Foreign exchange
Dealers raise thousands for children’s charity
LONDON -- City dealers and New York institutions raised $240,000 for London-based charity Children in Crisis (CIC) on September 18 through the charity’s inaugural Dealing for Donation day.
CLS adds new data link
NEW YORK -- CLS Bank will announce the launch of a new settlements directory for users of the continuous-linked settlement service (CLS) today (September 29). The new data is designed to aid straight-through processing rates and reduce operational risk,…
Deutsche merges Benelux FX
AMSTERDAM -- Deutsche Bank began a move to relocate its Benelux FX sales coverage to Amsterdam earlier this month, as part of its strategy to grow FX business across all client sectors, sources close to the bank told FX Week .
IASB favours banks, says Treasury Association Group
LUXEMBOURG -- The International Accounting Standards Board (IASB) is favouring the demands of banks and insurance companies over the interests of corporations, the International Group of Treasury Associations (IGTA) said last week.
Italians step up FX use
ROME -- Italian corporates have increased their derivatives use over the past 12 months as companies have honed their risk management skills to battle against currency volatility.
Cashflow considerations in currency overlay
Active currency overlay can reduce the risk of adverse cashflow arising from a strategic hedge, say Andrew Davies, director of capital market research, and Damhnait Ni Chinneide, portfolio manager at Lee Overlay Partners in Dublin
Banks offer capital intro to hedge funds
LONDON -- Investment banks are stepping into a new role by offering a capital introduction service to hedge fund clients in order to increase their business with them, officials told FX Week .
Appraising a decade of EBS
Forex market reflects on 10 years of the electronic broking duopoly LONDON -- On the tenth anniversary of the launch of EBS onto traders’ screens, the FX market has altered almost unrecognisably.
Middle East lures FX firms
BEIRUT -- The potential for growing business in the Middle East has this year brought two new firms to industry body ACI’s annual congress, which was held in Beirut last week.
Jobs to go in MMS/MCM merger
LONDON -- Job cuts at forex market commentary providers MMS International and MCM are "inevitable" as a result of UK publishing group Informa’s $37 million acquisition of MMS International last week, officials told FX Week .
Dealing for charity
LONDON -- Many City dealers globally will donate a percentage of their day’s profits to London-based charity Children in Crisis (CIC) on September 18.
Fourth quarter boom for FX
LONDON -- Continued market volatility looks set to boost FX in Q4, senior bank officials told FX Week .
Options software boosts exotics appetite
LONDON -- The use of independent FX options pricing software by corporates may have narrowed banks’ margins, but it has given a substantial boost to the exotics market, banks told FX Week .
ABN to create new division
AMSTERDAM -- ABN Amro’s current global head of FX options, Douglas Bongartz-Renaud, will transfer to a new role in the bank’s wholesale banking business as part of a reorganisation set to take place over the coming months, a source close to the bank told…
ACI Beirut Congress: exhibition preview
BEIRUT -- Between the challenging seminar programme and the exhaustive social schedule planned by hosts of the 43rd ACI World Congress this week, the 600+ delegates will get a chance to sample product demonstrations and promotions at the exhibition.
All eyes on the Middle East
Growing interest in Islamic banking, new technological developments and a wave of freshly repatriated money have put forex trading in the Middle East on the cusp of an exciting new era, reports Nikki Marmery
EBS sterling push prospers
LONDON -- EBS’s recently launched sterling package has resulted in a 30% increase in new counterparties to the system, an official at the spot broker in London told FX Week.
Malaysia leads the way in the Far East
KUALA LUMPUR -- The Middle East is not the only region in which Islamic banking is undergoing development. The Asia-Pacific region has a thriving Islamic finance industry, based chiefly in Malaysia, which is home to the Islamic Financial Services Board …
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
Prime broker fees "too low"
LONDON – Pricing credit risk has come under scrutiny from central bankers in London, as increased competition for prime brokerage business has brought service fees crashing down.
Dual deposits reap high-yield rewards
Ray Franzi, head of FX structuring at Dresdner Kleinwort Wasserstein in London, offers an opportunity for customers to achieve high Japanese yen deposit rates
FX futures contribute to surge in managed assets
LOS ANGELES – The managed futures industry has experienced record-breaking growth over recent months, and currency futures form a "very significant" part of that, according to a report from US-based specialist research firm The Barclay Group last week.
Scandinavia beckons FX fund managers
LONDON – Low interest rates and relaxed legislation in Scandinavia and continental Europe could make institutional investors in those regions key prospects for currency fund managers.
Report reveals overlay lag
LONDON – Institutional investors in Europe remain unconvinced of the merits of currency overlay, according to a report out last week.