Foreign exchange
JPMorgan Fleming to launch FX fund
LONDON -- JPMorgan Fleming will launch a fund in February based on research produced by parent group JP Morgan Chase.
Scandinavian banks look east
STOCKHOLM -- Scandinavian banks are expanding emerging markets teams in Europe and Asia as they seek to upgrade non-Scandi forex in preparation for the anticipated disappearance of the Swedish and Danish crowns.
StanChart tops Asian interbank poll
HONG KONG -- Standard Chartered was the runaway winner for currency products in FX Week sister publication AsiaRisk ’s annual interbank derivatives poll.
Dollar dive helps set new CME records
CHICAGO -- The Chicago Mercantile Exchange reported a succession of record volumes last week, as the dollar’s dive prompted heavy trading in the world’s biggest exchange-traded FX marketplace.
Reuters’ Chinese data deal
SHANGHAI -- Reuters has signed an agreement with the China Foreign Exchange Trade System (CFETS) to deliver enhanced financial market information to CFETS’s customers. CFETS, a subsidiary of the People’s Bank of China, offers yuan foreign exchange…
CME reports November uptick
CHICAGO -- The Chicago Mercantile Exchange (CME) last week reported increased year-on-year foreign exchange volumes for November, citing further growth on its electronic trading platform Globex as a key driver.
NFA lifts emergency action against COESfx
NEW YORK -- Regulatory body National Futures Association (NFA) lifted an emergency enforcement action against New York-based electronic currency network COESfx on December 3.
Hotspot live on Bloomberg
NEW JERSEY -- Hotspot FXi, the New Jersey-based online institutional FX trading platform, goes live today with streaming spot prices on Bloomberg terminals.
Market eyes fresh dollar falls
LONDON -- Forex market analysts and traders are predicting fresh falls for the dollar in the coming months after euro/dollar hit successive record highs last week.
FXall breaks volume record
NEW YORK -- Growing institutional use of FXall helped the multi-bank portal set a new volume record in November, it announced last week.
Non-exporters still have exposure to currencies
Options could be the answer for a manufacturing company facing the twin problems of foreign competitors undercutting its prices and of the companies it supplies being less successful with an appreciating currency. Alex Barrett and Demetri Papacostas, of…
AIG cuts ahead of integration
GREENWICH, CT -- Recruitment consultants in the US report that up to 70 staff have already left the American Insurance Group as it prepares to integrate subsidiaries AIG Trading and AIG Financial Products.
Market consolidation ‘not all bad’
Consolidation in the FX market has not adversely affected efficiency or liquidity, Mark Monahan, global head of sales at EBS told delegates at the FX Week congress in London last week.
Tokyo-Mitsubishi’s ‘creativity’ boosts revenues
TOKYO -- Bank of Tokyo Mitsubishi (BTM) has strengthened its position as one of Japan’s top FX providers, with a rise in FX revenues for the first half of the financial year.
FX scam at top banks exposed
NEW YORK -- A currency trading scam allegedly carried out by five traders at top global banks, nine brokers and three officials at retail FX firms -- including a former member of the Federal Reserve’s FX committee -- was uncovered last week as part of…
RG Niederhoffer launches negative correlation fund
NEW YORK -- New York-based hedge fund manager RG Niederhoffer Capital Management has launched a negative correlation fund to help equity investors take advantage of short-term FX moves.
UBS ousts Citi from top spot
LONDON -- UBS is the best bank in foreign exchange, according to a poll of nearly 1,000 voters in FX Week’s annual survey of the industry.
ABN index set for Japan debut
LONDON -- ABN Amro's global FX research team has been invited to present its Speculative Position Index (SPI) to Japanese policy officials later this month due to the accuracy of its modelling.
Bumper bonuses expected
LONDON -- Forex bonuses in the new year look set to outstrip 2002 payouts by up to 40%, traders and recruiters told FX Week .
UBS reaps volatility rewards in third quarter
ZURICH -- UBS achieved year-on-year revenue growth of 22% from foreign exchange in the third quarter, as the bank achieved its most profitable quarter in forex in three years. In addition to improving revenues, UBS said the fixed income, rates and…
StanChart continues FX build-up in Africa
LUSAKA -- Standard Chartered sold its first Zambian kwacha FX options in October, as part of its continued forex build-up in Africa, senior officials told FX Week .
Rapid expansion takes prime brokerage into the mainstream
LONDON -- Exponential growth in prime brokerage is taking the service out of niche markets and into the mainstream, according to forex market specialists.