Regulation
US banks boosted by foreign exchange
NEW YORK – US banks have posted a strong Q2 for FX in recent weeks.
Portals tackle liquidity issues
NEW YORK – The rise in anonymous trading has changed the way banks distribute liquidity.
OCC reports decline in forex derivatives trading
WASHINGTON, DC – Foreign exchange has bucked the trend for derivatives trading with a fall in value for the first quarter of the year, according to the US Office of the Comptroller of the Currency (OCC).
Euro fall to continue, say analysts
LONDON, COPENHAGEN AND NEW YORK – The euro is set to stay weak against the dollar, according to FX strategists.
Five charged over $3m currency fraud
WASHINGTON, DC – The US Commodity Futures Trading Commission (CFTC) has filed another action against individuals taking part in fraudulent foreign exchange trading.
InfoReach adds HotspotFXi to TMS
NEW YORK – InfoReach, the financial securities trading technology firm, has teamed up with Hotspot FXi, the online foreign exchange platform, to allow its clients access to its prices.
Romania takes Delta Dealing System
Bucharest – Dublin-based software vendor Delta Community has successfully entered the Romanian market.
‘FX markets are unreadable’
Foreign exchange markets are notoriously difficult to predict, so corporates shouldn’t bother, argues Simon Miles (right), currency strategist at Corporate FX. Instead they should focus on deciding how to hedge the risk so they can determine its real…
‘No’ votes lead to record flows
LONDON – The ‘no’ votes on the EU constitutionreferendums last week led to unexpectedvolatility in the currency markets, and the highestvolumes ever seen on some platforms.
Deutsche loses staff across desks
LONDON – Deutsche Bank in London has haemorrhaged five foreign exchange staff from structuring, sales and trading in recent weeks. Jeremy Smart, director of FX structuring, who reported to Rhomiaos Ram, global head of complex risk, has been linked with a…
UK least likely to adopt euro
GLOBAL – Of the European Union members yet to join the euro, the UK is the least likely to join the single currency, according to a survey of FX Week readers.
Top stories from 15 years of FX Week AIB losses a 'one-off'
LONDON – The foreign exchange industry is unanimous in its verdict that the disastrous $750 million FX loss announced by AIB last Wednesday was a one-off event.
Reuters bids farewell to Fleet Street
LONDON – Reuters, the global information provider, is ending its longstanding relationship with Fleet Street by completing a move to new headquarters in London's Canary Wharf.
SuperD launches reval product
NEW YORK – Pricing systems vendor SuperDerivatives has expanded its suite of services with the launch of a revaluation service.
Prime brokerage threatening banks
LONDON – Banks are charging far too little for prime brokerage to be profitable, according to market players.
Prime brokerage threatening banks
LONDON – Banks are charging far too little for prime brokerage to be profitable, according to market players.
French referendum ups volatility
PARIS – The French referendum on the European Union (EU) constitution, set for May 29, has already affected euro trading, and continuing uncertainty will lead to further volatility.
Diverging views over renminbi
BEIJING – Banks have divergent views on the likely size, extent and timing of a revaluation of the Chinese renminbi (CNY).
GFI expands Fenics with bank volatilities
NEW YORK – Interdealer broker GFI is expanding the coverage of its Fenics pricing and risk tool to include volatility surfaces – the methods by which options are priced – from bank clients.
CLS set to expand remit
LONDON – CLS could substantially increase its remit with the introduction of a matching and netting facility for non-eligible currencies and settlement of options, non-deliverable forwards, futures and credit derivatives.
MAS to maintain "modest" currency appreciation
SINGAPORE – The Monetary Authority of Singapore (MAS) will maintain its "policy of modest and gradual appreciation" for the Singapore dollar at its semi-annual monetary review tomorrow (April 12), analysts have predicted.
Best execution: not just price, but what else?
Process and practice should both be given serious attention before agreement can be reached on best execution in FX. By Chip Lowry (right), MD, Global Link Europe
Final chapter in NAB scandal begins
MELBOURNE – The former head of National Australia Bank’s foreign currency options desk is facing up to five years imprisonment for his part in the A$360 million rogue trading scandal that shook the bank last year.