Foreign exchange
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…
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.
Hedging Chinese renminbi revaluation
To boost returns on the event of Chinese renminbi revaluation, trading on the recently launched Bloomberg-JPMorgan Asian Currency Index (ADXY) is the best solution, says Erik Herzfeld, head of regional options trading at JP Morgan in Singapore, and…
SIBOS 2004
CLS rules the roost at Sibos
Indian forex settlement service joins CLS
MUMBAI – Indian FX settlement service the Clearing Corporation of India (CCIL) will go live on CLS on October 23.
Deutsche gets China FX derivatives licence
Deutsche Bank has become the latest foreign bank in China licensed to trade onshore currency derivatives. An un-named Deutsche Bank official in Singapore said the China Banking Regulatory Commission gave the German bank the go-ahead last week.
US banks hit by flat trading
New York – Poor market conditions have led to a sharp fall-off in FX revenues for some US banks, but others managed to post increased returns in the third quarter.
Special Feature - CLS settlement: the next two years
As CLS enters its third year, Joseph De Feo discusses plans for expansion Two years ago, the CLS Group launched the world's first global settlement service for foreign exchange trades. Following several other aborted efforts to tackle Herstatt, or…
GFI launches new FX option data service
NEW YORK – Broker and market data firm GFI Group has launched a new currency options historical data service for quantitative experts, risk managers and middle-office employees at banks active in the FX markets.
EBS gets foothold in China
SHANGHAI – Spot broker EBS has signed up Bank of Montreal as the first bank in mainland China to use EBS Spot, its spot broking platform. Through the agreement, Bank of Montreal (BMo) will be able to trade spot FX from its offices in Beijing, Guangzhou…
JP Morgan and Bloomberg launch Asian currency index
SINGAPORE – JP Morgan Chase and market data vendor Bloomberg have teamed up to launch a tradable index of currencies from Asian emerging markets, the firms announced last week.
BIS paints bright future for FX
BASEL – The huge growth in daily turnover in the global foreign exchange market, revealed in the Bank for International Settlements’ (BIS) triennial FX survey last week, has painted a bright future ahead for forex market participants.
Seven banks to start testing CME FX on Reuters
CHICAGO – Seven banks will start beta-testing CME FX, the Chicago Mercantile Exchange’s e-FX futures available on Reuters 3000 terminals, at the end of the fourth quarter, Reuters and the CME said last week.
Monetary policy key for Norway trades
OSLO – Norway’s monetary policy will be the major driver of the krone this year, market participants have told FX Week .
NDFs for a company with operations in China
Clients based in one country with manufacturing bases in another are exposed to risk if the country of production’s currency appreciates. Here, Ashish Advani, director, risk solutions at Travelex in London, proposes a solution that hedges the risk using…
Saxo returns to Australia
SYDNEY – Saxo Bank was last week able to return fully to the Australian FX market, after moves by the regulator had limited its ability to trade there since March.