Post-trade
Brokers criticise UBS futures trading deal with Bloomberg
LONDON – A deal agreed between Bloomberg and UBS on global futures trading has led to unfair competition, some leading brokers are claiming.
No 2005 rally for the greenback, say analysts
WASHINGTON – The dollar is unlikely to see a revival in 2005, and could weaken further against Asian currencies, according to bank analysts.
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
The American double-accrual forward
With expected further euro appreciation, EUR/USD forwards are trading at a premium. Here, Anna Leung, head of corporate treasury marketing at HSBC, shows a way to get access to future hedging at a lower cost
Deutsche cuts global forex
FRANKFURT & SINGAPORE -- Deutsche Bank is understood to be in the process of a major restructuring of its foreign exchange capabilities around the world.
NAB annual results sees FX slip into the red
MELBOURNE -- National Australia Bank recorded a loss in its forex business and a fall in income from forex derivatives trading, in its full-year results released this month.
GL Trade acquires Ubitrade
LONDON -- GL Trade, the France-based vendor of trading systems, recently announced the acquisition of Ubitrade, a specialist in derivatives processing.
Soft knock-in knock-out forward
The soft knock-in knock-out forward presents a new way to look at knock-ins and knock-outs, taking away the negative impact of untimely barrier events says Enrico Ferrante, senior structurer at Calyon in Paris
CLS adds four more currencies
HONG KONG -- CLS is to bring four new currency pairs onto its platform: the New Zealand dollar, the South African rand, the Hong Kong dollar and the Korean won.
Congress clips
The continuous-linked settlement (CLS) service for settling foreign exchange trades announced the launch date for the next group of currencies to join the service.
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.
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.
Banks review yuan reval forecasts
BEIJING – Some bank analysts have brought forward their expectations of regime change in the Chinese yuan, following the rate hike by the People's Bank of China late last month.
Refco chooses RBS as prime broker for FX
NEW YORK – Futures broker Refco Capital Markets (RCM) has dropped Canadian Imperial Bank of Commerce as its prime broker for foreign exchange in favour of Royal Bank of Scotland (RBS).
Russian derivatives legislation stalls
MOSCOW – Efforts to fast-track the introduction of new legislation in Russia to provide legal certainty for derivatives contracts appear to have failed since a hearing on the subject at the Russian Federation state duma on September 27.
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.
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…
SIBOS 2004
CLS rules the roost at Sibos