Foreign exchange
Record start for US investment banks
NEW YORK – This year looks set to be another bumper year for FX, with a second consecutive year of record-breaking first- quarter results from the US investment banks.
SG CIB rolls out cross-asset research
PARIS – Société Générale Corporate & Investment Banking (SG CIB) has introduced cross-asset research to meet demand for information resulting from the increased correlation and interaction between asset classes from investors.
FXall breaks $35 billion barrier
NEW YORK – FXall, the online FX trading platform, has announced daily trading volumes have for the first time exceeded $35 billion.
Fade-out zero-cost collar for hedgers
Since the beginning of the year, we have witnessed a EUR/USD spot consolidation below 1.37. Also, the last move from 1.2700 took EUR-USD up to the middle of the range 1.27 / 1.37. Many USD buyers are therefore looking to zero-cost collars, one of the…
EBS opens to investor community
LONDON – EBS is launching its buy-side offering this week following a successful pilot with nine banks that has been running since November.
Further fraud allegations from CFTC
WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) has charged another firm for defrauding customers using a forex scam.
Merrill hires two from JP Morgan
LONDON – Merrill Lynch has again boosted its EMEA FX team with the hire of Richard Longmore and Sandra Brown from US rival JP Morgan.
RBC in latest rogue trade scandal
LONDON – Royal Bank of Canada (RBC) is understood to have suspended three staff following an unlawful trade on the New Zealand dollar.
Saxo Bank’s profits soar
COPENHAGEN – Saxo Bank has posted record pre-tax profits for the fourth consecutive year, at Dkr161 million ($28.35 million) for 2004, up 144% over 2003.
Avecia uses RBSFiX for huge deal
MANCHESTER – Avecia, a UK-based speciality chemicals company, has transacted a €495 million foreign exchange deal over the RBS FiX electronic trading system provided by the Royal Bank of Scotland (RBS).
HSBC posts strong year for forex
LONDON – HSBC posted a strong year for foreign exchange in 2004, with dealing profits totalling US$1.8 billion, up from US$1.2 billion the previous year.
Room for all providers
Contrary to much opinion in the market, Mark Warms, global sales and marketing director at FXall, says there is space in the market for all liquidity providers. He argues that hedge funds present an opportunity for the FX community
Lebanese pound under pressure
BEIRUT – The Lebanese authorities have spent up to $2 billion supporting the country’s currency following the upheaval caused by the assassination of the country’s former prime minister.
US investment banks top bonus pay
NEW YORK AND LONDON – FX staff at US investment banks have been awarded some of the highest bonuses in the industry.
Apax acquires Travelex
LONDON – Apax Partners, the private equity group, has agreed to buy a majority stake in Travelex, the forex company, for £1,055 billion.
Solid potential for portals
NEW YORK – There is room for all existing multi-dealer platforms in the FX space, according to a report that counters the perception that there will be further casualties in this area.
FXall grows to meet asset manager demand
BOSTON -- FXall has opened an office in Boston with the appointment of a team of two to drive institutional sales in the city.
European banks get boost in Q4
ZURICH -- European banks were back in the black by the end of 2004 after tough market conditions in the third quarter brought about dire results for foreign exchange.
Asia to set up Bellagio Group
BANGKOK -- Asian nations are looking to set up a group that will bring greater regional co-operation.
China prepares for currency flexibilit
HONG KONG -- Chinese authorities are making further preparations towards a more flexible currency with new rules aimed at minimising an appreciation in the renminbi, say analysts.
CFTC shuts down forex boiler operation
WASHINGTON, DC -- US authorities have frozen the assets of six firms and arrested four of their employees after the Commodity Futures Trading Commission (CFTC) charged them with fraud last week.
Deutsche quits EBS Prime
LONDON -- Deutsche Bank is pulling out of EBS Prime due to a lack of economic benefit it has seen from being on the platform.
Making the most of fresh yen strength
A fresh bout of yen strength may be imminent. Simon Derrick, head of Bank of New York’s currency strategy team, describes a simple, low-cost strategy for currency overlay managers looking to take advantage of the latest moves