Foreign exchange
UK's Hargreaves Lansdown launches onto forex market
BRISTOL -- A leading UK stockbroker and financial advice firm is to launch into the FX market, offering its 500,000 customers access to Saxo Bank's rates.
BTM lead in Japanese forex slipping
TOKYO -- Bank of Tokyo-Mitsubishi (BTM) remains the top Japanese foreign exchange house in the country, with revenues for the first half of the Japanese fiscal year ending September 30 totalling ¥36.1 billion.
Forex liquidity crisis looms
LONDON – Top banks UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress in London last week.
Dynamic hedging strategies in Turkish lira
Emerging markets options offer the benefit of extreme differences in implied volatility and interest rate differentials. Here, James Davison, FX derivatives marketer at ABN Amro in London, outlines how corporate clients can see the benefits investors…
Forex appeal set to continue
Foreign exchange is likely to continue to appeal to investors as an asset class, as a result of its liquid and transparent markets and the trading opportunities it offers, said Daniel Szor, managing director of currency firm FX Concepts in Paris.
CME expects prop trading growth
The changing shape of the FX market and of the world economy will lead to significant changes in the way foreign exchange is traded.
China eases capital outflow restrictions
HONG KONG – authorities have taken further steps that should allow greater flows in foreign exchange trading over the coming months.
Commerzbank "exits London"
LONDON – Commerzbank is to close its trading and sales forex operations in London.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
Slow start for India's retail FX market
MUMBAI – Nine months after retail investors were given the de facto go-ahead to start forex trading overseas, volumes have been subdued, say analysts.
UBS holds onto pole position
LONDON – UBS is the top-rated bank in FX, according to the 1400 voters in FX Week's 10th annual survey of the market.
Concerted intervention ruled out
FRANKFURT – Despite increasingly vigorous comments from European politicians arguing in favour of stemming the onward rise of the euro, concerted intervention from Europe and the US is extremely unlikely.
Investors invited to scale up overlay in Asia
HONG KONG – Investors in Asia could scale up the returns they are currently getting from FX overlay by investing in hedge funds, delegates at the ABN Amro Asia currency conference heard last week.
Bush win prompts dollar sell-off
NEW YORK – The re-election of President George W. Bush last week prompted a dollar sell-off, sending the euro to an all-time high just below 1.30 by close of trading on Friday (November 5).
GFI adds three for Fenics FX
LONDON – Inter-dealer broker and market data firm GFI Group has hired three new staff for its Fenics FX options pricing system in London and Singapore. The hires will help the firm meet increasingly sophisticated demands on the system from bank clients,…
Prime brokerage best for individual investors
Individuals who want to trade FX may find a prime broker will promote confidentiality, cut out settlement difficulties and help resolve credit issues, says Peter Wakefield, MD of research and product development at Record Currency Management in the UK
Canadians join State Street's e-commerce settlement service
BOSTON – State Street Global Markets signed up the big five Canadian banks to its settlement and confirmation matching tool for FX last week.
Rupee trading set to double, say local traders
MUMBAI – Daily trading volume in the Indian rupee could double by the end of the year to $300 billion. Despite the potentially negative impact of the current high price of oil – India being a net crude oil importer – local market participants are…
Shock job losses at Tullett
Tullett Liberty's forwards desk loses as merger with Prebon completes LONDON – Tullett Liberty has suffered a surprise defeat in the integration of its forex business with that of rival Prebon Yamane. Broking sources in London say Tullett's FX forwards…
Q3 hits earnings but Q4 sees pick-up
NEW YORK – All major US commercial banks have now reported their third-quarter results, confirming poor trading conditions have hit returns for FX.
Chinese currency to rise by 25% against dollar
LONDON – China's currency is up to one quarter below its true value and a significant adjustment on the forex market is inevitable.
Reuters to build Chinese FX platform
SHANGHAI – The China Foreign Exchange Trade System (CFETS), a subsidiary of the People's Bank of China, has signed up Reuters to develop a global foreign exchange trading system for it and its member banks.
Reuters outage spells pricing void
LONDON - The pitfalls of relying on electronic systems was made clear to FX traders last week, as a power outage at Reuters' technical centre left them without pricing in European currencies for seven hours. The outage, which began at 2.34pm in London (9…