Trading
Indonesia bans FX derivatives
JAKARTA - Indonesia's central bank moved to curb speculation on the rupiah last week, by banning banks from making loans for derivatives transactions. The regulations went into effect last Tuesday (December 16).
JP Morgan slashes jobs in SIDM
LONDON - JP Morgan is downsizing its structured investments distributor marketing (SIDM) division by as much as 50%, according to market sources.
All change for Citi's structured products team
LONDON - Citi has announced a host of changes to its structured products business, including the appointment of Jean-Luc Bernardi as head of structuring for Europe, the Middle East and Asia (EMEA).
Dear Editor
Regarding FX Week 's magazine and website article ‘CLS on shaky ground with third-party providers', which was published on December 1, the article cites a factually incorrect rumour: "JP Morgan has requested some third-party clients to seek out…
BNP Paribas ends year on USD high
BNP Paribas topped this week's 12-month forecast rankings by predicting overall dollar strength in 2008 as investors deleveraged amid increased volatility in financial markets.
EM to diversify in 2009
LONDON - The Indian rupee, Chinese yuan, yen and Swiss franc will outperform in the new year, benefiting from strong fundamentals in an environment driven by capital account deficits, says Bank of America.
Future bright for CE-3
With the Slovak koruna joining the eurozone in January, the Hungarian forint and the Polish zloty are next in line for a convergence rally in 2009, says David Hauner, currency strategist at Bank of America in London
Yen intervention risk rises
TOKYO - Analysts expect the Japanese government to intervene to curb the rapid appreciation in the yen, which reached near-record levels against the US dollar last week.
Strong forex fails to cover fixed-income losses in Q4
NEW YORK - Foreign exchange business continues to be an outlier in otherwise dismal fourth-quarter results from the fixed-income divisions of Goldman Sachs and Morgan Stanley.
Forex turnover slumps in Sweden
STOCKHOLM - Turnover slumped 14% in the Swedish foreign exchange markets in November compared with the same month last year, according to the country's central bank.
Risk reversals slowing down
LONDON - Risk reversals on emerging market currencies indicate a reduction in the magnitude of the sell-off compared with that over the past six months, according to Barclays Capital.
Investors turn to FX-only funds
LONDON - A greater number of institutional investors demonstrated an interest in FX-only hedge funds this year in an effort to manage currency exposure, according to data from London-based research company Preqin Hedge.
Offshore króna market trading thinly
REYKJAVIK - The offshore market in Icelandic króna remained illiquid last week despite a loosening up of capital controls, as liquidity providers stayed out of the market.
Murphy ends 14 years at Morgan Stanley
LONDON - Chris Murphy, European head of interest rate trading at Morgan Stanley in London, resigned from the firm last week, while the US bank announced falling profits and a 50% reduction in the bonus pool.
Yen rally leaves traders short
TOKYO - The value of retail trading accounts at FXOnline Japan fell by 75% between July and October, as the yen rally caused losses in short yen positions.
Dresdner heads to get key roles post-merger
LONDON - Dresdner Kleinwort employees will be handed key roles in the fixed-income division in London once the bank's merger with Commerzbank is complete.
Lloyds pulls ahead as growth slows
Expectation of slowing global growth has put Lloyds TSB at the top of FX Week 's 12-month currency forecast rankings this week.
Forex forwards bounce back as year ends
LONDON - Efforts by global central banks to boost interbank trading are reaping returns, with short-dated foreign exchange forwards basis falling sharply last week. But longer-dated tenors remain a concern, say traders.
Strong Q3 for FX derivatives
BASEL - Trading volumes in exchange-traded foreign exchange derivatives grew in the third quarter this year, despite an overall decline in volumes in exchange-traded derivatives, according to the Bank for International Settlements (BIS).
Portlock new spot FX chief at WestLB
DUSSELDORF - WestLB appointed Mark Portlock global head of spot foreign exchange last Thursday, following the decision by Dan Jones, head of FX and commodities trading for liquid markets, to leave the bank.
Credit Suisse cuts rates teams in Asia, but FX safe
HONG KONG - Credit Suisse began cutting its work force in Hong Kong last Wednesday, primarily hitting credit and equities structuring, but sources say rates teams in the city were also affected.
New EUR/ISK domestic pair launches
REYKJAVIK - Thomson Reuters is set to list a new currency pair, EUR/ISK Domestic, on the Spot Matching System in January to support trading between Icelandic banks onshore.