Foreign exchange
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.
Refco and Abbey Capital to launch FX funds
NEW YORK -- Refco Alternative Investments, a division of Refco Group, has teamed up with portfolio manager Abbey Capital in Dublin to develop a series of managed FX futures funds.
New era dawns for FX data
NEW YORK -- A new era in FX data is on its way, as the continuous-linked settlement service (CLS) for forex prepares to sell its market data back to users early next year.
Amex and HVB FX results growing
MUNICH -- American Express Bank saw a modest uptick in its Q3 FX trading revenues, with $54 million in FX income, up from $50 million for Q3, 2002.
GFI buys exotic options model
LONDON -- Inter-dealer broker and market data firm GFI Group has bought options pricing model dVega, and integrated it with the latest release of its flagship options pricing tool Fenics FX, GFI will announce today (October 27).
Traiana goes live, adds brokers
NEW YORK -- The e-FX prime brokerage industry picked up momentum last week, as the first banks went live on Traiana’s automated FX prime brokerage software and two more key prime broker banks signed up for the system.
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
SuperDerivatives spices up Xerox Mexicana
MEXICO CITY -- US printing technology company Xerox Corporation has signed a deal with SuperDerivatives to use the UK-based forex technology firm’s FX option benchmark pricing system in Xerox Mexicana, its Mexican subsidiary.
Merrill Lynch reports record quarter
NEW YORK -- Merrill Lynch’s drive to become a major force in the FX industry appears to be bearing fruit, according to its third-quarter results.
FX shock from fund upheaval
TOKYO -- Massive upheaval in the Japanese pension fund industry is set to have major implications for forex flows and relationships, as the process of daiko henjo -- the return of public funds to the government -- gets underway.
China’s regulator publishes new derivatives guidelines
BEIJING -- The publication of China’s long-awaited derivatives regulations has moved a step closer, following the release of new draft guidelines by the country’s regulator, the China Banking Regulatory Commission (CBRC).
FSA warns of treasury management flaws
LONDON -- The Financial Services Authority, the UK regulatory body, has highlighted key areas of weakness in UK treasury management following a survey of banks and building societies.
ABN Amro’s new strategy products
SINGAPORE -- ABN Amro launched a new global FX research publication in Singapore last week.
NFA suspends California FX firm
CHICAGO -- Regulatory body National Futures Association (NFA) suspended California-based futures commission merchant FX First, effective September 26.
Nike, Refco make CLS choices
NEW YORK -- Top buy-side players Nike, the US training shoe manufacturer, and Refco, the Chicago-based futures broker have selected their partner banks for continuous-linked settlement.
Hantec’s online platform turns Japanese
HONG KONG -- Hong Kong trading firm Hantec International has gone live with a Japanese version of its online FX brokerage platform. "It’s very important for people to be able to use the platform in their native language," said Nelson Ho, project co…
Forex TV live with Saxo and MNI content
NEW YORK -- Forex Television, a joint venture between RDC Bancorp and eTV-Media, has integrated automated FX news and analysis feeds from Saxo Bank in Copenhagen and Market News International (MNI) in New York, officials at eTV-Media told FX Week .
CMC expects major growth in Asia-Pacific FX business
SYDNEY -- Online foreign exchange service provider Currency Management Corporation (CMC) expects to double the number of customers for its FX trading services in the Asia-Pacific by June 2004, according to a senior official at the firm.
Structurer/dealer link deepens
LONDON -- The relationship between structurers and FX sales dealers is becoming increasingly close, officials told FX Week , as banks seek to further improve their client service levels.
New fund taps computational trade models
MASSACHUSETTS -- US-based online futures commission merchant FX Solutions is set to launch a managed currency fund next week based on newly developed computational trading models, senior officials told FX Week .
Portals see record FX volumes
LONDON -- Heightened volatility last Tuesday (September 30) created one of the busiest days in years for FX trading, senior officials told FX Week . Electronic portals proved their worth, with many managing record spot volumes.
COESfx takes SEB’s FX pricing
NEW YORK -- Electronic currency network COESfx will go live with FX prices from the London-based merchant banking division of Swedish bank SEB next month.