will be showcasing a new Kobra template for its real-time FX research services on Reuters at the congress.